Tuesday Morning Sells Industrial Portfolio As It Exits Bankruptcy

Retailer Tuesday Morning has sold its 1.2 million-square-foot industrial distribution portfolio to a joint venture between M2G Ventures and Pennybacker Capital. The deal also included the company’s 105,000-square-foot headquarters office in Dallas, Texas.

The deal closed as Tuesday Morning exited its Chapter 11 Bankruptcy. The retailer entered into bankruptcy in May 2020. According to a public announcement in early January, Tuesday Morning left the bankruptcy with 490 or its 687 stores and a $110 million lending facility backed by J.P. Morgan, Wells Fargo and Bank of America. In September, the retailer’s sales were down 28% compared to pre-pandemic levels and net cash flow was negative in October and November, according to reporting from RetailDive.