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Franchise Group, Inc. To Provide Debtor-in-Possession Financing to Tuesday Morning Corporation
July 9, 2020
Source: GlobeNewswire
Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) announced that it is providing Tuesday Morning Corporation (“Tuesday Morning”) with a $25 million debtor-in-possession (“DIP”) loan as part of its bankruptcy proceedings.
On May 27, 2020, Tuesday Morning and certain of its affiliates commenced bankruptcy cases under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas. Following a robust marketing process, Franchise Group was selected to serve as DIP lender and to provide a $25 million loan secured by Tuesday Morning’s real estate assets, including its corporate headquarters and warehouse/distribution complex located in Dallas, Texas. At a hearing yesterday, the Bankruptcy Judge presiding in the case approved the Company’s DIP facility.
Tuesday Morning Corporation is one of the original off-price retailers specializing in name-brand, high-quality products for the home, including upscale home textiles, home furnishings, housewares, gourmet food, toys and seasonal décor, at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers. Based in Dallas, Texas, the Company opened its first store in 1974 and currently operates 687 stores in 39 states.
About Franchise Group, Inc.
Franchise Group, Inc. (NASDAQ: FRG) is an operator of franchised and franchisable businesses and uses its operating expertise to drive cost efficiencies and grow its brands. Franchise Group’s business lines include Liberty Tax Service, Buddy’s Home Furnishings, American Freight and The Vitamin Shoppe. On a combined basis, Franchise Group currently operates over 4,100 locations predominantly located in the U.S. and Canada that are either Company-run or operated pursuant to franchising agreements.
INVESTOR RELATIONS CONTACT:
Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Group, Inc.
akaminsky@franchisegrp.com
(914) 939-5161
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