Tuesday Morning has temporarily closed all of its 687 stores across the country at 5 p.m. local time, March 25.
Prior to yesterday’s closings, Tuesday Morning had approximately 400 stores closed in compliance with state and local regulations. The company will follow the guidance provided by the Centers for Disease Control and Prevention, as well as local and state government officials, when making decisions to reopen stores.
Steve Becker, CEO, Tuesday Morning, stated, “The health of our associates and customers is our top priority. We have communicated with our associates on how we intend to support them at this time. We are also aggressively managing our overall cost structure and capital outlay during this period, even as we work to ensure we are ready to reopen our stores and service our customers on short notice.”
In addition, the company elected to draw down $55 million from its secured revolving credit facility to provide additional liquidity and has approximately $91 million currently outstanding under the revolving credit agreement.
Given the complexity and rapidly evolving nature of the situation created by the COVID-19 pandemic, the company said it will work to maintain its flexibility and may change its plans in response. The COVID-19 pandemic is having a material impact on the company and may further materially impact its operations, business plans, liquidity, financial condition and results of operations, the company said.