TUES Tuesday Morning Corp

As previously disclosed, on May 27, 2020 (the “Petition Date”), Tuesday Morning Corporation and certain of its direct and indirect subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). The Chapter 11 Cases were being administered jointly under the caption “In re: Tuesday Morning Corporation, et. al., Case No. 20-31476-HDH-11.” As previously disclosed, on December 23, 2020, the Bankruptcy Court entered an order confirming the Second Amended Plan of Reorganization.

On September 29, 2021, the U.S. Bankruptcy Court for the Northern District of Texas (Dallas Division) issued a final decree (the “Final Decree”) closing the Chapter 11 cases of Tuesday Morning Corporation (the “Company”) and its subsidiaries.  This summary is qualified in its entirety by reference to the full text of the Final Decree, which is attached hereto as Exhibit 99.1 and incorporated herein by reference. While the Company emerged from bankruptcy proceedings on December 31, 2020, the Chapter 11 cases remained opened pending final resolution of all claims of general unsecured creditors.  The Company was able to resolve all of these claims for approximately $14 million less than the amounts reserved and retained in an escrow account.  Upon entry of the Final Decree, the approximately $14 million remaining in the escrow account was returned to the Company and the Chapter 11 cases are now final.