Dallas-based retailer Tuesday Morning has filed a reorganization plan that includes the sale of its local real estate, a new bank loan and a path for how it will emerge as a publicly-traded company when it exits bankruptcy in December.
Tuesday Morning said in a filing Thursday that it sold its North Dallas headquarters and warehouse facilities on Inwood Road in Farmers Branch and Addison. The headquarters at 6250 Lyndon B. Johnson Freeway and the warehouse building were sold for $60 million to Miami-based investment firm Rialto Capital. The cash will allow Tuesday Morning to pay off its vendors.
Tuesday Morning, which is nearing the end of its bankruptcy reorganization, will lease back the buildings. The headquarters lease is for 10 years, while the warehouse buildings are for an initial term of 2.5 years followed by a one-year extension.
The retailer of home furnishings and gifts also entered into a