Discount retailer Tuesday Morning said on Feb. 7 that lender behavior contributed to its recent bankruptcy.
CEO Andrew Berger accused lenders of making a "demand" for the company "to liquidate and fire hundreds of employees."
Tuesday Morning said that its lenders terminated the company's ability to borrow more money to finance its operations, according to court documents.
- The company also said that lenders accelerated the obligations under its current credit facility.
- Berger noted that Tuesday Morning's latest round of financial problems began last summer when the company "faced a significant deterioration in their financial condition and liquidity."
- Berger said that there was "no legitimate" reason for Tuesday Morning's lenders to "deprive the company of operating funds."
- The company said that it generated a gross profit of about $191.8M in the 12-month period ending July 2, 2022.
