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Edelman is handling the Chapter 11 filing of Tuesday Morning, Dallas-based off-price retailer, that is restructuring due to the "insurmountable financial hurdle" triggered by the forced prolonged closure of its 687 stores in 37 states due to COVID-19.
Tuesday Morning CEO Steve Becker said the "complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11."
Prior to the COVID-19 outbreak, Tuesday Morning earned $1.3M on $548M revenues for the six-month period ended Dec. 31.
The company plans to use the bankruptcy filing to realign its store footprint, a move that will shutter 230 of its stores over the summer.
As the country reopens, Tuesday Morning has resumed operaton of more than 80 percent of its high-performing stores.
Becker is "encouraged by the very positive performance of the business as we reopen our doors and welcome back our dedicated customers."
Edelman's Allison McLarty and Ted McHugh work the Tuesday Morning account.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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