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June 4, 2020, 8:43 a.m. EDT

Tuesday Morning secures $25 million DIP loan from B. Riley unit as part of Chapter 11 proceedings

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By Ciara Linnane

Tuesday Morning Corp. said Thursday it has obtained a commitment from a B. Riley Financial unit for $25 million of debtor-in-possession funding to support operations during Chapter 11 bankruptcy. The Dallas-based home furnishings retailer said the funding is part of its $100 million DIP agreement with existing lenders. The company is seeking to restructure under Chapter 11 after COVID-19-related store closures slammed its business. "This additional capital is an important milestone as it provides significant liquidity for us to continue operations throughout the reorganization process," Chief Executive Steve Becker said in a statement.

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