Tuesday Morning landlords object to bidding procedures for assets

By Sarah Lizee

Olympia, Wash., Sept. 28 – Tuesday Morning Corp.’s motion to approve the sale and bidding procedures of its assets drew an objection from landlords Brookfield Properties Retail, Inc., River Oaks Properties and Weingarten Realty Investors, according to a Monday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The accelerated sale and hearing process is “simply full of artificial deadlines that are apparently designed to meet the needs of debtors’ ABL DIP lenders rather than any other constituency in this case,” the group said in its objection.

The group added that the schedule, particularly, the time between the auction and sale hearing, should be enlarged and the nature of the information to be provided expanded to better balance the competing interests of debtors and its shopping center landlords.

Tuesday Morning is a discount, off-price retailer based in Dallas. The company filed bankruptcy on May 27 under Chapter 11 case number 20-31476.

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