The sale of Tuesday Morning, founded in Dallas in 1974 as a closeout retailer of gift and home merchandise, was approved at an afternoon hearing Thursday before Judge Edward L. Morris in the Fort Worth division of the U.S. Bankruptcy Court for the Northern District of Texas.
Austin-based Invictus Global Management, which provided financing during the bankruptcy, wanted to buy the company and continue operating it. Tuesday Morning CEO Andrew Berger said Thursday that he was at the auction, heard all the discussions and he agreed with Mondell to accept the Hilco bid. An attorney for Invictus said it was “a sad and disappointing day” and that his client “tried very hard with a bridge loan and dip financing” to preserve the business.Tuesday Morning had 487 stores in 40 states when it filed. About 265 stores have closed or are about to close. That left about 200 locations that the company had originally planned to reorganize around and exit bankruptcy as a smaller retailer.