The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Tuesday Morning Corporation on March 20, 2023. To qualify as a qualified bidder, interested parties should submit their bids by April 6, 2023. The initial minimum overbid should be in the amount of $0.5 million more than the initial purchase price.

If the debtor receives any qualified bids then it would hold an auction for its assets on April 12, 2023. At the auction, the subsequent bids would be in increments of $0.5 million. The stalking horse bidder would be entitled to a break-up fee of 3% of the cash purchase price and expense reimbursement of $0.25 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for April 18, 2023.