The Tuesday Morning New Braunfels Marketplace store, located at 651 N. Business I-35, will permanently close following its "Going Out of Business Sale," according to the store's website.
The national retailer which sells a variety of home decor, including furniture, bedding and toys, voluntarily filed petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division.
According to the U.S. Courts, a case filed under Chapter 11 of the U.S. Bankruptcy Code is often referred to as "reorganization" bankruptcy. Typically, the debtor continues to hold the powers and duties of a trustee and may continue operating its business. A reorganization plan is proposed, and creditors whose rights are affected may vote on the plan. The plan can be confirmed by the court if it receives the required votes and satisfies certain legal requirements.
Andrew Berger, Tuesday Morning's chief executive officer and director, said the company determined the best path to reorganizing and transforming the company begins with a Chapter 11 filing.
