TUCSON, Ariz. – The Sundt Foundation donated $26,000 to two Southern Arizona nonprofits to address the increased need due to the COVID-19 pandemic. Community Food Bank of Southern Arizona and Interfaith Community Services both received $13,000 in aid relief.

Across Southern Arizona, our community is feeling the effects of COVID-19,” said Rick Buchanan, Sundt Foundation Tucson Board Member.  “Our Foundation board made a swift decision to donate $200,000 in relief aid to over 20 nonprofits across our nine geographic markets, including three here in the Tucson region.”

The Community Food Bank of Southern Arizona has switched food distributions to a drive-through model during the pandemic for a contactless delivery. Interfaith Community Services has seen a sharp increase in people visiting its food bank.

“Many thanks to the Sundt Foundation for your continued support of ICS and our Tucson neighbors in need. You continue to make a positive difference in our community,” said Karen Latendresse, Interfaith Community Services.

The Sundt Foundation additionally awarded over $25,000 to nine other organizations across Southern Arizona during its second-quarter distributions. Grant recipients include Marshall Home for Men, Wheels for Kids, Haven Totes Inc., Exodus Community Services, Inc., Sold No More, Therapeutic Ranch for Animals & Kids (TRAK), Autism Society of Southern Arizona, Mobile Meals of Southern Arizona and the TMC Foundation.

The Sundt Foundation awards grants each quarter to nonprofit organizations that support disadvantaged children and families. Grant recipients are selected through an application process, then reviewed by Sundt employee-owners within their local giving area.

On Q Property Management expresses confidence in long-term single-family rental market

TUCSON, AZ–As COVID-19 has shaken the vacation rental market, an Arizona-based property management firm that serves the long-term rental market is opening its doors in Tucson.The move demonstrates the company’s confidence in Tucson’s traditional rental market despite the economic crisis.

On Q Property Management will begin serving area homeowners from their new Tucson office at 698 E. Wetmore Road.

“To say the least, this is an interesting time to expand a business,” said Eric Dixon, Designated Broker for On Q Property Management.“We are excited to join the Tucson market and make a contribution to the community and the local economy, especially at a time like this.

”The company, which was founded in Gilbert, AZ, in 2010, has plans to hire property managers, inspectors and general contractors to serve its Tucson customer base, primarily homeowners who are leasing single family homes for terms of one year or longer.

Vacation and short-term rentals have exploded in popularity over the last several years with increasing usage of booking platforms like Airbnb and VRBO, but that market has been severely affected by COVID-19 with vacancies up to 90%. The traditional rental market, Dixon says, has been comparatively stable as tenants seek to stay in their rentals rather than relocate during the pandemic.

“Our renewals have gone up more than 50% and rent collection has remained stable since the beginning of the crisis. Our company’s focus on traditional rentals rather than short-term units has made it possible for us to move forward with expansion plans,”Dixon said.

On Q manages more than 2,000 single family homes throughout the Phoenix metro area using proprietary property management technology that allows property owners 24/7 online access and industry-leading management service.

Founded by property investors in 2010, On Q Property Management has established itself as one of Arizona’s fastest-growing Property Management and Real Estate firms. The company’s client-first approach, coupled with a technologically focused workflow, helps build and maintain excellent relationships with clients. The company maintains an “A+” rating with the Better Business Bureau and offers flat–fee services with money–back guarantees.

DALLAS, Texas — Tuesday Morning Corporation (NASDAQ: TUES) announced Wednesday it will pursue financial and operational reorganization designed to allow the Company to reduce its outstanding liabilities and strengthen its overall financial position. These actions are in response to the immense strain the COVID-19 pandemic and related store closures have put on the business.

To pursue this reorganization, Tuesday Morning filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas – Dallas Division. Ultimately, this process will provide Tuesday Morning with an opportunity to continue navigating the COVID-19 pandemic and emerge as a stronger company by early fall 2020.

To enable the Company to continue operations during the reorganization process, the Company has obtained a commitment from its existing lender group to provide $100 million of debtor-in-possession (DIP) financing. As required by the DIP agreement, the Company is required to obtain a commitment for up to $25 million of additional financing, which the Company is negotiating.

Following the closure of the entire store portfolio as a result of COVID-19, Tuesday Morning has re-opened over 80% of its existing store footprint to date and expects to continue store re-openings and bringing associates back to work over the coming weeks.

Steve Becker, Chief Executive Officer, stated, “The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business. Prior to the pandemic, we were gaining momentum in our merchant organization, growing our vendor base and improving brands, assortment and value for our customers, while investing in our technology and corporate leadership team. However, the complete halt of store operations for two months put the Company in a financial position that can be effectively addressed only through a reorganization in Chapter 11.”

Mr. Becker continued, “We plan to emerge from Chapter 11 in a stronger position as a leading home goods off-price retailer, providing unmatched value to our customers. The commitment from our lenders to provide access to significant capital demonstrates faith in our value-driven business model and iconic brand. Looking ahead, we’ve been encouraged by very positive performance of the business as we continue to re-open our doors and welcome back our dedicated customers.”

Realignment of Store & Distribution Footprint
The Company expects the reorganization process to enable the Company to realign its store footprint.  Following a thorough and comprehensive store-by-store analysis with the help of its financial and restructuring advisors, the Company expects to close approximately 230 of its 687 stores to focus on high-performing locations and will do this with a phased approach.  The store closure process will take place over the summer. The Company has requested bankruptcy court approval to close at least 132 locations in a first phase and, eventually, the Company’s distribution center in Phoenix that supports these stores. These stores were identified as underperforming or are situated in areas where too many locations are in close proximity.

Tuesday Morning plans to attempt to renegotiate a significant number of leases during this process. Of the remaining 555 stores, the Company plans to exit approximately 100 additional locations leaving a go-forward footprint of approximately 450 stores.

This realignment will allow Tuesday Morning to improve its product offering by focusing on the highest performing stores in its most productive markets, provide greater value to customers by sending the best deals to a smaller number of stores, and enhance the overall profitability and credit worthiness of the Company with resources directed at its most profitable stores.

Phase one identifies 130 stores to shutter. The only store on the list in Arizona is Northmall Centre, 4841 North Stone Ave, Suite 115, Tucson, AZ 85704

COVID-19 Update
The Chapter 11 process is not expected to impact the Company’s ability to re-open stores closed due to COVID-19 and it will continue to do so in accordance with state and local mandates where the Company operates.

Since Tuesday Morning began re-opening its stores on April 24, 2020, comparable store sales for the reopened stores have been approximately 10% higher than sales during the same period in fiscal 2019, and over 7,300 associates have returned to work.

The Company’s highest priority continues to be the health and safety of its customers and employees. Tuesday Morning has put in place a number of safety measures at each newly re-opened location, including the implementation of enhanced cleaning protocols and social distancing at all times. Additionally, employees have completed training on safety procedures and are required to wear masks.