Tuesday Morning Announces Closing of Strategic Investment from Group Led by Retail Ecommerce Ventures, the Owner of Pier 1 Imports and Top Consumer Brands
DALLAS, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (NASDAQ: TUEM) (“Tuesday Morning” or the “Company”), a leading off-price retailer of home goods and décor, today announced the closing of its strategic transaction (the "Transaction") to secure $35 million in convertible debt financing. The Transaction includes a $32 million investment from a special purpose vehicle (“SPV”) formed by Ayon Capital, LLC (“Ayon”) and Retail Ecommerce Ventures LLC (“REV”), which is the owner of a diverse portfolio of consumer brands that includes Pier 1 Imports (“Pier 1”), Linens ‘n Things, Stein Mart and Modell’s Sporting Goods. The Transaction also includes $3 million provided by certain members of Tuesday Morning’s management team, including Chief Executive Officer Fred Hand.
- Tuesday Morning intends to establish a dynamic online presence and execute a digital strategy for new customer acquisition to complement the Companys 487 stores.
- Tuesday Morning will now have access to REVs fulfillment network, systems, technology and website development capabilities, which will support the Companys omni-channel offering and operations.
- The Company also plans to leverage a new, exclusive channel licensing agreement with REV to start selling Pier 1 products and launch Pier 1 outposts in select stores.
- There is tremendous long-term opportunity for Tuesday Morning in the home goods and dcor category, particularly as more homeowners and renters embrace online channels.