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Tuesday Morning Secures Commitment For Strategic Investment From Group Led By Retail Ecommerce Ventures, The Owner Of Pier 1 Imports And Top Consumer Brands

Sep 09, 2022•almost 3 years ago
DallasRetailFashionE Commerce

Description

Tuesday Morning Corporation (NASDAQ: TUEM) (“Tuesday Morning” or the “Company”), a leading off-price retailer of home goods and décor, today announced that it has entered into an agreement to secure $32 million in convertible debt financing from a special purpose vehicle (“SPV”) formed by Retail Ecommerce Ventures LLC (“REV”), the owner of a diverse portfolio of consumer brands that includes Pier 1 Imports (“Pier 1”), Linens ‘n Things, Stein Mart, Modell’s Sporting Goods, and Ayon Capital, LLC (“Ayon”). Additionally, certain members of Tuesday Morning’s management team, including Chief Executive Officer Fred Hand, are providing $3 million in convertible debt financing.

Company Information

Company

Tuesday Morning

Location

Lbj Freeway

Dallas, Georgia, United States

About

Terms Also Include a Licensing Agreement That Will Enable Tuesday Morning to Sell Pier 1 Products Transaction to Result in a “Change in Control” of Tuesday Morning, with Retail Ecommerce Ventures and Ayon Capital Designating a Majority of the Board DALLAS, Sept. 09, 2022 (GLOBE NEWSWIRE) -- The Transaction’s terms also provide for the following: Tuesday Morning will have access to REV’s fulfillment network, infrastructure and systems, and technology and ecommerce capabilities; Tuesday Morning will enter into a new licensing agreement that will allow the Company to sell Pier 1 products, and;Tuesday Morning’s board of directors (the “Board”) will be reconstituted, with REV and Ayon having their designees comprise a majority of the Board. Tuesday Morning has a history of delighting customers and offering unique value in the home goods category. About Tuesday Morning Tuesday Morning Corporation is one of the original off-price retailers specializing in name-brand, high-quality products for the home, including upscale home textiles, home furnishings, housewares, gourmet food, toys and seasonal décor, at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers.

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