$35 million investment strengthens Tuesday morning’s balance sheet and positions company to execute new omni-channel growth strategy
New exclusive channel license agreement allows company to sell Pier 1 products and launch Pier 1 store-in-stores, driving additional traffic to Tuesday morning stores
Retail Ecommerce Ventures and Ayon Capital appoint Tuesday Morning’s majority of the board, with Tai Lopez and Dr. Alex Mehr to serve as the board’s co-executive chairs
DALLAS, Sept. 21, 2022 (GLOBE NEWSWIRE) – Tuesday Morning Corporation TUEM (“Tuesday Morning” or the “Company”), a leading off-price retailer of homewares and décor, today announced the closing of its strategic transaction (the “Transaction”) to raise $35 million in convertible debt financing. secure dollars. The transaction involves a $32 million investment from a special purpose vehicle (“SPV”) formed by Ayon Capital, LLC (“Ayon”) and Retail Ecommerce Ventures LLC (“REV”), owner of a diverse Portfolios of consumer brands include 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.
We believe the closing of the transaction Tuesday morning provides sufficient liquidity to meet creditor and supplier obligations and sufficient liquidity to support continued operations.
Tuesday Morning intends to build a dynamic online presence and implement a digital new customer acquisition strategy to complement the company’s 487 stores. Tuesday Morning will now have access to REV’s fulfillment network, systems, technology and website development capabilities that will support the company’s omni-channel offering and operations. The Company also plans to leverage a new, exclusive channel license agreement with REV to begin selling Pier 1 products and open Pier 1 outposts in select stores.
REV’s…
