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Tuesday Morning Corp. has filed for Chapter 11 bankruptcy, aiming to reduce liabilities and secure capital for operational restructuring. The company is seeking to transition to a more nimble retailer focused on its core heritage markets. A $51.5 million debtor-in-possession financing from Invictus Global Management will support ongoing operations during this process, pending Bankruptcy Court approval. The restructuring plan includes closing underperforming stores while optimizing high-traffic locations, aiming for cost efficiencies and profitability.
Tuesday Morning Corporation (NASDAQ: TUEM) announced its decision to voluntarily delist its common stock from the Nasdaq Capital Market and file a Form 25 with the SEC around January 2, 2023. The delisting is expected to be effective around January 12, 2023, due to non-compliance with Nasdaq listing rules following a reduction in its Audit Committee. The Board believes this move will provide flexibility in raising capital and reduce operating costs. The company plans to continue trading on the Pink Sheets or another OTC market.
Tuesday Morning Corporation (NASDAQ: TUEM) announced a 1-for-30 reverse stock split effective November 30, 2022, at 5:00 p.m. Eastern time. This decision aims to help the company regain compliance with Nasdaq's $1.00 minimum bid price requirement. Post-split, every 30 shares will convert into one share, impacting equity awards and convertible debt accordingly. A new CUSIP number, 89904V200, will be assigned. The split is set to facilitate continued trading on Nasdaq starting December 1, 2022.
Tuesday Morning Corporation (NASDAQ: TUEM) reported its fiscal Q1 2023 results, revealing a net loss of $28.2 million, or ($0.29) per share, compared to a loss of $14.6 million in the prior year. Net sales dropped to $157.1 million, a decrease from $176.9 million, with comparable store sales down 10.4%. Gross margin fell to 22.0%, significantly lower than 28.8% a year earlier, impacted by rising supply chain costs. The company ended the quarter with $6.9 million in cash and withdrew its previous fiscal guidance due to recent leadership changes.
Tuesday Morning Corporation (NASDAQ: TUEM) announced significant leadership changes, appointing Andrew T. Berger as the new Chief Executive Officer following the retirement of Fred Hand. Berger brings over 25 years of experience and will also assume interim CFO responsibilities. Bill Baumann has been appointed as Chief Operating Officer, succeeding Marc Katz, while Katz and Paul Metcalf will also retire. The company is undergoing a search for a permanent CFO. The leadership transition aims to drive strategic growth and enhance consumer engagement in the home goods market.
Tuesday Morning Corporation (NASDAQ: TUEM) reported its fourth quarter and fiscal year 2022 results, revealing net sales of $161.9 million in Q4, down from $177.3 million in Q4 2021. For the fiscal year, net sales increased to $749.8 million from $690.8 million. The company faced challenges with an operating loss of $26.9 million in Q4 and a net loss of $28.1 million, translating to ($0.33) per share. Looking ahead, guidance for Q1 2023 suggests a 10% to 12% drop in comparable store sales, while full-year expectations indicate flat to negative growth. Recent debt financing of $35 million aims to bolster liquidity and support a new omni-channel strategy.
Tuesday Morning Corporation (NASDAQ: TUEM) has secured a strategic investment of $35 million in convertible debt financing to strengthen its balance sheet. This funding includes a $32 million investment from Ayon Capital and Retail Ecommerce Ventures, as well as $3 million from management. The investment will support operations and facilitate a new omni-channel growth strategy that includes selling Pier 1 products and launching store-in-stores. The board has also been reconstituted, featuring new leadership from REV. The company aims to enhance its online presence and customer engagement.
Tuesday Morning Corporation (NASDAQ: TUEM) announced a $35 million investment from Retail Ecommerce Ventures and Ayon Capital through convertible debt financing. This deal aims to enhance Tuesday Morning's financial position and allow the company to pursue an omnichannel strategy by leveraging REV's ecommerce capabilities and technology. The agreement also includes licensing arrangements allowing the sale of Pier 1 products. Following this transaction, a 'change in control' will occur, with REV and Ayon designating a majority of the board.
Tuesday Morning Corporation (NASDAQ: TUEM) announced Marc Katz as Interim CFO following Jennifer Robinson's departure effective August 15, 2022. Katz, the current COO, will oversee finance and accounting while maintaining his COO duties. The company predicts Q4 fiscal 2022 comparable store sales to decline by 8%, surpassing previous expectations of 3% to 5%. Adjusted EBITDA loss is now anticipated between $30 million and $32 million, higher than the prior forecast of $26 million to $29 million. More details will be shared in September's earnings call.
Tuesday Morning (NASDAQ: TUEM) has partnered with Intalytics to enhance its location strategy through customized location intelligence solutions. This collaboration includes a sales forecasting model to support real estate and operations teams. The SiteIntel platform will enable the Tuesday Morning team to generate sales forecasts and analyze potential new store openings. Phil Hixon, Executive VP, expressed optimism about future profitability, while Intalytics highlighted the effectiveness of Tuesday Morning's executive team in positioning the company for growth.
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