About Tuesday Morning Partners, Ltd.
Tuesday Morning offers big discounts to customers every day of the week. The company is an off-price retailer, selling high-quality products at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers. Its merchandise typically includes upscale home textiles, home furnishings, housewares, gourmet food, pet supplies, bath and body products, toys and seasonal décor. Tuesday Morning's approximately 490 stores in some 40 states operate seven days a week excluding holidays. Its customers are primarily from middle- and upper-income households. As a result of the filing of the Chapter 11 Cases in 2020, the company's common stock was delisted from trading on Nasdaq, and the company's common stock now trades over the counter in the OTC Pink Market under the symbol "TUESQ".
In mid-2020, Tuesday Morning filed voluntary petitions (the "Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the "Bankruptcy Court"). The Chapter 11 Cases are being jointly administered for procedural purposes. In early 2021, Tuesday Morning and certain of its subsidiaries successfully completed its financial and operational reorganization and emerged from Chapter 11.
Tuesday Morning operates its business as a single operating segment. The company ships approximately 98 million units to its stores annually.
Tuesday Morning is headquartered in Dallas, Texas. The company currently operates approximately 490 stores in some 40 states.
Sales and Marketing
Tuesday Morning markets its products through boutique, specialty and department stores, catalogs and on-line retailers. The company's customer is a savvy shopper with a discerning taste for quality at a value. Its strong value proposition has established a loyal customer base, who the company engages regularly with social media, email, direct mail, digital media and newspaper circulars.
Advertising expenses for the fiscal years ended 2020, 2019, and 2018 were $18.6 million, $26.5 million, and $27.2 million, respectively.
Net sales for the year ended 2020 was $874.9 million, a 13% decrease from the previous year. The company's had a net loss of $166.3 million.
The company's cash for the year ended 2020 was $46.7 million. Operating activities generated $93.9 million, while investing activities used $13.9 million, mainly for capital expenditures. Financing activities used another $44.7 million, primarily for revolving credit facility.
In fiscal 2020, the company focused on resetting its merchandise strategy to its heritage of being an off-price retailer. The company edited its assortment and drove its merchandising efforts to deliver customers a treasure hunt and strong values that are representative of the off price marketplace. Additionally, Tuesday Morning worked to improve its supply chain efficiency, working capital management and inventory turns, and continued to optimize marketing effectiveness, cost controls and infrastructure.
Tuesday Morning adjusted its strategy in the spring of fiscal 2020, as a result of the COVID-19 pandemic and significant disruption to its business, which led to the filing of its Chapter 11 Cases. For the duration of fiscal 2020, the company's focus was on safeguarding our assets, preserving liquidity, managing through bankruptcy proceedings, and planning for its anticipated emergence.
6250 LBJ Fwy
Dallas, TX 75240-6354
Phone: 1 (972) 387-3562
Employer Type: Privately Owned
Employees (This Location): 300
Employees (All Locations): 300