Investment

Investment firm bolsters off-price retailer with $10M loan

BOSTON — Global advisory and investment firm Gordon Brothers announced it has provided a $10 million committed term loan to off-price home furnishings, housewares and seasonal décor retailer Tuesday Morning. The loan will be used by the publicly traded company to refinance and pay off existing debt and for working capital purposes.

“Tuesday Morning’s veteran leadership team successfully navigated a pandemic-driven downturn and initiated a recovery plan to support Tuesday Morning’s transformation to a true off-price retailer,” said Kyle C. Shonak, head of lending, North America at Gordon Brothers. “We’re thrilled to deliver the capital needed to achieve continued resiliency for the company.”

“Gordon Brothers’ team of experts has been an invaluable resource to us,” said Jennifer Robinson, chief financial officer at Tuesday Morning. “With their support, we have improved our liquidity and were able to repurchase $5 million of our higher interest rate term loan.”

In its most recent earnings report, released in May, Tuesday Morning’s quarterly net revenue increased 4.1% to $159,621 million, but net income fell 51.1% to a loss of $18.151 million, and earnings per share dropped 61.8%. For the year, its net revenue stood at $587,875 million while it reported an income loss of $30,860 million.

Dallas-based Tuesday Morning currently operates 490 stores in 40 states.

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Thomas Lester is Retail Editor for Furniture Today and Digital/Managing Editor for Home Accents Today. A graduate of Emory & Henry College’s Mass Communications program, Lester spent a dozen years working for newspapers in Virginia and North Carolina covering an array of subjects, ranging from community news, government, education, ACC sports, professional baseball and more before joining Furniture Today in 2013. Reach out to me with your story ideas, tips and more at tlester@furnituretoday.com.

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