Tuesday Morning is getting a $35 million injection of capital from an investor group led by Retail Ecommerce Ventures, owner of Pier 1, RadioShack, Dressbarn and other retail brands.
REV is providing Tuesday Morning with $32 million in the form of convertible debt from a special purpose vehicle. Another $3 million in convertible debt is set to come from some of the off-pricer’s executives, including CEO Fred Hand.
With the deal, REV and co-investor Ayon Capital will control a majority of Tuesday Morning’s board. The retailer will get access to REV’s distribution system as well as rights to sell products from the Pier 1 brand, which REV acquired out of bankruptcy in 2020.Retail Dive