Tuesday Morning
| Public | |
| Traded as | NASDAQ: TUES |
| Industry | Retail |
| Founded | 1974 |
| Headquarters | Dallas, Texas |
Key people | Steven R Becker, CEO |
| Products | gifts; home accessories |
| Website | tuesdaymorning.com |
Tuesday Morning Corporation is an American upscale, deep discount, off-price retailer specializing in domestic and international, designer and name-brand closeout merchandise. The company has stores across the United States. Headquartered in Dallas, Texas, the chain traditionally has relied on direct marketing, (including mail and e-mail), but also advertises in newspapers.
History
Tuesday Morning was established in 1974. By 1998 it had grown to 330 stores operating in 35 states,[1] and to 41 states and 441 stores by 2001.[2]
In June 2012, hedge fund Becker Drapkin Management LP bought 6.6% of the company's stock, which allowed it to gain control of the board of directors.[3]
On June 7, 2012, the retailer announced that they had fired CEO Kathleen Mason, due to criticism that the company was performing poorly under her direction. On the same day, the company promoted Michael Marchetti to president and chief operating officer. Marchetti also served as the interim CEO.[4] In May 2013, Mason sued Tuesday Morning for discrimination, claiming her termination occurred as a result of her breast cancer diagnosis.[5][6]
Mason was followed by Brady Churches as CEO, who lasted six months on the job, and was then replaced by Michael Rouleau as interim CEO in March 2013 before taking over as the permanent CEO in August 2013. The company closed its online store in August 2013.[7] At that time Tuesday Morning had 820 stores. On September 29, 2015 Michael Rouleau announced that he was retiring as Chief Executive Officer and a member of the Company's Board of Directors. As a result of Mr. Rouleau's retirement, Tuesday Morning created a new Office of the Chairman, led by Board Chairman Steven R. Becker, to support oversight of the Company's strategic initiatives until appointing a new CEO, as well as added a new lead independent director role held by Board member Terry Burman. The Office of the Chairman also included Mr. Burman as Vice Chairman, Melissa Phillips, President and Chief Operating Officer, and Phil Hixon, Executive Vice President, Store Operations. The Board also created a Search Committee and retained Herbert Mines Associates, a leading, retail executive search firm to identify and evaluate both internal and external CEO candidates.[8]
On December 14, 2015, Tuesday Morning named Steven R. Becker the new chief executive officer.[9][3]
Products
Tuesday Morning focuses on closeout home goods. Brands it sells include Lenox, Denby Pottery, KitchenAid, Cuisinart, Steinbach, Wedgwood, Reed and Barton, Breville, Madame Alexander, Peacock Alley, and Royal Doulton, among others.[3]
References
- ↑ Binole, Gina (April 26, 1998). "Seaside sidesteps Bend for newest Nike factory outlet". Portland Business Journal. Retrieved 17 August 2014.
- ↑ "Tuesday Morning store opens in Gresham". Portland Business Journal. February 14, 2001. Retrieved 17 August 2014.
- 1 2 3 Halkias, Maria (November 9, 2013). "Tuesday Morning CEO sees the company as a treasure". The Dallas Morning News. Retrieved 17 August 2014.
- ↑ "Kathleen Mason fired as CEO of Tuesday Morning". 2012-06-07. Retrieved 7 June 2012.
- ↑ Former Tuesday Morning CEO sues over firing USA Today, May 17, 2013
- ↑ Murray, Lance (August 15, 2013). "Kathleen Mason files discrimination suit against Tuesday Morning". Dallas Business Journal. Retrieved 17 August 2014.
- ↑ Abril, Danielle (August 15, 2013). "Tuesday Morning nixes online shopping site". Dallas Business Journal. Retrieved 17 August 2014.
- ↑ "Michael Rouleau Retires As CEO Of Tuesday Morning Corporation". NASDAQ. September 29, 2015. Retrieved 29 September 2015.
- ↑ Halkias, Maria (December 14, 2015). "Tuesday Morning retail chain names its hedge fund investor Steven Becker to be CEO site". The Dallas Morning News. Retrieved 14 December 2015.