Andrew T. Berger has been appointed as chief executive officer by Dallas-based retailer Tuesday Morning. He also will fill the role of interim CFO, the company announced.
“I look forward to leading Tuesday Morning as we capitalize on our strategic growth initiatives, unlock tremendous long-term opportunity in the home goods and decor category and pursue a path towards long-term profitable growth,” Berger said in a statement.
His appointment follows the announcement that Fred Hand would be retiring from the CEO’s post and as a member of the company’s board of directors.
“It has been a great privilege to serve as the CEO of Tuesday Morning and I am incredibly thankful to have served alongside the corporate, store, and distribution center teams,” Hand said in a statement. “I wish every at the company, the board, and Andrew much success.”
Tuesday Morning announced the appointment of Bill Baumann as chief operating officer following the retirement of Marc Katz from that position.
Berger brings more than 25 years of experience in business consulting and investment management to his new position. Berger has been a director of Tuesday Morning since September and he will continue to serve on Tuesday Morning’s board.
$32 million deal with Pier 1 Imports owner
Tuesday Morning said in September that it had entered an agreement to secure $32 million in convertible debt financing from a special purpose vehicle formed by Florida-based Retail Ecommerce Ventures. The California-based firm—which owns Pier 1, Stein Mart, Linens ‘n Things, and RadioShack, among other companies—is making a strategic investment in Tuesday Morning and its 490 stores in 40 states through the deal.
Established in 1974 by Lloyd Ross, Tuesday Morning initially worked with manufacturers to buy their excess merchandise and host limited-time warehouse sales offering those goods at a discount to the public. It moved to a pop-up retail location in 1979 with seasonal events and became a full-time retail operation in 1979.
It went public in 1984 with 57 stores and at its peak in 2018, Tuesday Morning operated more than 700 locations and had sales of over $1 billion.
The company filed for Chapter 11 bankruptcy reorganization in May 2020 after extended store closures due to the COVID-19 pandemic. It was delisted from the American Stock Exchange. During the ensuing reorganization process, Tuesday Morning closed close to 200 unprofitable locations and a distribution center.
The company emerged from bankruptcy in December 2020 with a rights offering, enabling the ability to pay all vendor claims in full and protect shareholder value.
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