A range of retailers across channels are responding to the coronavirus outbreak with moves to temporarily close their stores, reduce store hours and other consumer and employee oriented initiatives.
According to a recent Dallas Morning News report, an activist investor has purchased shares of Tuesday Morning, which may lead to a potential bid for the off-price retailer.
After a second quarter that saw comparable store sales decline, Tuesday Morning said it is continuing to focus on its reorganized merchant team as it looks to reshape its off-price buying operations.
Tuesday Morning has appointed Paul Metcalf as acting chief merchant, effective immediately.
First quarter comparable store sales at Tuesday Morning were down as officials with the retailer pinned the decline on a reduced store count and the negative impact of several weather events including Hurricane Dorian.
Tuesday Morning posted a bigger net loss for its fourth quarter, but the company said it is well positioned to improve sales and earnings performance.
Second quarter sales at Tuesday Morning were up slightly as the retailer also reported strong gains in net income for the three month period ended December 31.
After facing a potential proxy fight with an investor group of stockholders pushing for leadership changes at the off-price retailer, Tuesday Morning said that it has entered into a cooperation agreement with Jeereddi Partners, Purple Mountain Capital Partners and their affiliates.
The July 17 issue of HOMEWORLD BUSINESS® features the 18th annual Impact Merchants special report. Housewares suppliers, representing the categories that HomeWorld covers, once again were asked to nominate buyers and merchandisers believed to have made a significant impact during the past year.