Boston, June 07, 2022 (GLOBE NEWSWIRE) -- Gordon Brothers, the global advisory and investment firm, has provided Tuesday Morning a $10 million committed term loan to increase the company’s liquidity and support its continued growth.
Tuesday Morning, a publicly traded off-price retailer of housewares, home furnishings and seasonal décor, will use the funds 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.”
Gordon Brothers Capital provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.
Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide our expertise and additional capital in special situations. The firm’s tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $70 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.
About Tuesday Morning
Tuesday Morning Corporation is one of the original off-price retailers specializing in name-brand, high-quality products for the home, including upscale home textiles, home furnishings, housewares, gourmet food, toys and seasonal décor, at prices generally below those found in boutique, specialty and department stores, catalogs and on-line retailers. Based in Dallas, Texas, the Company opened its first store in 1974 and currently operates 490 stores in 40 states. More information and a list of store locations may be found on the Company's website at www.tuesdaymorning.com.
