Tuesday Morning Corp. landed a $35 million financing deal from the company that controls Pier 1 Imports in a move that will strengthen the discount home-goods retailer’s balance sheet, WSJ Pro Bankruptcy reported. Dallas-based Tuesday Morning said on Friday that as part of the financing deal led by Retail Ecommerce Ventures LLC, the discount retailer will expand its offerings to include Pier 1 Imports merchandise. Tuesday Morning management, including Chief Executive Fred Hand, will participate in the financing by purchasing $3 million in junior notes, while Retail Ecommerce and Ayon Capital LLC, a family office focused on healthcare and technology investments, will purchase $32 million in convertible notes. The debt deal will result in a change in control, with Retail Ecommerce and Ayon appointing a majority of Tuesday Morning’s board. The Dallas chain was among a handful of retailers that filed for bankruptcy in 2020 after the government mandated stores to shut down in the early stages of the coronavirus pandemic.
