Tuesday Morning Corp.’s three top executives, including CEO Fred Hand, have “decided to walk away” from the liquidation retailer as new owners take control of the company that started in Dallas in 1974.
The Dallas-based company changed control in September with a new $32 million debt deal between Retail Ecommerce Ventures and Ayon Capital. This transaction allowed the company to avoid bankruptcy for the second time in two years.
The new board, co-chaired by Tai Lopez and Alex Mehr, has put in place a new management team to manage the chain of 487 stores in 40 states. Lopez and Mehr formed Retail Ecommerce Venture to buy several retail names as the companies went bankrupt. They continue to operate online under the brands they purchased, including Pier 1 Imports, Linens ‘n Things, Dressbarn and RadioShack.
Hand, who had been CEO since May 2021 and had extensive retail experience, most recently at rival Burlington, was replaced on Friday by Andrew Berger, a board member since September. Berger has 25 years of experience in investment analysis and business consulting, and he will also become interim chief financial officer.
Marc Katz, Tuesday Morning’s chief operating officer and acting chief financial officer, was also a native of Burlington. He is retiring after joining Tuesday Morning in May 2021.
Bill Baumann, who is chief information officer and chief marketing officer, also becomes chief operating officer. Baumann assumes the responsibilities of Chief Merchant on an interim basis with the departure of Paul Metcalf.
Of the three starting leaders, Metcalf was with Tuesday Morning the longest. He joined the company as interim chief merchant in April 2019.
Hand, Katz and Metcalf will consult with the company through June 30, the company said.
Looking for more retail coverage? Click here to read all news and retail updates. Click here to subscribe to D-FW Retail and other newsletters from The Dallas Morning News.