DALLAS, Jan. 31 /PRNewswire/ -- Tuesday Morning Corporation (Nasdaq: TUES), North America's largest operator of first quality deep-discount and closeout home furnishings and gift stores, today announced the Company has appointed Michael Marchetti to the position of Senior Vice President of Strategic Planning, effective February 5, 2001. Mr. Marchetti will have direct responsibility for Distribution, MIS and Loss Prevention and will report to Kathleen Mason, President and Chief Executive Officer.
Michael Marchetti, age 43, brings over twenty years of retail experience to the Tuesday Morning Corporation. He currently serves as a Principle with MarCon Services, Inc., a company that evaluates system development needs, where he has been working with Tuesday Morning Corporation on a consulting basis for several months. Prior to working with MarCon, Mr. Marchetti was Senior Vice President & Controller and later Chief Financial Officer of CWT Specialty Stores, a New England regional chain specializing in women's apparel.
Kathleen Mason, President and Chief Executive Officer, commented, "We are very pleased to welcome Michael Marchetti to our team. Michael brings a wealth of operational expertise, including MIS, distribution and warehousing. Specifically, he has designed, purchased and implemented numerous computer systems including in-store POS, hand held scanning and integrated merchandise planning systems. In addition, Michael has already demonstrated leadership at Tuesday Morning through initiatives aimed at streamlining our distribution network and improving our overall efficiency. Most importantly, Michael shares our enthusiasm for continued growth through innovation, which has made Tuesday Morning a leader in our sector."
Tuesday Morning Corporation operates the largest chain (currently 441 stores) of deep-discount closeout gift stores in North America. These stores open eight times a year for three-week to eight-week "events" during the retail industry's peak selling seasons. A broad variety of closeout items are available in such product categories as gifts, crystal, luggage, linens, toys, and seasonal items. The Company specializes in famous-maker, first-quality merchandise, which is often found in prestigious department and specialty stores. Such merchandise is sold by Tuesday Morning at prices 50%-80% below traditional retail levels.
This press release contains forward-looking statements, which are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Act of 1995. Actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company's products in the marketplace, the success of new store openings and the availability of new store locations, competitive factors, access to merchandise in a variety of foreign countries, economic trends, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. SOURCE Tuesday Morning Corporation
CONTACT: Mark E. Jarvis, Chief Financial Officer of Tuesday Morning Corporation, 972/387-3562; Laurey Peat of Laurey Peat & Associates, 214-871-8787, for Tuesday Morning Corporation; Investor Contact, Suzanne Rosenberg or David Waldman, or Press, Stacy Roth or Kim Mark, 212-850-5600,
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tuesday Morning Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|