DALLAS, Aug. 10 /PRNewswire/ -- Tuesday Morning Corporation (Nasdaq: TUES), the Dallas-based deep discount, closeout retail chain, has announced its successful bid for the $10 million inventory of ToySmart.com. Approximately $1 million in famous maker toys, collectibles and infant accessories located in the toy retailer's 170 High Street store in Waltham, Massachusetts will be sold starting at 30% off retail during a special two-week sell-off event beginning August 12, 2000. The balance of the choice inventory will be distributed to Tuesday Morning's 415 stores across the country for the fall sales event, just in time for the Christmas shopping season.
"The one-time successful bid for this $10 million storehouse of first- quality toys is a real coup for Tuesday Morning's experienced buyers," says Kathleen Mason, president and CEO of Tuesday Morning. "The timing couldn't be better. With the Christmas selling season just around the corner, every retailer is primed to sell toys at top prices. But Tuesday Morning now has the opportunity to sell a treasure trove of toys to our customers at incredible discounts."
Unlike many deep discounters, Tuesday Morning does not sell seconds,
irregulars, or factory rejects. The deep discounter's customers know to
expect first-quality, favorite brand names at fabulous prices, and this sales
event is no exception.
Shoppers at the Waltham store sell-off event and Tuesday Morning customers this fall will find Corolle Dolls, Thomas the Tank train sets, Winnie the Pooh collectibles and best-selling items from Duplo, Playmobile, K NEX, Hasbro, Lego, Crayola, Gund, Applause, Brio, Red Caliope, Fisher Price, Radio Flyer, Mega Blocks, Learning Curves and more at the deepest discounts available.
"For decades Tuesday Morning has been known for selling upscale brand toys," says Ms. Mason, "and in recent years educational toys have gained an increasingly high profile on our shelves. This acquisition perfectly fits our niche of offering customers quality, value and a fresh, exciting inventory mix."
Shoppers can expect a crowd to gather long before the doors open at 9 a.m. August 12 at the Waltham store. Tuesday Morning aficionados know to come early for the best treasures. During the retailer's regular sales events, held eight times a year during peak selling seasons, customer anticipation is intense -- 40% of total store sales are realized in the first five days of a selling event.
This is not the first time Tuesday Morning has undertaken the resale of such a large inventory. Over the years since the company's inception in 1971, the deep discounter has held on-site sell-off sales of a wide variety of home furnishings and gifts purchased from retailers and manufacturers.
Tuesday Morning operates the largest chain of deep discount closeout home furnishings and gift stores in North America. These 415 stores in 38 states open eight times a year for four-week to six-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 that is often found in prestigious department and specialty stores, selling it at prices 50% to 80% below traditional retail levels. Tuesday Morning Corporation common shares are traded on Nasdaq's National Market System under the symbol "TUES". SOURCE Tuesday Morning Corporation
CONTACT: Laurey Peat of Laurey Peat & Associates, 214-871-8787, for Tuesday Morning Corporation/
|"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.|