Tuesday Morning Corporation Appoints Retail Veteran Michael Rouleau to Board
DALLAS, Nov. 29, 2012 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation
(Nasdaq:TUES), a leading closeout retailer with over 850 stores across the
United States specializing in selling deeply discounted, upscale home
furnishings, housewares, gifts and related items, today announced that Michael
Rouleau has been appointed as an independent member of the Company's Board of
Directors, effectively immediately. Mr. Rouleau will serve on the Compensation
and Audit Committees.
Mr. Rouleau's extensive and successful career in retail commenced in 1962 with
Target Corp., which at the time was a mass-market discount concept operated by
Dayton's Department Store. As one of Target's first 25 employees, Mr. Rouleau
served in roles of increasing responsibility, eventually rising to Executive
Vice President for Merchandising and Logistics/Supply Chain. In 1988, Mr.
Rouleau co-founded one of the country's first office supply chains, Office
Warehouse, which went public in 1991 and was acquired by OfficeMax in 1992.
His subsequent and senior leadership positions with Lowe's (Executive VP,
Retail Operations, 1992-1996) and Michael's Stores (President and CEO,
1996-2006) affirm Mr. Rouleau's turnaround and retail operational expertise.
Under Mr. Rouleau's leadership, Michael's Stores grew sales and profits for 10
consecutive years before its sale in 2006.
"Michael Rouleau is a highly-accomplished retail executive with an impeccable
track record of meeting challenges similar to those we confront at Tuesday
Morning," said Steven R. Becker, Chairman of the Board. "We are pleased that
he has joined the Board at this time, and look forward to his active and
involved Board role."
"I am excited to be joining the Tuesday Morning Board and believe that its
competitively-differentiated business model and loyal customer base can serve
as a strong foundation for the future," Mr. Rouleau added.
Mr. Rouleau has served as a member of the Retail Industry Leaders Association
(RILA) and Craft & Hobby Association (CHA). He received his Bachelor's Degree
from the University of Minnesota in 1961.
ABOUT TUESDAY MORNING
Tuesday Morning is a leading closeout retailer of upscale, decorative home
accessories, housewares and famous-maker gifts in the United States. The
Company opened its first store in 1974 and currently operates 852 stores in 43
states. Tuesday Morning is nationally known for bringing its more than 9.0
million loyal customers a unique treasure hunt of high-end, first quality,
brand name merchandise . . . never seconds or irregulars . . . at prices well
below those of department and specialty stores and catalogues.
This press release contains forward-looking statements within the meaning of
the federal securities laws and the Private Securities Litigation Reform Act
of 1995, which are based on management's current expectations, estimates and
projections. Forward-looking statements typically are identified by the use of
terms such as "may," "will," "should," "expect," "anticipate," "believe,"
"estimate," "intend" and similar words, although some forward-looking
statements are expressed differently. You should carefully consider statements
that contain these words because they describe our expectations, plans,
strategies and goals and our beliefs concerning future business conditions,
our future results of operations, our future financial position, and our
business outlook or state other "forward-looking" information.
Reference is hereby made to "Item 1A. Risk Factors" of the Company's Annual
Report on Form 10-K for the year ended June 30, 2012 for examples of risks,
uncertainties and events that could cause our actual results to differ
materially from the expectations expressed in our forward-looking statements.
These risks, uncertainties and events also include, but are not limited to,
the following: uncertainties regarding our ability to open stores in new and
existing markets and operate these stores on a profitable basis; conditions
affecting consumer spending and the impact, depth and duration of current
economic conditions; inclement weather; changes in our merchandise mix; timing
and type of sales events, promotional activities and other advertising;
increased or new competition; loss or departure of one or more members of our
senior management or experienced buying and management personnel; an increase
in the cost or a disruption in the flow of our products; seasonal and
quarterly fluctuations; fluctuations in our comparable store results; our
ability to operate in highly competitive markets and to compete effectively;
our ability to operate information systems and implement new technologies
effectively; our ability to generate strong cash flows from our operations;
our ability to anticipate and respond in a timely manner to changing consumer
demands and preferences; and our ability to generate strong holiday season
sales. The forward-looking statements made in this press release relate only
to events as of the date on which the statements were made. Except as may be
required by law, we undertake no obligations to update our forward-looking
statements to reflect events and circumstances after the date on which the
statements were made or to reflect the occurrence of unanticipated events.
CONTACT: Jennifer Habicht
Perry Street Communications
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