Tile Shop Announces Acquisition of Fourth Distribution Center and the Opening of Three New Stores
Tile Shop Holdings, Inc. (NASDAQ: TTS), a specialty retailer of
manufactured and natural stone tiles, setting and maintenance materials,
and related accessories, today announced that it has completed the
purchase of a new 150,000 square foot distribution facility located on a
15 acres site in Durant, Oklahoma. The new facility will be the fourth
distribution center for the Company and positions the Company to expand
into Texas and as far west as Denver. The Company intends to utilize a
portion of the site to establish a manufacturing operation for its
setting and maintenance materials. The Company will initially utilize
this distribution center to distribute product to its eight stores
located in Iowa, Nebraska, Kansas and Missouri and expects to commence
operations at the facility by the end of the second quarter 2013.
Additionally, the Company announced that it recently opened three
additional stores, bringing the total new store openings for 2012 to 15
and expanding The Tile Shop’s store count to 68 as of December 31, 2012.
The new stores are located in Edison, New Jersey, Bloomfield Hills,
Michigan, and Toledo, Ohio. The Company now has four stores in New
Jersey, six in Michigan, and seven in Ohio.
“We are excited about the acquisition of the distribution facility in
Oklahoma as it will enable us to accelerate our national expansion
plans,” commented Robert Rucker, Chief Executive Officer. “We are also
extremely pleased that we have successfully demonstrated our ability to
significantly grow our store count through the opening of 15 new stores
in 2012. This is a great way to end the year and it positions us well
for continued growth in 2013.”
About Tile Shop Holdings and The Tile Shop
Tile Shop Holdings is the parent company of The Tile Shop. Tile Shop
Holdings’ common stock is listed on the NASDAQ Global Market under the
ticker symbol “TTS” and its warrants trade on the OTCBB under the symbol
“TTSAW.”
The Tile Shop is a specialty retailer of manufactured and natural stone
tiles, setting and maintenance materials, and related accessories in the
United States. The Tile Shop offers a wide selection of products,
attractive prices, and exceptional customer service in an extensive
showroom setting. The Tile Shop operates 68 stores in 21 states, with an
average size of 23,000 square feet.
Forward Looking Statements
This press release includes “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements may
be identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and other similar
expressions that predict or indicate future events or trends or that are
not statements of historical matters. These forward looking statements
include any statements regarding the Company’s strategic and operational
plans. Forward looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or results
will be achieved. Forward looking statements are based on information
available at the time those statements are made and/or management’s good
faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in or suggested by
the forward looking statements. The Company does not intend, and
undertakes no duty, to update this information to reflect future events
or circumstances. Investors are referred to the most recent reports
filed with the SEC by the Company.
