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 ShopTile 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.”
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