These acquisitions have increased the total holdings of these entities to 9,948,964 shares. The purchases were made indirectly, with ownership held for the benefit of the Pleasant Lake Onshore Feeder Fund and an additional private investment vehicle advised by Pleasant Lake Partners LLC. Fund 1 Investments, LLC acts as the managing member of Pleasant Lake Partners, with Jonathan Lennon serving as its managing member. The reported shares are held for the account of the PL Fund and another unaffiliated private fund, as noted in the footnotes of the filing. InvestingPro data shows the company maintains strong liquidity with a current ratio of 1.52 and is expected to remain profitable this year. Discover more insights and 8 additional ProTips for TTSH with an InvestingPro subscription. InvestingPro data shows the company maintains strong liquidity with a current ratio of 1.52 and is expected to remain profitable this year. Discover more insights and 8 additional ProTips for TTSH with an InvestingPro subscription.
These acquisitions have increased the total holdings of these entities to 9,948,964 shares. The purchases were made indirectly, with ownership held for the benefit of the Pleasant Lake Onshore Feeder Fund and an additional private investment vehicle advised by Pleasant Lake Partners LLC. Fund 1 Investments, LLC acts as the managing member of Pleasant Lake Partners, with Jonathan Lennon serving as its managing member. The reported shares are held for the account of the PL Fund and another unaffiliated private fund, as noted in the footnotes of the filing.
In other recent news, Tile Shop (NASDAQ:TTSH) Holdings, Inc. reported a decrease in comparable store sales by 7.9% during Q3 2024, amidst a challenging macroeconomic climate. Despite these headwinds, the company has been proactive, introducing an enhanced line of private label installation products and expanding its assortment with competitively priced products. This strategy has led to an improved gross margin rate of 66.5%, a 180 basis point increase from the previous year.
The company has also managed to reduce SG&A expenses by $700,000 compared to Q3 2023, contributing to a year-to-date decrease of $1.2 million. As part of its cost-saving measures, Tile Shop closed its distribution center in Dayton, New Jersey, and its Beijing office, aiming for annualized savings of $2.8 million to $4.1 million.
In anticipation of future developments, Tile Shop is refining its assortment, including collaborations with popular designers. The company also expects that interest rate cuts by the Federal Reserve may improve existing home sales trends, potentially bolstering home improvement demand. These recent developments underscore Tile Shop's commitment to navigating current market conditions while preparing for future opportunities.
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