Kanen Wealth Management decreased its stake in Tile Shop Holdings (TTSH)

Market Cap: $307 million | Tile Shop Holdings, Inc. operates as a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States.

• On July 22, 2022, Kanen Wealth Management disclosed a 6.9% active stake in the company and stated its belief that the current market capitalization reflects a valuation that is mispriced relative to the long-term earnings power of the company. It also stated that the Board must take immediate actions necessary to improve the situation. To that end, Kanen Wealth Management intends to engage in discussions with the Board to pursue and assess various courses of action, including capital allocation, sale-leasebacks, and a share repurchase from existing equity holders. Source
• On August 9, 2022, Kanen Wealth Management increased its stake to 8.02% and reiterated the same.
• On September 13, 2022, Kanen Wealth Management decreased its stake to 5.8%.

Past

• On January 28, 2021, B. Riley Financial and 272 Capital (together 8.5%) entered into a Group Agreement and issued a public letter to the Board announcing their formation of a group, asking the Board to up-list to a major stock exchange and disclosing their intention to run a proxy contest to replace directors on the Board if the company does not up-list.
• On February 3, 2021, Cannell Capital (6.09%) supported the content of the letter sent to the Board from 272 Capital, L.P., and B. Riley Financial, Inc., urging TTSH to up-list to a major stock exchange. Source
• On March 4, 2021, B. Riley Financial and 272 Capital stated that, in light of the company’s disclosure dated March 1, 2021, that the Board had unanimously voted to authorize the company to apply for the listing of the common stock with Nasdaq, BRF and 272 Capital mutually agreed in writing to terminate the Group Agreement as of March 2, 2021. Source
• Market Cap: $70 million (as of June 2, 2020)