Tile Shop Holdings, Inc. (TTSH)

Tile Shop Holdings, Inc. was a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States. The business was founded in 1985 and was headquartered in Plymouth, Minnesota. Its showrooms let customers view large selections of tile, and associates provided design and installation guidance to homeowners and contractors.

The company sold natural stone such as marble, travertine, granite and slate alongside ceramic, porcelain, glass, cement and wood-look tiles, many under its own brands such as Rush River and Fired Earth. It also manufactured setting and maintenance materials, including thinset, grout and sealers, under the Superior brand, and sold installation tools, shower shelves and drains. It operated more than 140 stores across about three dozen states and sold online with third-party delivery.

Tile Shop became a public company in 2012 through a transaction with a special purpose acquisition company, JWC Acquisition Corp., and its common stock subsequently traded on Nasdaq under the symbol TTSH. Its leadership changed over the years as it focused on controlling costs, remodeling and relocating stores, and growing its professional customer business. In later years it navigated weaker housing turnover and inflation in the flooring sector.

In 2025 the board announced a plan to delist from the Nasdaq Capital Market and deregister the common stock under the Securities Exchange Act. The company said the costs of being an SEC-reporting, exchange-listed company, including legal, accounting, compliance and listing expenses, exceeded the benefits, and estimated annual savings of more than $2.4 million.

To implement the plan, stockholders approved at a special meeting on December 3, 2025 a 1-for-3,000 reverse stock split immediately followed by a 3,000-for-1 forward split. The splits became effective on December 15, 2025. Holders of fewer than 3,000 shares before the reverse split were cashed out at $6.60 per share and ceased to be stockholders, while larger holders kept their shares.

The retailer's results followed housing turnover, remodeling activity and consumer spending on home improvement, all of which weakened after mortgage rates rose in 2022. Tariffs and sourcing costs on imported tile were another consideration, as a substantial portion of its products came from overseas suppliers. Management responded with price adjustments, cost reductions and a program of refreshing its stores. The decision to deregister followed these years of pressure on sales and the small size of the company relative to the cost of public-company compliance.

A Form 25 to withdraw the stock from listing was planned for filing on or about December 17, 2025, with the delisting effective about ten days later, and a Form 15 to suspend reporting obligations was planned for later in December. After that, the remaining shares were no longer listed on Nasdaq and the company ceased filing periodic reports with the SEC.