Exhibit 99.1
Tillys Announces Leadership Transition
Irvine, Calif.January 22, 2024Tillys, Inc. (NYSE: TLYS) (the Company) today announced that, effective today, Ed Thomas
has retired from his position as President and Chief Executive Officer and as a Director of the Company.
On behalf of the Board of Directors and
everyone at Tillys, I sincerely thank Ed for his many valuable contributions and leadership during his tenure at Tillys, and wish him continued success in his future endeavors, said Hezy Shaked,
Co-Founder and Executive Chairman of the Board of Directors.
Mr. Shaked has been appointed to serve as the
Companys interim President and Chief Executive Officer until a successor is in place. As the Companys Co-Founder and former President and Chief Executive Officer, Mr. Shaked has an in-depth knowledge and understanding of all facets of the Companys business and has developed extensive professional relationships during his over 40 years of experience in the retail industry.
About Tillys
Tillys is a leading, destination specialty
retailer of casual apparel, footwear and accessories for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered
in Irvine, California and currently operates 251 total stores across 33 states as well as its website, www.tillys.com.
Forward Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In
particular, statements regarding the Companys future financial performance or prospects, the expected leadership and board changes and the potential success of the Companys new leadership team, and any other statements about the
Companys future cash position, financial flexibility, expectations, plans, intentions, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on managements current
expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to the impact of
inflation on consumer behavior and the Companys business and operations, supply chain difficulties, and the Companys ability to respond thereto, the Companys ability to respond to changing customer preferences and trends, attract
customer traffic at the Companys stores and online, execute the Companys growth and long-term strategies, expand into new markets, grow the Companys e-commerce business, effectively manage
the Companys inventory and costs, effectively compete with other retailers, attract talented employees, or enhance awareness of the Companys brand and brand image, general consumer spending patterns and levels, including changes in
historical spending patterns, the markets generally, the Companys ability to satisfy the Companys financial obligations, including under the Companys credit facility and the Companys leases, and other factors that are
detailed in the Companys Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC), including those detailed in the section titled Risk Factors and in
the Companys other filings with the SEC, which are available on the SECs website at www.sec.gov and on the Companys website at www.tillys.com under the heading Investor Relations. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future
events or otherwise. This release should be read in conjunction with the Companys financial statements and notes thereto contained in the Companys Form 10-K.
Investor Relations:
Michael L. Henry
Executive Vice President, Chief Financial Officer
949-609-5599 x.17000
irelations@tillys.com