SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549



                                    FORM 8-K



                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



   Date of Report (Date of earliest event reported):          JANUARY 31, 2003



                               TMI HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)



            FLORIDA                      000-30011                 65-0309540
       (State or other                  (Commission             (I.R.S. Employer
jurisdiction of incorporation)          File Number)             Identification
                                            No.)


                         4463 PAHE'E STREET, SUITE 203-B
                                LIHUE, HI  96766
              (Address of principal executive offices)  (zip code)


                                 (808) 368-1819
              (Registrant's telephone number, including area code)



          (Former name or former address, if changed since last report.)


<PAGE>
ITEM  1.          CHANGES  IN  CONTROL  OF  REGISTRANT

     Not  applicable.

ITEM  2.          ACQUISITION  OR  DISPOSITION  OF  ASSETS

     On  January  31,  2003, TMI Holdings, Inc. (the "Company") acquired 100% of
the  assets  and outstanding stock of Kina'ole Development Corporation, a Hawaii
corporation.  The Company  acquired  the  Kina'ole  shares  from William Michael
Sessions  and  John  W.  Meyers,  both of whom are officers and directors of the
Company.  In  exchange for  Kina'ole's assets and shares, the Company issued Mr.
Sessions  and  Mr.  Meyers  each  250,000  shares  of  the  Company's  Series  B
Convertible  Preferred  Stock.

     The  Company's Series B Convertible Preferred Stock entitles its holders to
30  votes on all matters brought before a vote of the Company's stockholders and
each share of Series B Convertible Preferred Stock will be converted into the 30
shares  of  the  Company's  common  stock  as soon as the Company has sufficient
authorized  but  unissued common stock to convert all 500,000 shares of Series B
Convertible  Preferred  Stock.

     Kina'ole is located in Lihue, Hawaii and is a seller of manufactured homes.
Through arrangements with dealerships on each Hawaiian island Kina'ole sells the
manufactured  homes  to retail customers. Kina'ole also delevops subdivisions of
manufactured  homes  and  has  an  installation  company  that,  as  a  licensed
contractor,  completes  the  foundation  and site work as well as installing the
manufactured  homes.

ITEM  3.          BANKRUPTCY  OR  RECEIVERSHIP

     Not  applicable.

ITEM  4.          CHANGES  IN  REGISTRANT'S  CERTIFYING  ACCOUNTANT

     Not  applicable.

ITEM  5.          OTHER  EVENTS

     Not  applicable.

ITEM  6.          RESIGNATIONS  OF  DIRECTORS  AND  EXECUTIVE  OFFICERS

     Not  applicable.

ITEM  7.          FINANCIAL  STATEMENTS

     The  Company has  not  included pro forma financial statements for Kina'ole
with  this  filing, but will file an amended 8-K with those financial statements
on  or  before  April  15,  2003,  as  required.

                                        2
<PAGE>

ITEM  8.          CHANGE  IN  FISCAL  YEAR

     Not  applicable.

EXHIBITS

ITEM  NO.          DESCRIPTION
---------          -----------

2.1    Reorganization and Stock Purchase Agreement dated January 31, 2003 by and
between  TMI  Holdings,  Inc.,  Kina`ole  Development  Corporation,  W.  Michael
Sessions,  and  John  W.  Meyers

                                        3
<PAGE>
                                   SIGNATURES

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.

Dated:  February  7,  2003               TMI  Holdings,  Inc.


                                        /s/  W.  Michael  Sessions
                                        --------------------------------
                                        By:   W.  Michael  Sessions
                                        Its:   Chief  Executive  Officer

                                        4
<PAGE>
[{"type": "8-K", "sequence": "1", "filename": "doc1.txt", "secsgml_size_bytes": 4304}]
{"company-data": {"conformed-name": "TMI HOLDINGS INC/FL", "cik": "0001016611", "assigned-sic": "5940", "irs-number": "650309540", "state-of-incorporation": "FL", "fiscal-year-end": "1227"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-30011", "film-number": "03549159"}, "business-address": {"street1": "4463 PAHE'E STREET", "street2": "SUITE 203-B", "city": "LIHUE", "state": "HI", "zip": "96766", "phone": "8083844622"}, "mail-address": {"street1": "4463 PAHE'E STREET", "street2": "SUITE 203-B", "city": "LIHUE", "state": "HI", "zip": "96766"}, "former-company": {"former-conformed-name": "THRIFT MANAGEMENT INC", "date-changed": "19960711"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                    FORM 8-K

                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

   Date of Report (Date of earliest event reported):          JANUARY 31, 2003

                               TMI HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)

            FLORIDA                      000-30011                 65-0309540
       (State or other                  (Commission             (I.R.S. Employer
jurisdiction of incorporation)          File Number)             Identification
                                            No.)

                         4463 PAHE'E STREET, SUITE 203-B
                                LIHUE, HI  96766
              (Address of principal executive offices)  (zip code)

                                 (808) 368-1819
              (Registrant's telephone number, including area code)

          (Former name or former address, if changed since last report.)
ITEM  1.          CHANGES  IN  CONTROL  OF  REGISTRANT

     Not  applicable.

ITEM  2.          ACQUISITION  OR  DISPOSITION  OF  ASSETS

     On  January  31,  2003, TMI Holdings, Inc. (the "Company") acquired 100% of
the  assets  and outstanding stock of Kina'ole Development Corporation, a Hawaii
corporation.  The Company  acquired  the  Kina'ole  shares  from William Michael
Sessions  and  John  W.  Meyers,  both of whom are officers and directors of the
Company.  In  exchange for  Kina'ole's assets and shares, the Company issued Mr.
Sessions  and  Mr.  Meyers  each  250,000  shares  of  the  Company's  Series  B
Convertible  Preferred  Stock.

     The  Company's Series B Convertible Preferred Stock entitles its holders to
30  votes on all matters brought before a vote of the Company's stockholders and
each share of Series B Convertible Preferred Stock will be converted into the 30
shares  of  the  Company's  common  stock  as soon as the Company has sufficient
authorized  but  unissued common stock to convert all 500,000 shares of Series B
Convertible  Preferred  Stock.

     Kina'ole is located in Lihue, Hawaii and is a seller of manufactured homes.
Through arrangements with dealerships on each Hawaiian island Kina'ole sells the
manufactured  homes  to retail customers. Kina'ole also delevops subdivisions of
manufactured  homes  and  has  an  installation  company  that,  as  a  licensed
contractor,  completes  the  foundation  and site work as well as installing the
manufactured  homes.

ITEM  3.          BANKRUPTCY  OR  RECEIVERSHIP

     Not  applicable.

ITEM  4.          CHANGES  IN  REGISTRANT'S  CERTIFYING  ACCOUNTANT

     Not  applicable.

ITEM  5.          OTHER  EVENTS

     Not  applicable.

ITEM  6.          RESIGNATIONS  OF  DIRECTORS  AND  EXECUTIVE  OFFICERS

     Not  applicable.

ITEM  7.          FINANCIAL  STATEMENTS

     The  Company has  not  included pro forma financial statements for Kina'ole
with  this  filing, but will file an amended 8-K with those financial statements
on  or  before  April  15,  2003,  as  required.

                                        2
ITEM  8.          CHANGE  IN  FISCAL  YEAR

     Not  applicable.

EXHIBITS

ITEM  NO.          DESCRIPTION
---------          -----------

2.1    Reorganization and Stock Purchase Agreement dated January 31, 2003 by and
between  TMI  Holdings,  Inc.,  Kina`ole  Development  Corporation,  W.  Michael
Sessions,  and  John  W.  Meyers

                                        3
SIGNATURES

     Pursuant  to  the  requirements of the Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.

Dated:  February  7,  2003               TMI  Holdings,  Inc.

                                        /s/  W.  Michael  Sessions
                                        --------------------------------
                                        By:   W.  Michael  Sessions
                                        Its:   Chief  Executive  Officer

                                        4