Tandy Leather Factory Announces Agreement to Sell Headquarters Facilities
FORT WORTH, Texas, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. ((the "Company", NASDAQ:TLF) today announced that it had signed a Purchase and Sale Agreement to sell its corporate headquarters facilities, including its primary distribution center and flagship retail store, to Colonna Brothers, Inc. The sale price for the facilities, before taxes and expenses, will be $26.5 million, and the transaction is expected to close in January 2025. Upon the closing, the Company intends to enter into lease agreements to remain in its current spaces until approximately September 2025, while it identifies and prepares to move to new facilities in the Fort Worth, Texas area.
Jeff Gramm, the Company's Chairman, said, "As we announced last December, we have been marketing our headquarters property with hopes of unlocking value for the benefit of our stockholders. Aided by a strong local real estate market and the tireless efforts of our team, we are happy to be close to accomplishing this goal. Tandy Leather has been a 100-year fixture in Fort Worth and we are actively evaluating spaces in the area for our new headquarters and flagship store. If the transaction closes as planned, we expect to issue a moderate portion of the proceeds (net of taxes, sale expenses and other costs associated with leasing, outfitting and moving to new facilities) as a dividend to our stockholders."
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line, including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 99 North American stores (including two temporarily closed for relocation) located in 40 US states and six Canadian provinces, and one store located in Spain. Its common stock trades on the Nasdaq Capital Market under the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to: http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
Contact: Jeff Gramm, Tandy Leather Factory, Inc. (817) 872-3200 or [email protected]
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
