FOR IMMEDIATELY RELEASE
TANDYCRAFTS, INC. AGREES TO SELL JOSHUA'S CHRISTIAN STORES CHAIN TO FAMILY
CHRISTIAN STORES
FORT WORTH, TEXAS, April 20, 1998 -- Tandycrafts, Inc. (NYSE: TAC) today
announced that it has reached an agreement to sell its 56-store Joshua's
Christian Stores chain to Grand Rapids, Michigan-based Family Christian Stores.
Family Christian Stores is the nation's largest Christian retailer with 210
stores in 34 states.
"Our decision to sell the Joshua's chain represents one more step in our
continuing effort to focus on our most profitable and promising operations,"
said chief executive officer Michael J. Walsh. "This opportunity represents a
good strategic fit for Family Christian Stores and we are pleased that they are
committed to maintaining Joshua's retail operation moving forward."
Tandycrafts has owned Joshua's Christian Stores since 1986, growing the chain
from five stores to its current position as one of the largest retail chains of
inspirational books, Bibles, music and gift items, operating 56 stores in 10
states. In a recent Christian Retailing poll on store brand names in the
Christian retailing industry, Family Christian Stores was ranked the most
recognized store brand, followed by Joshua's at number two.
The sale will include Joshua's inventories and other assets and, including
transaction related costs, is expected to result in a slight loss of $.02 to
$.04 per share. Terms of the sale, which is expected to close by May 31, 1998,
were not disclosed.
Tandycrafts, Inc. is a specialty retailer and manufacturer. Included in its
Specialty Retail segment are Tandy Leather Company and Sav-On Office Supplies.
The Specialty Manufacturing segment is comprised of two manufacturing divisions:
Pinnacle Art & Frame and Tandy Wholesale International.
# # #
