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: June 8, 1998
Date of Earliest Event Reported: June 2, 1998
TANDYCRAFTS, INC.
A DELAWARE CORPORATION
1-7258 75-1475224
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(Commission File Number) (IRS Employer Identification No.)
1400 Everman Parkway
Fort Worth, Texas 76140
(817) 551-9600
ITEM 5. OTHER EVENTS
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(a) On June 2, 1997, Registrant issued a press release announcing the
sale of Joshua's Christian Stores chain to Family Christian
Stores.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits.
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Exhibit
Number Description
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99 Copy of press release announcing the sale of
Joshua's Christian Stores chain to Family
Christian Stores.
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 of the
undersigned thereunto duly authorized.
TANDYCRAFTS, INC.
Date: June 2, 1998 By:/s/ Michael J. Walsh
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Michael J. Walsh, President
and Chief Executive Officer
Date: June 2, 1998 By:/s/ James D. Allen
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James D. Allen, Executive Vice
President and Chief Financial
Officer
TANDYCRAFTS, INC. COMPLETES SALE OF JOSHUA'S CHRISTIAN STORES
CHAIN TO FAMILY CHRISTIAN STORES
FORT WORTH, Texas, June 2, 1998 /PRNewswire/ -- Tandycrafts, Inc. (NYSE: TAC -
news) today announced that it has completed the sale of its 56-store Joshua's
Christian Stores chain to Grand Rapids, Mich.-based Family Christian Stores.
Family Christian Stores is the nation's largest Christian retailer with 215
stores in 35 states prior to the Joshua's acquisition.
"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."
Leslie E. Dietzman, president and chief executive officer of Family Christian
Stores, stated that nearly all of the 56 stores acquired will be staffed by
former Joshua's store managers and employees. In addition, Family Christian
Stores is adding three new district manager positions, all filled by former
Joshua's employees.
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.
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.
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