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: March 8, 1999
Date of Earliest Event Reported: March 1, 1999
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 March 1, 1999, Registrant issued a press release announcing
the sale of Nocona Belt Company to M&F Western Products, Inc.
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
Nocona Belt Company to M&F Western Products, Inc.
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: March 8, 1999 By:/s/ Michael J. Walsh
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Michael J. Walsh, President
and Chief Executive Officer
Date: March 8, 1999 By:/s/ James D. Allen
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James D. Allen, Executive Vice
President and Chief Financial
Officer
CONTACT: Jim Allen, Mike Murray
Tandycrafts, Inc. (817) 551-9600
FOR IMMEDIATE RELEASE or
Jeff Lambert, Brian Edwards
([email protected])
Lambert, Edwards & Associates, Inc.
(616) 233-0500
TANDYCRAFTS ANNOUNCES SALE OF NOCONA
BELT COMPANY TO M&F WESTERN PRODUCTS
FORT WORTH, Texas, March 1, 1999 - Consumer products maker and marketer
Tandycrafts, Inc. (NYSE: TAC) today announced the sale of its Nocona, Texas-
based division Nocona Belt Company to closely held M&F Western Products, Inc.
Terms of the deal were not disclosed.
Fort Worth, Texas-based Tandycrafts said the sale of Nocona, which
manufactures western-style belts, wallets and other leather accessories, follows
the Company's decision in January 1999 to exit the leather and crafts
manufacturing business and close its 121 retail stores. As previously
announced, Tandycrafts is retaining its mail order leather and crafts business,
and is completing the redevelopment of its Internet site to add online sales.
Nocona Belt Company was previously consolidated under Tandycrafts leather and
crafts division.
"Our decision to exit the leather and crafts manufacturing business
included seeking a strategic buyer for Nocona Belt Company to ensure we
maximized the value from the sale of this operation," said Michael J. Walsh,
Tandycrafts president and chief executive officer. "The business did not fit
Tandycrafts' long-term direction, and we are pleased to find a strategic partner
that is committed to carrying on the efforts of Nocona."
Walsh added that Tandycrafts' realignment of its leather and crafts
business, including store closings, inventory liquidation and ramping up its
direct-to-consumer distribution channels, continues on schedule for completion
by the end of June 1999.
"M&F 's acquisition of the Nocona, Texas-based facility and operations will
expand our manufacturing resources and product offerings for the western leather
goods market," said Mickey Eddins, president of M&F Western Products. "Nocona
Belt Company is a great strategic fit for M&F Western Products, and we look
forward to quickly assimilating their products and people into the M&F family.
This acquisition allows us to increase market share and, ultimately, provide
better service to our growing customer base."
Sulpher Springs, Texas-based M&F Western Products is a leading manufacturer
and marketer of western style accessories, including belts, hat bands, hats,
caps, and boot and hat supplies for western wear retailers, men's stores and
gift shops nationwide.
Tandycrafts, Inc. is a manufacturer, distributor and retailer of consumer
products, including frames and wall decor, office supplies, leather and crafts,
and novelties and promotional products. The Company's products are marketed and
sold nationwide through wholesale distribution channels, including mass
merchandisers and specialty retailers, and direct-to-consumer channels through
the Company's retail stores, mail order and the Internet. Tandycrafts is
headquartered in Fort Worth, Texas.
This press release includes statements that may constitute "forward-
looking'' statements, usually containing the words ''believe'', ''estimate'',
''project'', ''expect'' or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to, continued acceptance of the
Company's products in the marketplace, competitive factors, dependence upon
third-party vendors, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission. By making these forward-
looking statements, the Company undertakes no obligation to update these
statements for revisions or changes after the date of this release.
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