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: January 25, 2000
Date of Earliest Event Reported: January 18, 2000
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 January 18, 2000, Registrant issued a press release announcing
management changes at its Pinnacle Art & Frame division.
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 management
changes at its Pinnacle Art & Frame division.
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: January 25, 2000 By:/s/ Michael J. Walsh
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Michael J. Walsh, Chairman
and Chief Executive Officer
Date: January 25, 2000 By:/s/ James D. Allen
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James D. Allen, President
and Chief Operating Officer
CONTACT: Mike Walsh
Tandycrafts, Inc. (817) 551-9600
([email protected])
FOR IMMEDIATE RELEASE or
Jeff Lambert, Brian Edwards
Lambert, Edwards & Associates, Inc.
(616) 233-0500 ([email protected])
TANDYCRAFTS ANNOUNCES LEADERSHIP CHANGES AT PINNACLE
FORT WORTH, Texas, January 18, 2000 -- Tandycrafts, Inc. (NYSE: TAC) today
announced several senior management changes at its Pinnacle Art & Frame division
as part of its effort to increase Pinnacle's share of the growing global market
for frames, framed art and wall decor.
The Fort Worth, Texas consumer products company said Tandycrafts' President
James D. Allen has been given additional responsibility as President of the
Pinnacle Art & Frame division. Allen, 40, also retains his title as Chief
Operating Officer of Tandycrafts.
Jeff Pecora, 40, was named Senior Vice President of Sales for Pinnacle. Pecora
has been with Pinnacle for 12 years, and has been instrumental in the sales and
service of several major Pinnacle customers in the mass merchandise and
specialty retail channels, including Wal-Mart.
Mark W. Winkelman, 47, has been named Senior Vice President of Operations, with
responsibility for distribution, logistics, systems, forecasting and planning,
as well as oversight of Pinnacle's international manufacturing and sourcing.
Winkelman previously served as Director of Logistics and Distribution for
Tandycrafts, Inc.
Robert Howard, 52, was named Senior Vice President of Domestic Manufacturing.
Howard, who has been with Pinnacle for 20 years, will continue to oversee
Pinnacle's Arkansas operations, including 650,000-square feet of manufacturing
capacity.
Barry Cohen, 59, was named Senior Vice President of Marketing. Cohen, who
joined Pinnacle in 1997, has been instrumental in reorganizing Pinnacle's
product development and marketing over the past year.
"Pinnacle has made significant strides in the past year, and these gentlemen
have all played important roles," said Michael J. Walsh, chairman and chief
executive officer of Tandycrafts. "With these changes, we intend to sharpen our
focus on this attractive market niche in the home decor arena and accelerate
Pinnacle's progress as a profitable growth company."
In the past six months, Pinnacle has consolidated its brands, opened a new
manufacturing facility in Mexico, announced it would close a California
facility, and centralized the unit's core business functions at the Fort Worth
headquarters of Tandycrafts.
"The strategic changes at Pinnacle are allowing us to focus on the driving
factors of our business: customers and products," Pinnacle President Allen
said. "The centralization of core operating functions in Fort Worth has helped
us leverage the corporate expertise in areas such as sourcing, logistics,
finance and adminstration. This heightened focus, combined with new
capabilities in design and manufacturing, are helping us better respond to
retailers' needs for frame-related products that build sales at the individual
store level."
To help support the focus, Pinnacle Art & Frame consolidated its frame-related
products under two brand names: Pinnacle, which supplies fashion at value to
mass retail channels, and the Hermitage Collection, which supplies fashion
products to specialty retail channels, including bed and bath stores, department
and specialty home stores, and other niche retailers.
Pinnacle also increased its commitment to design and product development with
the addition of design personnel and marketing resources. Pinnacle introduced
its most extensive line of new products in its history earlier this week at the
2000 International Housewares Show in Chicago.
Pinnacle Art & Frame (www.pinnacleartandframe.com) is a full-line, completely
integrated wall decor supplier, satisfying the needs of all retail segments from
mass merchandisers to specialty retailers. Pinnacle has the capacity to produce
more than 110 million picture frames annually at its manufacturing facilities in
the United States and Mexico.
Tandycrafts, Inc. (www.tandycrafts.com) is a leading maker and marketer of
consumer products, including frames and wall decor, office supplies, home
furnishings and gift products. The Company's products are 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.
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