On December 5, 2023, the Board of Directors of Tandy Leather Factory, Inc. (the "Company") authorized the Company's management to explore a potential sale of the Company's headquarters/distribution facility and flagship store in Fort Worth, TX (the "HQ Property"). The Company has entered into an exclusive listing agreement with Stream Realty Partners-DFW, L.P., to act as the Company's broker for a potential sale of the HQ Property. The primary purpose of this listing is for the Company, which currently does not utilize all of the space in its distribution facility, to explore whether it might realize greater value from this asset through a sale and subsequent move to other facilities in the Fort Worth area.
There can be no assurance that the Company will find a suitable buyer for the HQ Property or that it will consummate any transaction on terms acceptable to the Company. The Company may choose to withdraw the property from the market at any time. If the Company does find and reach agreement with a suitable buyer, it may continue to occupy the HQ Property under a lease for a period of time while it prepares to move to replacement facilities. If a sale of the HQ Property is consummated, the Company also will consider, but undertakes no obligation, to return a portion of the proceeds (net of expenses and costs associated with finding or occupying new facilities) to its stockholders.
Forward Looking Statements
Certain statements contained in this report and other materials the Company files with the SEC, as well as information included in oral statements or other written statements made or to be made by the Company, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as "may," "will," "could," "should," "anticipate," "believe," "budgeted," "expect," "intend," "plan," "project," "potential," "estimate," "continue," "outlook," "forecast" or "future," variations thereof or other similar statements. Please refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, for additional information concerning these and other uncertainties that could negatively impact the Company. The Company assumes no obligation to update or otherwise revise its forward-looking statements, except as required by law.
Tandy Leather Factory Inc. published this content on 08 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2023 11:07:30 UTC.
Tandy Leather Factory, Inc. is a specialty retailer of leather and leathercraft-related items. The Company's product line includes leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company also offers production services to its business customers such as cutting (clicking) and splitting and some assembly. It distributes product under the Tandy Leather, Eco-Flo, Craftool, CraftoolPro and Dr. Jackson's brands, along with its premium TandyPro line of products. It operates a production facility in Fort Worth, Texas. The Company sells its products through Company-owned stores and through orders generated from its global websites, and through direct account representatives in its commercial division. The Company distributes its products through its approximately 101 North American stores located in 40 states in the United States and six Canadian provinces, and one store located in Spain.
TANDY LEATHER FACTORY, INC. 
