Business
Tandy Leather Factory Announces Completion of HQ Sale and Lease of New Space, Dividend to Stockholders
FORT WORTH, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (the “Company”, Nasdaq: TLF) today announced that it had closed on the sale
About this update from Tandy Leather Factory, Inc.
[{"type":"text","content":"FORT WORTH, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (the “Company”, Nasdaq: TLF) today announced that it had closed on the sale of its corporate headquarters facilities, including its primary distribution center and flagship retail store, to Colonna Brothers, Inc. Concurrently with the closing, the Company entered into lease agreements to remain in its current spaces until approximately September 2025. The Company is continuing to seek a new location for its Fort Worth flagship store, which remains open at its current site. The Company also announced that on January 28, 2025, it entered into a ten-year lease for new headquarters and distribution space at Chisolm 20 Commerce Park in Benbrook Texas, a few miles from its current offices. The lease, for approximately 134,000 square feet, will commence in July (with rent abated through September 2025) and runs through September 2035. Initial rent will be approximately $111,000 per month (including taxes, maintenance and other net charges). The Company also announced that its Board of Directors had declared the payment of a special cash dividend to its stockholders of $1.50 per share of common stock held. The dividend will be paid on or about February 18, 2025, to stockholders of record at the close of trading on February 3. Jeff Gramm, the Company’s Chairman, said, “We are happy to have closed the sale of Tandy’s current facilities and to have found a new space that will keep Tandy headquartered in the Fort Worth area. Our new space is better sized for Tandy’s operations, and these transactions have allowed us to monetize an under-utilized asset for the benefit of our owners. We are pleased to be able to return a substantial portion of the sale proceeds to our stockholders in the form of a dividend. After we have successfully executed our headquarters and flagship store moves, the board will consider paying an additional special dividend to our stockholders. As we look to the future, our goals are straightforward. We want to grow our sales, improve our profitability, and return excess cash to shareholders, all while solidifying our position as the world’s leading leathercraft supplier.” Johan Hedberg, the Company’s CEO, added, “In my first few weeks at Tandy Leather, I’ve been impressed by the energy of our employees and their passion for leathercrafting ...