<SEC-DOCUMENT>0001140361-20-013872.txt : 20200616
<SEC-HEADER>0001140361-20-013872.hdr.sgml : 20200616
<ACCEPTANCE-DATETIME>20200616080023
ACCESSION NUMBER:		0001140361-20-013872
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200609
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200616
DATE AS OF CHANGE:		20200616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TANDY LEATHER FACTORY INC
		CENTRAL INDEX KEY:			0000909724
		STANDARD INDUSTRIAL CLASSIFICATION:	LEATHER & LEATHER PRODUCTS [3100]
		IRS NUMBER:				752543540
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12368
		FILM NUMBER:		20964995

	BUSINESS ADDRESS:	
		STREET 1:		1900 SE LOOP 820
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76140
		BUSINESS PHONE:		8178723200

	MAIL ADDRESS:	
		STREET 1:		1900 SE LOOP 820
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76140

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEATHER FACTORY INC
		DATE OF NAME CHANGE:	19930723
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div><br>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">Form 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
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            <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported:)</div>
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          <td style="width: 42.32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">June 9, 2020</div>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 24pt;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Tandy Leather Factory, Inc.</div>
          </td>
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            <div style="text-align: center; color: #000000;">(Exact Name of Registrant as Specified in Its Charter)</div>
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            <div style="text-align: center; color: #000000;">Delaware</div>
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            <div style="text-align: center; color: #000000;">(State or Other Jurisdiction of Incorporation</div>
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          <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">1-12368</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">75-2543540</div>
          </td>
        </tr>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Commission File Number)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(IRS Employer Identification Number)</div>
          </td>
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          <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">1900 Southeast Loop 820, Fort Worth, Texas</div>
          </td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">76140</div>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Address of Principal Executive Offices)</div>
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          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Zip Code)</div>
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            <div style="text-align: center; color: #000000;">(817) 872-3200</div>
          </td>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Former Name or Former Address, if Changed Since Last Report)</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see </u>General Instruction A.2. below):</div>
    <br>
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          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
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          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="z514b2002d4fc4310bbad59ce3be86bc8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
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    <div><br>
    </div>
    <div style="text-align: center;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div>&#160;</div>
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            <div style="text-align: center; font-weight: bold;">Title of each class</div>
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          <td style="width: 20.07%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Trading Symbol(s)</div>
          </td>
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            <div style="text-align: center; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
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          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: center;">Common Stock, par value $0.0024</div>
          </td>
          <td style="width: 20.07%; vertical-align: bottom;">
            <div style="text-align: center;">TLF</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: center;">The Nasdaq Global Market</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div>&#160;</div>
    <div>Emerging growth company&#160; &#9744;</div>
    <div>&#160;</div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
      Act.&#160; &#9744;</div>
    <div> <br>
    </div>
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      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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          <td style="width: 54pt; vertical-align: top; font-weight: bold;">Item 5.02.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;"><font style="background-color: #FFFFFF;">Departure of Directors or Certain Officers, Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </font><br>
            </div>
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    </table>
    <div style="text-indent: 468pt; font-weight: bold;"><br>
    </div>
    <div style="text-align: justify; color: #000000;">On June 9, 2020, the Company appointed Steven Swank to the position of Chief Financial Officer of the Company; Mr. Swank expects to join the Company on July 6, 2020.&#160; Mr. Swank, 48, brings over 25 years
      of finance and accounting experience to the Company.&#160; Since October 2019, he has held the position of Vice President, CFO and Treasurer of Sears Hometown Stores, Inc., a privately held retailer.&#160; He served as Divisional Vice President, Finance of
      Sears Hometown and Outlet Stores, Inc. from October 2012 until October 2019.&#160; Prior to that, he served at Sears Holdings Corporation as Business Unit CFO of Sears Outlet Stores from July 2011 until October 2012 and Divisional Vice President of
      Off-Mall Finance June 2009 until July 2011; and at Fossil Group, Inc. as Director, Financial Planning and Analysis from May 2007 through June 2009.&#160; He holds a BBA in corporate finance from the University of North Texas and is a Certified Treasury
      Professional.</div>
    <div><br>
    </div>
    <div style="color: #000000;">Mr. Swank <font style="background-color: #FFFFFF;">will receive an initial annual base salary of $250,000, increasing to $275,000 on the earlier of January 1, 2021 or the date on which the Company&#8217;s Executive Leadership
        Team are restored to full pay from current COVID-19-related reductions.&#160; He is eligible to receive an annual bonus under the Company&#8217;s executive bonus plan, with a target bonus of 30% percent of this base salary (dependent on Company and individual
        performance).&#160; On the first day of his employment, Mr. Swank will receive grant of restricted stock units with a grant-date value of $30,000 that will vest on the first anniversary of such grant, subject to his continued employment with the Company
        on that date.&#160; He will be eligible to receive future equity grants under the Company&#8217;s 2013 Restricted Stock Plan, with a target annual grant value of 30% of his base salary (dependent on Company and individual performance).</font></div>
    <div><br>
    </div>
    <div style="color: #000000;"><font style="background-color: #FFFFFF;">Mr. Swank will also receive: (1) a one-time cash payment of $25,000 within 60 days of his start date, to cover costs and expenses of his relocation from Illinois to Texas and (2) a
        one-time cash payment of $2,200 to cover continuation of his health insurance costs from his prior employer until he becomes eligible for the Company&#8217;s plans; the relocation expense payment must be reimbursed to the Company in the event Mr. Swank
        is terminated by the Company for &#8220;cause&#8221; (as defined below) or resigns without &#8220;good reason&#8221; (as defined below) on or before the first anniversary of his start date.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="color: #000000;">If Mr. Swank&#8217;s employment is terminated by the Company without &#8220;cause&#8221; or he resigns his position for &#8220;good reason&#8221; on or before the first anniversary of his start date, the Company will
        pay Mr. Swank salary continuation and continued participation in the Company&#8217;s health and welfare benefit programs for six months after his departure.&#160; For purposes of Mr. Swank&#8217;s employment terms, (1) &#8220;cause&#8221; means that he is terminated for: acts
        of fraud, dishonesty or criminal conduct; gross negligence, insubordination or willful refusal or to perform his duties; or unsatisfactory job performance that continues even after a warning from his immediate supervisor; and (2) &#8220;good reason&#8221;
        would mean </font>without his consent: (i) a material diminution in his duties, authority, or responsibilities or a material breach of this Agreement by the Company; or (ii) requiring him to relocate his principal place of employment to a location
      that is more than fifty (50) miles from the current location of the Company&#8217;s principal office in Fort Worth<font style="color: #000000;">.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;">There are no other arrangements or understandings between Mr. Swank and any other persons pursuant to which he was named Chief Financial Officer of the Company.&#160; Mr. Swank does not have any family
      relationships with any of the Company&#8217;s directors or executive officers or any persons nominated or chosen by the Company to be a director or executive officer.&#160; Mr. Swank does not have any direct or indirect material interest in any transaction or
      proposed transaction required to be reported under item 404(a) of Regulation S-K.</div>
    <div style="text-align: justify; color: #000000;"> <br>
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    <div style="text-align: justify; color: #000000;">Michael Galvan, who has served as Interim Chief Financial Officer of the Company since May 4, 2020, will continue in this role until Mr. Swank joins the Company and is expected to remain with the
      Company until the completion of the Company&#8217;s ongoing financial restatement.</div>
    <div><br>
    </div>
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          <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 9.01</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: #000000;"><font style="font-weight: bold;">Financial Statements and Exhibits</font>.</div>
          </td>
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    <div><br>
    </div>
    <div style="color: #000000;">(d) Exhibits</div>
    <div><br>
    </div>
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          <td style="width: 5%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 8%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;"><u>No.</u></div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;"><u>Exhibit</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 8%; vertical-align: top;">
            <div style="color: #000000;"><a href="ex99_1.htm">99.1</a></div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="color: #000000;">Press Release dated June 15, 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zbf77b7f5268d40c58dc705a237b9ff57" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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          <td style="width: 40.78%; vertical-align: top;">&#160;</td>
          <td style="width: 59.22%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">TANDY LEATHER FACTORY, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.78%; vertical-align: top;">&#160;</td>
          <td style="width: 59.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.78%; vertical-align: top;">
            <div style="color: #000000;">Date:&#160; June 15, 2020</div>
          </td>
          <td style="width: 59.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">By: /s/ Janet Carr</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.78%; vertical-align: top;">&#160;</td>
          <td style="width: 59.22%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0); margin-left: 18pt;">Janet Carr, Chief Executive Officer</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font></div>
      <div><br>
      </div>
      <div>
        <div style="margin-right: 32.4pt;"><img src="image00002.jpg">
          <div style="margin-right: 32.4pt;"><font style="font-weight: bold;"> <br>
            </font></div>
        </div>
        <div style="margin-right: 32.4pt; margin-left: 36pt; font-weight: bold;">FOR IMMEDIATE RELEASE</div>
        <div style="margin-right: 32.4pt; margin-left: 36pt; font-weight: bold;">June 15, 2020</div>
        <div><br>
        </div>
        <div style="text-align: center; color: rgb(1, 1, 1); font-weight: bold;"><font style="background-color: rgb(255, 255, 255);">Tandy Leather Appoints New Chief Financial Officer</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="color: #000000;">FORT WORTH, TEXAS &#8211; June 15, 2020</font><font style="color: #010101;"> (GLOBE NEWSWIRE) &#8211;</font><font style="color: #000000;"> Tandy Leather Factory, Inc. (the &#8220;Company&#8221;) announced
            that Steve Swank is joining the Company as its Chief Financial Officer, effective July 6, 2020.&#160; Mr. Swank joins Tandy Leather from Sears Hometown Stores, Inc., where he was the Vice President, CFO and Treasurer.&#160; Michael Galvan, the Company&#8217;s
            Interim CFO, will remain with Tandy through the completion of the restatement and in a consulting role.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">Mr. Swank brings over 25 years of finance, accounting, planning and other relevant experience in a broad range of retail companies, including Sears-branded companies, where he spent the last 11
          years, Fossil Group and CompUSA.&#160; He has worked in both public and private companies and in both large organizations and small.&#160; Coming full circle, Mr. Swank started his career at Fort Worth-headquartered Tandy Corporation in buying and
          merchandising.</div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">&#8220;We are thrilled to have Steve join our team to lead our Finance and Accounting function and to play a key role in Tandy&#8217;s transformation story.&#160; His broad range of finance roles and deep retail
          experience, combined with his proven team-building and strategic thinking skills, make him an excellent and unique fit for our team,&#8221; said Janet Carr, CEO of the Company.&#160; &#8220;We want to thank Mike Galvan for his invaluable contributions, in
          particular to our restatement effort, and his hard work and commitment to helping us get over the finish line in August.&#8221;</div>
        <div>&#160;</div>
        <div style="text-align: justify; color: #000000;">&#8220;It&#8217;s an exciting time to be joining Tandy Leather,&#8221; Steve Swank said.&#160; &#8220;I&#8217;m looking forward to being part of the team that can take this 100-year-old heritage brand onto a path of growth to unlock
          value for shareholders.&#8221;</div>
        <div><br>
        </div>
        <div><font style="font-style: italic; color: #010101;">Tandy Leather Factory, Inc., (</font><font style="font-style: italic; color: #000000;">http://www.tandyleather.com</font><font style="font-style: italic; color: #010101;">), headquartered in
            Fort Worth, Texas, is a specialty retailer of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits.&#160; The Company distributes
            its products through its 108 North American stores located in 40 US states and 6 Canadian provinces, and one international store located in Spain.&#160; Its common stock trades on the Nasdaq with the symbol &#8220;TLF&#8221;.&#160; To be included on Tandy</font><font style="color: #010101;">&#160;</font><font style="font-style: italic; color: #010101;">Leather Factory&#8217;s email distribution list, go to </font><font style="font-style: italic; color: #000000;">http://www.b2i.us/irpass.asp?BzID=1625&amp;to=ea&amp;s=0</font><font style="font-style: italic; color: #010101;">.</font></div>
        <div><br>
        </div>
        <div><font style="color: #000000;">Contact:&#160; Janet Carr, Tandy Leather Factory, Inc.&#160; (817) 872-3200 or </font>janet.carr@tandyleather.com</div>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="color: #010101;">This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered &#8220;forward-looking statements&#8221; as defined in the Private
        Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic
        conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our
        product, and other factors disclosed in our filings with the Securities and Exchange Commission.&#160; These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any
        forward-looking statements, whether as a result of new information, future events or otherwise.</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes</div>
      <div style="text-align: center; color: #000000;"> <br>
      </div>
      <div style="text-align: center; color: #000000;"> <br>
      </div>
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