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DESCRIPTION OF BUSINESS | 12 Months Ended
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Dec. 31, 2019
DESCRIPTION OF BUSINESS [Abstract] |
DESCRIPTION OF BUSINESS |
1. | DESCRIPTION OF BUSINESS
Tandy Leather Factory, Inc. is one of the world’s largest specialty retailers of leather and leathercraft-related items. Founded in 1919 in Fort Worth, Texas, the Company introduced leathercrafting to millions of American and later Canadian and other international customers and has built a track record as the trusted source of quality leather, tools, hardware, supplies, kits and teaching materials for leatherworkers everywhere. Today, our mission remains to build on our legacy of inspiring the timeless art and trade of leatherworking. What differentiates Tandy from the competition is our high brand awareness and strong brand equity and loyalty, our network of retail stores that provides convenience, a high-touch customer service experience, a hub for the local leathercrafting community and our 100-year heritage. We believe that this combination of qualities is unique to Tandy and gives the brand competitive advantages that are very difficult for others to replicate. We sell our products primarily through company-owned stores and through orders generated from our four websites: tandyleather.com, tandyleather.ca, tandyleather.eu and tandyleather.com.au. We also manufacture leather lace, cut leather pieces and most of the do-it-yourself kits that are sold in our stores and on our websites. We maintain our principal offices at 1900 Southeast Loop 820, Fort Worth, Texas 76140. As of December 31, 2019, the Company operated a total of 115 retail stores. There were 103 stores in the United States (“U.S.”), 11 stores in Canada and one store in Spain. All e-commerce sales through our websites were fulfilled and recognized through our network of retail stores. The Nasdaq Global Market (“Nasdaq”) suspended trading in the Company’s stock on Nasdaq as of August 13, 2020. Our stock has since traded on the OTC Link (previously “Pink Sheets”) operated by OTC Markets Group under the symbol “TLFA.” Nasdaq denied the Company’s appeal of its decision to suspend trading in the Company’s stock and the Company’s stock was formally delisted on February 9, 2021. We intend to reapply for Nasdaq listing after we have made our required Exchange Act filings, including the Delinquent Filings. Any such listing would be subject to Nasdaq approval. Comments and discussion as well as all financials and other data presented here have been updated to reflect the restatement adjustments detailed in Note 2 to the Consolidated Financial Statements, Restatement of Previously Issued Consolidated Financial Statements (the “Restatement Footnote”). As of January 1, 2019, we operate as a single segment and report on a consolidated basis. Prior to January 1, 2019, we operated and reported in two segments, North America and International. In early 2019, we announced several strategic initiatives to drive future sales growth and long-term profitability, which resulted in the Company closing two of its three stores outside of North America. This left Spain as our only store outside of North America, and our chief operating decision maker was no longer making operating performance assessments and resource allocation decisions for this one single store. As a result, we no longer report International as a reportable segment. All prior year data discussed throughout this Comprehensive Form 10-K has been retrospectively revised to conform to the new single-reportable segment structure. There is no change to our consolidated financial position or results based on the change in segment reporting. Certain reclassifications unrelated to the restatement of prior period financials were made to previously reported prior period amounts in order to conform to the current period presentation, including a reclass of $0.8 million and $1.1 million from accrued expenses to accounts payable-trade as of December 31, 2018 and 2017, respectively. See Note 2 of the Notes to the Consolidated Financial Statements, Restatement of Previously Issued Consolidated Financial Statements (the “Restatement Footnote”) for an explanation of the changes to our consolidated financial position and results of operations due to the restatement for the years ended December 31, 2018 and 2017.

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