Tandy Leather Factory Announces Completion of HQ Sale and Lease of New Space, Dividend to Stockholders
Tandy Leather Factory (Nasdaq: TLF) has announced the completion of its corporate headquarters sale to Colonna Brothers, Inc. The company will lease its current space until September 2025 while seeking a new location for its Fort Worth flagship store. TLF has secured a new ten-year lease at Chisolm 20 Commerce Park in Benbrook Texas for approximately 134,000 square feet, with monthly rent of $111,000 starting July 2025.
The Board of Directors declared a special cash dividend of $1.50 per share, payable on February 18, 2025, to stockholders of record as of February 3. The company operates 99 North American stores across 40 US states and six Canadian provinces, plus one store in Spain. Director Eric Speron will step down from the Board on January 31, 2025.
Tandy Leather Factory (Nasdaq: TLF) ha annunciato il completamento della vendita della sua sede centrale a Colonna Brothers, Inc. L'azienda affitterà i suoi attuali spazi fino a settembre 2025, mentre cerca una nuova posizione per il suo flagship store a Fort Worth. TLF ha ottenuto un nuovo contratto di affitto di dieci anni presso Chisolm 20 Commerce Park a Benbrook, Texas, per circa 134.000 piedi quadrati, con un affitto mensile di $111.000 che avrà inizio a luglio 2025.
Il Consiglio di Amministrazione ha dichiarato un dividendo straordinario in contante di $1,50 per azione, pagabile il 18 febbraio 2025, agli azionisti registrati al 3 febbraio. L'azienda gestisce 99 negozi in Nord America in 40 stati degli Stati Uniti e sei province canadesi, oltre a un negozio in Spagna. Il direttore Eric Speron lascerà il Consiglio il 31 gennaio 2025.
Tandy Leather Factory (Nasdaq: TLF) ha anunciado la finalización de la venta de su sede corporativa a Colonna Brothers, Inc. La empresa arrendará su espacio actual hasta septiembre de 2025 mientras busca una nueva ubicación para su tienda insignia en Fort Worth. TLF ha asegurado un nuevo contrato de arrendamiento de diez años en Chisolm 20 Commerce Park en Benbrook, Texas, de aproximadamente 134,000 pies cuadrados, con un alquiler mensual de $111,000 que comenzará en julio de 2025.
La Junta Directiva declaró un dividendo en efectivo especial de $1.50 por acción, pagadero el 18 de febrero de 2025, a los accionistas registrados a partir del 3 de febrero. La empresa opera 99 tiendas en América del Norte en 40 estados de EE. UU. y seis provincias canadienses, además de una tienda en España. El director Eric Speron renunciará a la Junta el 31 de enero de 2025.
Tandy Leather Factory (Nasdaq: TLF)는 Colonna Brothers, Inc.에 본사가 판매 완료되었음을 발표했습니다. 이 회사는 Fort Worth의 플래그십 매장을 위한 새로운 위치를 찾는 동안 현재 공간을 2025년 9월까지 임대할 것입니다. TLF는 Benbrook, Texas에 있는 Chisolm 20 Commerce Park에서 약 134,000제곱피트를 위한 10년 신규 임대 계약을 확보했으며, 월세는 2025년 7월부터 $111,000입니다.
이사회는 주당 $1.50의 특별 현금 배당금을 선언하였으며, 이는 2025년 2월 18일에 2월 3일 기준 주주에게 지급됩니다. 이 회사는 미국 40개 주와 캐나다 6개 주에 걸쳐 99개의 북미 매장을 운영하고 있으며, 스페인에 1개의 매장도 운영하고 있습니다. 이사 Eric Speron은 2025년 1월 31일에 이사직에서 물러날 예정입니다.
Tandy Leather Factory (Nasdaq: TLF) a annoncé l'achèvement de la vente de son siège social à Colonna Brothers, Inc. L'entreprise louera son espace actuel jusqu'en septembre 2025 tout en cherchant un nouvel emplacement pour son magasin phare à Fort Worth. TLF a sécurisé un nouveau bail de dix ans au Chisolm 20 Commerce Park à Benbrook, Texas, pour environ 134 000 pieds carrés, avec un loyer mensuel de 111 000 $ à partir de juillet 2025.
Le Conseil d'Administration a déclaré un dividende en espèces exceptionnel de 1,50 $ par action, payable le 18 février 2025, aux actionnaires enregistrés au 3 février. L'entreprise exploite 99 magasins en Amérique du Nord dans 40 États des États-Unis et six provinces canadiennes, ainsi qu'un magasin en Espagne. Le directeur Eric Speron démissionnera du Conseil le 31 janvier 2025.
Tandy Leather Factory (Nasdaq: TLF) hat den Abschluss des Verkaufs seines Hauptsitzes an Colonna Brothers, Inc. bekannt gegeben. Das Unternehmen wird seinen aktuellen Raum bis September 2025 mieten, während es einen neuen Standort für sein Flagship-Store in Fort Worth sucht. TLF hat einen neuen zehnjährigen Mietvertrag im Chisolm 20 Commerce Park in Benbrook, Texas, für etwa 134.000 Quadratfuß gesichert, mit einer monatlichen Miete von $111.000, die im Juli 2025 beginnt.
Der Vorstand hat eine außerordentliche Bardividende von $1,50 pro Aktie erklärt, zahlbar am 18. Februar 2025, an die Aktionäre, die am 3. Februar registriert sind. Das Unternehmen betreibt 99 Geschäfte in Nordamerika in 40 US-Bundesstaaten und sechs kanadischen Provinzen sowie einen Laden in Spanien. Direktor Eric Speron wird am 31. Januar 2025 aus dem Vorstand ausscheiden.
- Special cash dividend of $1.50 per share announced
- Successful monetization of underutilized headquarters asset
- Potential additional special dividend after headquarters move
- New facility better sized for operations
- Higher expenses expected from new leased facilities
- Monthly rent of $111,000 for new headquarters
- Complicated headquarters and flagship store relocation ahead
- Most profitable retail store needs relocation
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
The Company also announced that its Board of Directors had declared the payment of a special cash dividend to its stockholders of
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 and our customers. We have our work cut out for us this year, with a complicated headquarters move and the relocation of our most profitable retail store. Tandy will also have to contend with higher expenses associated with our new leased facilities. I know we are up to the challenge, and my goal is to return this company to a profitable growth trajectory while continuing to provide top-notch products, service and engaging leather crafting classes at all our store locations to our dedicated customers.”
The Company further announced that current Director Eric Speron will step down from the Company’s Board as of January 31, 2025. Mr. Speron stated, “Realizing an asset value north of our asking price for our headquarters buildings was the product of the strength of the Fort Worth market but also the people involved who showed patience, preparation and resolve. It has been an honor to work closely alongside our chairman and the Board. I look forward to seeing them, our management and employees continue to work with the same determination demonstrated during my tenure.”
Tandy Leather Factory, Inc. (http://www.tandyleather.com), 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. The Company distributes its products through its 99 North American stores (including two temporarily closed for relocation) located in 40 US states and six Canadian provinces, and one store located in Spain. Its common stock trades on the Nasdaq Capital Market under the symbol “TLF”. To be included on Tandy Leather Factory's email distribution list, go to: http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
Contact: Jeff Gramm, Tandy Leather Factory, Inc. (817) 872-3200 or jeff@banderapartners.com
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" 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. 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.
FAQ
When will TLF pay its special dividend of $1.50 per share?
What is the monthly rent for TLF's new headquarters in Benbrook?
How long is TLF's new headquarters lease term?
How many retail stores does TLF currently operate?
Will TLF shareholders receive additional special dividends?
