Leather Factory Announces Tandy Leather Store Opens in Oklahoma |
FORT WORTH, Texas, Jan. 2 /PRNewswire/ -- The Leather Factory, Inc. (Amex: TLF) today announced that Tandy Leather Company, a subsidiary, has acquired Oklahoma Leather Supply ("OLS"), an existing leathercraft store in Oklahoma City, Oklahoma. The acquisition was finalized today between the company and K.C. Kreger, the previous owner of OLS, for a price not disclosed at this time. OLS's 3,160 square foot store in Oklahoma City will do business under the "Tandy Leather" name.
Wray Thompson, Chairman and Chief Executive Officer of The Leather Factory, Inc. commented, "Last month we announced plans to develop a chain of Tandy Leather retail stores. This acquisition is the first of those stores. OLS has an excellent track record of sales and profits and we expect that trend to continue as our first Tandy Leather store."
Mr. Kreger has accepted Tandy's employment offer and expects all of his employees to remain as well. Mr. Kreger commented, "I'm very excited about the potential of Tandy Leather Company and proud to be manager of the first new Tandy Leather store."
The Leather Factory, Inc., (http://www.leatherfactory.com ), headquartered in Fort Worth, Texas, is an international marketer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, shoe repair supplies, saddle and tack hardware, and do-it-yourself kits, and is a manufacturer and distributor of fancy hat trims, leather lacing and kits. The Company distributes its products through 30 sales and distribution units located throughout the U.S. and Canada and through its subsidiary, Tandy Leather Company, via mail/telephone/website orders (http://www.tandyleather.com ). Its common stock trades on the American Stock Exchange with the symbol "TLF".
Contact:
Wray Thompson, The Leather Factory, Inc. (817) 496-4414
Shannon L. Greene, The Leather Factory, Inc. sgreene@leatherfactory.com
Mark Tyler, T.T. Communications, Inc. (845) 368-4377
This news release may contain forward-looking statements. All forward- looking statements made here or in other news releases issued by The Leather Factory, Inc. are based on current expectations as of the date of the release. These forward-looking statements involve risks and uncertainties that could cause the results of The Leather Factory, Inc. to differ materially from management's current expectations. Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q. In addition, investors should be aware that there are business risks associated with opening a new line of retail stores. These risks include the possibility that stores will not be economically successful or that economic conditions will impede their profitability.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tandy Leather Factory, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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Jan 02, 2002 |
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