Leather Factory Announces Tandy Leather Store in Tempe, Arizona |
FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 12, 2002--The Leather Factory, Inc. (AMEX:TLF) today announced that Tandy Leather Company, a subsidiary, has acquired Copper Saguaro Leather Co., ("Copper"), an existing leathercraft store in Tempe, Arizona. The acquisition was finalized between the company and Jim Augustson, the previous owner of Copper. The Tempe store will do business under the "Tandy Leather" name and becomes Tandy's fourteenth retail store opened this year.
Copper opened in June 1999 as a leathercraft retail store. Mr. Augustson, who has eight years of experience in managing leathercraft stores, is expected to be the manager of the new Tandy Leather store.
Wray Thompson, Chairman and Chief Executive Officer of The Leather Factory, Inc. commented, "Copper is a great fit with our other Tandy Leather stores and the Tempe area is historically one of Tandy's strongest markets. We're expecting this store to be a solid producer."
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 sales and distribution units located throughout the U.S. and Canada and through its subsidiary, Tandy Leather Company, via retail stores and the Internet (http://www.tandyleather.com). Its common stock trades on the American Stock Exchange with the symbol "TLF".
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.
CONTACT: The Leather Factory, Inc., Fort Worth
Wray Thompson, 817/496-4414
or
Shannon L. Greene, 817/496-4414
sgreene@leatherfactory.com
"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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Dec 12, 2002 |
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