Tandy Leather Factory Announces Closing of Northampton, UK store
FORT WORTH, Texas, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ:TLF) announced today that it is closing its store in Northampton, UK at the end of this week. Tandy Leather will remain in the UK, serving all UK customers from its Manchester store.
Shannon Greene, Chief Executive Officer, commented, "The decision to close our Northampton store was difficult, but since opening our Manchester store in October 2015, the Northampton store has not demonstrated sufficient sales growth and profitability to justify its continued operation. We expect to incur a charge of approximately $100,000 in the third quarter ending September 30, 2018 as a result of Northampton's closing, but we anticipate future cost savings from consolidating our UK operations into a single location will more than offset the one-time charge incurred now. Further, we expect that the majority of Northampton's customers will successfully transition to our Manchester location, with minimal loss of sales."
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 117 North American stores located in 42 US states and 7 Canadian provinces, and three International stores located in the United Kingdom, Australia, and Spain. Its common stock trades on the Nasdaq with 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.
Tina Castillo, Tandy Leather Factory, Inc.
(817) 872-3200 or email@example.com
Mark Gilbert, Magellan Fin, LLC
(317) 867-2839 or MGilbert@MagellanFin.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.
Tandy Leather was founded in 1919 with the dream of sharing leathercraft with the world. Today, we're proud to continue this legacy as trusted source of quality leather, tools, and teaching materials for leatherworkers everywhere.