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Tandy Leather Factory Announces Agreement to Sell Headquarters Facilities
Friday, 6th December at 5:15 pm
FORT WORTH, Texas, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. ((the "Company", NASDAQ: TLF) today announced that it had signed a Purchase and Sale Agreement to sell its corporate headquarters facilities, including its primary distribution center and flagship retail store, to Colonna Brothers, Inc. The sale price for the facilities, before taxes and expenses, will be $26.5 million, and the transaction is expected to close in January 2025. Upon the closing, the Company intends to enter into lease agreements to remain in its current spaces until approximately September 2025, while it identifies and prepares to move to new facilities in the Fort Worth, Texas area.
Jeff Gramm, the Company's Chairman, said, "As we announced last December, we have been marketing our headquarters property with hopes of unlocking value for the benefit of our stockholders. Aided by a strong local real estate market and the tireless efforts of our team, we are happy to be close to accomplishing this goal. Tandy Leather has been a 100-year fixture in Fort Worth and we are actively evaluating spaces in the area for our new headquarters and flagship store. If the transaction closes as planned, we expect to issue a moderate portion of the proceeds (net of taxes, sale expenses and other costs associated with leasing, outfitting and moving to new facilities) as a dividend to our stockholders."
Friday, 6th December at 5:15 pm
FORT WORTH, Texas, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. ((the "Company", NASDAQ: TLF) today announced that it had signed a Purchase and Sale Agreement to sell its corporate headquarters facilities, including its primary distribution center and flagship retail store, to Colonna Brothers, Inc. The sale price for the facilities, before taxes and expenses, will be $26.5 million, and the transaction is expected to close in January 2025. Upon the closing, the Company intends to enter into lease agreements to remain in its current spaces until approximately September 2025, while it identifies and prepares to move to new facilities in the Fort Worth, Texas area.
Jeff Gramm, the Company's Chairman, said, "As we announced last December, we have been marketing our headquarters property with hopes of unlocking value for the benefit of our stockholders. Aided by a strong local real estate market and the tireless efforts of our team, we are happy to be close to accomplishing this goal. Tandy Leather has been a 100-year fixture in Fort Worth and we are actively evaluating spaces in the area for our new headquarters and flagship store. If the transaction closes as planned, we expect to issue a moderate portion of the proceeds (net of taxes, sale expenses and other costs associated with leasing, outfitting and moving to new facilities) as a dividend to our stockholders."
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