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Tandy Leather Factory (Nasdaq: TLF) has signed a Purchase and Sale Agreement to sell its corporate headquarters facilities in Fort Worth, Texas, including its primary distribution center and flagship retail store, to Colonna Brothers for $26.5 million. The transaction is expected to close in January 2025.
The company will lease back the current spaces until approximately September 2025 while preparing to relocate to new facilities in the Fort Worth area. Management plans to distribute a portion of the net proceeds as a dividend to stockholders after accounting for taxes, sale expenses, and relocation costs.
Tandy Leather Factory operates 99 North American stores across 40 US states and six Canadian provinces, plus one store in Spain, specializing in leather products, tools, and accessories.
Tandy Leather Factory (Nasdaq: TLF) ha firmato un Contratto di Compravendita per vendere le sue strutture aziendali a Fort Worth, Texas, inclusi il suo centro di distribuzione principale e il negozio di punta, ai Colonna Brothers per 26,5 milioni di dollari. L’operazione dovrebbe concludersi a gennaio 2025.
La società continuerà a utilizzare gli spazi attuali in affitto fino a settembre 2025, mentre si prepara a trasferirsi in nuove strutture nella zona di Fort Worth. La direzione prevede di distribuire una parte del ricavato netto come dividendo agli azionisti dopo aver considerato le tasse, le spese di vendita e i costi di trasferimento.
Tandy Leather Factory gestisce 99 negozi in Nord America in 40 stati americani e sei province canadesi, oltre a un negozio in Spagna, specializzandosi in prodotti in pelle, attrezzi e accessori.
Tandy Leather Factory (Nasdaq: TLF) ha firmado un Acuerdo de Compra y Venta para vender sus instalaciones de sede corporativa en Fort Worth, Texas, incluido su centro de distribución principal y su tienda insignia, a Colonna Brothers por 26,5 millones de dólares. Se espera que la transacción se cierre en enero de 2025.
La empresa volverá a alquilar los espacios actuales hasta aproximadamente septiembre de 2025 mientras se prepara para trasladarse a nuevas instalaciones en el área de Fort Worth. La dirección planea distribuir una parte de los ingresos netos como dividendo a los accionistas después de contabilizar impuestos, gastos de venta y costos de reubicación.
Tandy Leather Factory opera 99 tiendas en América del Norte en 40 estados de EE.UU. y seis provincias canadienses, además de una tienda en España, especializándose en productos de cuero, herramientas y accesorios.
Tandy Leather Factory (Nasdaq: TLF)는 텍사스 주 포트 워스에 있는 본사 시설, 주요 유통 센터 및 플래그십 매장을 2,650만 달러에 Colonna Brothers에 판매하기 위한 구매 및 판매 계약을 체결했습니다. 거래는 2025년 1월에 마감될 것으로 예상됩니다.
회사는 새로운 시설로 이전 준비를 하는 동안 현재의 공간을 2025년 9월까지 임대합니다. 경영진은 세금, 판매 비용, 이전 비용을 고려한 후 주주에게 순수익의 일부를 배당금으로 지급할 계획입니다.
Tandy Leather Factory는 북미 전역에서 99개 매장을 운영하고 있으며, 40개 미국 주와 6개 캐나다 주에서 제품을 판매하며, 스페인에 1개 매장을 두고 있으며, 가죽 제품, 도구 및 액세서리 전문입니다.
Tandy Leather Factory (Nasdaq: TLF) a signé un Contrat d’Achat et de Vente pour vendre ses infrastructures de siège social à Fort Worth, Texas, y compris son centre de distribution principal et son magasin phare, aux Colonna Brothers pour 26,5 millions de dollars. La transaction devrait se conclure en janvier 2025.
L’entreprise continuera à louer les espaces actuels jusqu’à environ septembre 2025 tout en se préparant à déménager dans de nouvelles installations dans la région de Fort Worth. La direction prévoit de distribuer une partie des produits nets sous forme de dividende aux actionnaires après avoir pris en compte les impôts, les frais de vente et les coûts de déménagement.
Tandy Leather Factory gère 99 magasins en Amérique du Nord dans 40 États américains et six provinces canadiennes, ainsi qu’un magasin en Espagne, se spécialisant dans les produits en cuir, les outils et les accessoires.
Tandy Leather Factory (Nasdaq: TLF) hat einen Kauf- und Verkaufsvertrag unterzeichnet, um seine Unternehmenszentrale in Fort Worth, Texas, einschließlich seines Hauptverteilungszentrums und seiner Flagship-Verkaufsstelle, für 26,5 Millionen Dollar an die Colonna Brothers zu verkaufen. Die Transaktion wird voraussichtlich im Januar 2025 abgeschlossen.
Das Unternehmen wird die aktuellen Räume bis etwa September 2025 zurückmieten, während es sich auf den Umzug in neue Einrichtungen im Fort Worth-Gebiet vorbereitet. Die Geschäftsführung plant, einen Teil der Nettoeinnahmen nach Abzug von Steuern, Verkaufs- und Umzugskosten als Dividende an die Aktionäre auszuschütten.
Tandy Leather Factory betreibt 99 Geschäfte in Nordamerika in 40 US-Bundesstaaten und sechs kanadischen Provinzen sowie ein Geschäft in Spanien, das auf Lederprodukte, Werkzeuge und Zubehör spezialisiert ist.
Positive
- Sale of headquarters facilities for $26.5 million, unlocking significant value
- Planned dividend distribution to shareholders from sale proceeds
- Temporary leaseback arrangement ensures operational continuity during transition
Negative
- Potential relocation expenses and new facility costs will reduce net proceeds
- Temporary operational disruption during relocation process
Insights
The $26.5 million headquarters sale represents a significant transaction for Tandy Leather Factory, considering its market cap of just $33.7 million. This strategic move to monetize real estate assets could substantially strengthen the company’s balance sheet and provide immediate value to shareholders through the planned dividend distribution. The sale-leaseback arrangement until September 2025 provides operational continuity while the company transitions to new facilities. However, investors should note potential risks including relocation costs, new lease expenses and possible operational disruptions during the transition. The strong local real estate market timing appears favorable for maximizing asset value. This transaction demonstrates management’s commitment to unlocking shareholder value through strategic asset optimization.
The sale of Tandy’s headquarters facilities in Fort Worth’s robust real estate market appears well-timed. The short-term leaseback strategy through September 2025 provides important operational flexibility while searching for new facilities. This approach minimizes business disruption risks while capitalizing on current market conditions. The decision to remain in the Fort Worth area maintains workforce stability and leverages existing business relationships. The transaction structure, combining immediate monetization with a transitional occupancy period, represents a pragmatic approach to real estate asset management. The planned local relocation should help preserve the company’s century-old community presence while optimizing its real estate footprint.
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.”
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
What is the sale price of Tandy Leather Factory’s (TLF) headquarters?
Tandy Leather Factory (TLF) is selling its headquarters facilities for $26.5 million before taxes and expenses.
When will Tandy Leather Factory (TLF) complete the headquarters sale?
The headquarters sale transaction is expected to close in January 2025.
Will Tandy Leather Factory (TLF) pay a dividend from the headquarters sale?
Yes, TLF plans to distribute a moderate portion of the net proceeds as a dividend to stockholders after accounting for taxes, expenses, and relocation costs.
Where will Tandy Leather Factory (TLF) relocate after selling its headquarters?
TLF plans to remain in the Fort Worth, Texas area and is actively evaluating new spaces for its headquarters and flagship store.
