Core Viewpoint - Tandy Leather Factory, Inc. has successfully sold its corporate headquarters and distribution center while securing a new lease for its operations, alongside announcing a special cash dividend for shareholders [1][2][3]. Group 1: Corporate Transactions - The company closed the sale of its corporate headquarters, primary distribution center, and flagship retail store to Colonna Brothers, Inc. and will lease the facilities until approximately September 2025 [1]. - A ten-year lease for new headquarters and distribution space at Chisolm 20 Commerce Park in Benbrook, Texas, has been signed, covering approximately 134,000 square feet, starting in July 2025 with an initial rent of about 1.50 per share, payable on or about February 18, 2025, to shareholders of record as of February 3, 2025 [3]. Group 3: Leadership Insights - The Chairman expressed satisfaction with the sale and the new space, emphasizing the goal of returning a substantial portion of sale proceeds to shareholders and focusing on growth and profitability [4]. - The CEO highlighted the challenges ahead, including the headquarters move and increased expenses, while aiming to return the company to a profitable growth trajectory [4]. Group 4: Company Overview - Tandy Leather Factory, Inc. is a specialty retailer offering a wide range of leather products and tools, operating 99 stores across North America and one in Spain [4].
Tandy Leather Factory Announces Completion of HQ Sale and Lease of New Space, Dividend to Stockholders