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     113  0 Kommentare Tandy Leather Announces 2020 Annual Meeting of Stockholders on June 2, 2020

    FORT WORTH, Texas, May 18, 2020 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (the “Company”) announced that it will hold its 2020 Annual Meeting of Stockholders on June 2, 2020.  These events will begin at 1:00 p.m. Central time and will be a completely “virtual meeting” held online at www.virtualshareholdermeeting.com/TLF2020.  Stockholders who intend to vote their shares of the Company’s stock in the Annual Meeting of Stockholders must enter the 16-digit control number found on the notice card they will receive by mail prior to the meeting date. 

    As part of the Annual Meeting of Stockholders, Tandy Leather Factory Management will present a detailed overview of key strategic initiatives and recent performance, including a summary of the Company’s response to the COVID-19 pandemic, and an update on the ongoing accounting restatement. Management will also be available to answer any questions from stockholders participating in the webcast.  

    The accounting restatement remains on track to be completed on or before August 10, 2020. Until then, the Company is not in a position to provide detailed financial information beyond its sales and cash balance. Tandy Leather Factory sales were $74.8 million in 2019, down 10% from 2018.

    Janet Carr, CEO, commented, “2019 was a rebuilding year for Tandy as we made key infrastructure and customer-facing investments in our business. We closed underperforming stores and dropped unprofitable business customers, eliminated Wholesale Clubs as part of our pricing strategy, and made our video and pattern library free to customers.  We also made long overdue investments in talent and fundamental retail processes and systems.  We entered 2020 with a plan to prove our strategy and kick-start sales growth. Unfortunately, our first big sales event of the year was disrupted by the COVID-19 pandemic.”

    For the quarter ended March 31, 2020, Tandy Leather Factory sales are still preliminary but were approximately $17.1 million, down 17.8% from the first quarter of 2019. We were required to completely close some stores as early as March 17, and eventually closed all of our stores to the public by March 22. Our sales for the quarter were materially impacted by the closures, especially as our largest promotion of the quarter was planned for March 19 through 29. 

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    Tandy Leather Announces 2020 Annual Meeting of Stockholders on June 2, 2020 FORT WORTH, Texas, May 18, 2020 (GLOBE NEWSWIRE) - Tandy Leather Factory, Inc. (the “Company”) announced that it will hold its 2020 Annual Meeting of Stockholders on June 2, 2020.  These events will begin at 1:00 p.m. Central time and will be a …