| Leather Factory Announces Canadian Strategy of Combined Stores |
FORT WORTH, Texas--(BUSINESS WIRE)--July 15, 2002--The Leather Factory, Inc. (AMEX: TLF) today announced that it will be operating its Canadian stores as combination stores offering the complete product lines for both Leather Factory and Tandy Leather Company.
The Company previously announced the creation of its first combination store in Toronto (Mississauga) as a test of the concept of combining the two product lines under one roof.
The existing Leather Factory store in Winnipeg, Manitoba has added Tandy's complete line of merchandise effective July 1. Both stores will offer Leather Factory and Tandy Leather products to retail customers and dealers located throughout the Canadian provinces.
Wray Thompson, Chairman and Chief Executive Officer of The Leather Factory, Inc. commented, "The combination concept has been well accepted in the Toronto area. Therefore, we believe it makes sense to convert the Winnipeg store, as well as any additional Canadian stores that are opened in the future, to a combination store. We have strong managers in both locations and are confident that they can make the combination concept work."
The Leather Factory, Inc., (http://www.leatherfactory.com), headquartered in Fort Worth, Texas, is an international marketer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, shoe repair supplies, saddle and tack hardware, and do-it-yourself kits, and is a manufacturer and distributor of fancy hat trims, leather lacing and kits. The Company distributes its products through sales and distribution units located throughout the U.S. and Canada and through its subsidiary, Tandy Leather Company, via retail stores and mail/telephone/website orders (http://www.tandyleather.com). Its common stock trades on the American Stock Exchange with the symbol "TLF".
This news release may contain forward-looking statements. All forward-looking statements made here or in other news releases issued by The Leather Factory, Inc. are based on current expectations as of the date of the release. These forward-looking statements involve risks and uncertainties that could cause the results of The Leather Factory, Inc. to differ materially from management's current expectations. Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q. In addition, investors should be aware that there are business risks associated with opening a new line of retail stores. These risks include the possibility that stores will not be economically successful or that economic conditions will impede their profitability.
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Contact:
The Leather Factory, Inc., Fort Worth
Wray Thompson, 817/496-4414
or
Shannon L. Greene, sgreene@leatherfactory.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tandy Leather Factory, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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| Jul 15, 2002 |
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