0001171843-12-002239.txt : 20120611 0001171843-12-002239.hdr.sgml : 20120611 20120611115455 ACCESSION NUMBER: 0001171843-12-002239 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120605 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20120611 DATE AS OF CHANGE: 20120611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDY BRANDS ACCESSORIES INC CENTRAL INDEX KEY: 0000869487 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 752349915 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18927 FILM NUMBER: 12899785 BUSINESS ADDRESS: STREET 1: 3631 W. DAVIS STE A CITY: DALLAS STATE: TX ZIP: 75211 BUSINESS PHONE: 2145195200 MAIL ADDRESS: STREET 1: 3631 W. DAVIS STE A CITY: DALLAS STATE: TX ZIP: 75211 8-K 1 f8k_061112.htm FORM 8-K f8k_061112.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_____________________________
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report:
(Date of earliest event reported)
 
June 5, 2012
____________________________
 
TANDY BRANDS ACCESSORIES, INC.
(Exact name of registrant as specified in charter)
 
Delaware
(State or other jurisdiction of
incorporation or organization)
0-18927
(Commission File Number)
75-2349915
(IRS Employer Identification No.)
 
3631 West Davis, Suite A
Dallas, Texas  75211
(Address of principal executive offices and zip code)
  

(214) 519-5200
(Registrant's telephone
number, including area code)
 
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
 
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
 
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
 
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)).
 
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)).
 
 
 
Item 1.01
Entry Into a Material Definitive Agreement.

On August 25, 2011, Tandy Brands Accessories, Inc. (the “Company”), along with its Canadian subsidiary, H. A. Sheldon Canada, Ltd., entered into a Credit and Security Agreement with Wells Fargo Bank, National Association (the “Lender”) providing terms and conditions governing certain loans and other credit accommodations extended by the Lender to the Company (together with all addenda, amendments, exhibits and schedules, the “Credit Agreement”).

On June 5, 2012, the Company and the Lender entered into a Third Amendment to Credit  and Security Agreement and Consent (the “Amendment”).  The Amendment had the effect of modifying the Company’s borrowing base to support the Company’s continued growth in its seasonal Gifts business.  In addition, in order to take advantage of identified near term cost savings opportunities, the Amendment increased the Company’s capital expenditures cap to a maximum of $3,000,000 for the fiscal year ending June 30, 2013 and $2,000,000 for other fiscal years.

As part of the Amendment, the Lender also gave its consent for the Company to enter into a factoring facility pursuant to which the Company may sell certain accounts receivable to Bank of America, N.A.  The Amendment added definitions related to the factoring facility and modified the definitions of “Eligible Accounts”.

 

 

 

 

 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TANDY BRANDS ACCESSORIES, INC.
     
     
Date:  June 11, 2012
 By: /s/ Chuck Talley
   
Chuck Talley
Chief Financial Officer