8-K

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): February 27, 2009

Tandy Leather Factory, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation

1-12368	75-2543540
(Commission File Number)	(IRS Employer Identification Number)

1900 Southeast Loop 820, Fort Worth, Texas	76140
(Address of Principal Executive Offices)	(Zip Code)

(817) 872-3200

(Registrant’s Telephone Number, Including Area Code)

(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:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events.

On February 27, 2009, Tandy Leather Factory, Inc. (the “Company”) announced in a press release that its Board of Directors has authorized a share repurchase program of up to 1 million shares of the Company’s common stock.  The repurchases will be conducted through a Rule 10b5-1 repurchase plan with Merriman Curhan Ford & Co., based upon the parameters set forth in the plan.  The press release announcing the repurchase program is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.                                Description

99.1 Press Release, dated February 27, 2009

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 LEATHER FACTORY, INC.
Date:  February 27, 2009	BY:  /s/ Shannon L. Greene
	Chief Financial Officer & Treasurer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE                                                                                                                           Fe bruary 27, 2009

Tandy Leather Factory Authorizes Share Repurchase

Adopts Stock Repurchase Plan under Rule 10b5-1

FORT WORTH, TEXAS – Tandy Leather Factory, Inc. (AMEX: TLF) announced today that the Company’s Board of Directors has authorized a stock repurchase program, permitting the Company to repurchase up to one million shares of its common stock at prevailing market prices not to exceed $2.85.  In addition, the Board has adopted a plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of the shares pursuant to this authorization.

A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.  The Company has selected Merriman Curhan Ford & Co. to conduct the repurchases on the Company’s behalf, subject to the parameters specified in the plan.

The 10b5-1 share repurchases are expected to commence April 1, 2009 and continue through March 10, 2010, subject to conditions specified in the 10b5-1 plan.  The Company may terminate the plan at any time.

Ron Morgan, Chief Executive Officer, commented, “We are pleased to announce that our Board has authorized this stock repurchase program.  It is a reflection of our Board’s confidence in our financial strength and our overall commitment to our stockholders.  We believe that the purchase of our common stock at the current stock price represents an attractive opportunity to benefit the long-term interests of the Company and our stockholders.”

Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor 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 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 74 Tandy Leather retail stores, located in 35 states and 5 Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma.  Its common stock trades on the American Stock Exchange with 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:	Shannon L. Greene, Tandy Leather Factory, Inc.	(817) 872-3200 or sgreene@tandyleather.com
	Mark Gilbert, Magellan Fin, LLC	(317) 867-2839 or MGilbert@MagellanFin.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.