-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Gn0tSXnpPRKa+sYIOUuK6k0nj46p2a5T0W5RZTszBAY/QE7EOAU5bXgiwbNJa8sv u+v/Zj4yDvcChurS3hRGjg== 0000096294-97-000008.txt : 19970407 0000096294-97-000008.hdr.sgml : 19970407 ACCESSION NUMBER: 0000096294-97-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970403 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970404 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANDYCRAFTS INC CENTRAL INDEX KEY: 0000096294 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 751475224 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07258 FILM NUMBER: 97574517 BUSINESS ADDRESS: STREET 1: 1400 EVERMAN PKWY CITY: FORT WORTH STATE: TX ZIP: 76140 BUSINESS PHONE: 8175519600 MAIL ADDRESS: STREET 1: 1400 EVERMAN PKWY CITY: FORT WORTH STATE: TX ZIP: 76140 8-K 1 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: April 3, 1997 Date of Earliest Event Reported: March 31, 1997 TANDYCRAFTS, INC. A DELAWARE CORPORATION 1-7258 75-1475224 ------ ---------- (Commission File Number) (IRS Employer Identification No.) 1400 Everman Parkway Fort Worth, Texas 76140 (817) 551-9600 ITEM 5. OTHER EVENTS ------------ (a) On March 31, 1997, Registrant issued a press release announcing fiscal third quarter charges to reposition its Joshua's Christian Stores chain. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS --------------------------------- (c) Exhibits. -------- Exhibit Number Description ------- ----------------------------------- 99 Copy of press release announcing fiscal third quarter charges to reposition its Joshua's Christian Stores chain. 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 of the undersigned thereunto duly authorized. TANDYCRAFTS, INC. Date: March 31, 1997 By:/s/ Michael J. Walsh ---------------------- Michael J. Walsh President Date: March 31, 1997 By:/s/ James D. Allen ---------------------- James D. Allen Chief Financial Officer EX-99 2 TANDYCRAFTS, INC. TO INCUR PRE-TAX CHARGES TO REPOSITION ITS JOSHUA'S CHRISTIAN STORES CHAIN Fort Worth, Texas. March 31, 1997 -- TANDYCRAFTS, INC. (NYSE: TAC) announced today that it will incur pre-tax charges of up to $5.3 million in its third fiscal quarter ending March 31, 1997, as a result of actions designed to reposition its Joshua's Christian Stores chain. The charges include markdowns resulting from the liquidation of discontinued merchandise and certain costs associated with the closing of 13 under-performing stores. Joshua's currently has 71 stores. Michael J. Walsh, Chief Executive Officer of Tandycrafts, stated: "In their efforts to reposition the chain, Joshua's new management team has reviewed the current merchandise assortment and has identified certain merchandise that will not be continued. We have decided to liquidate this merchandise as soon as possible in order to optimize our merchandise mix and enhance the look of our stores. We have also identified 13 under-performing stores which will be closed. These locations have limited potential for revenue growth and do not meet our current market and site location criteria. These actions, together with other cost cutting measures which have already been initiated, should position Joshua's to be profitable in fiscal 1998. We have already seen strong double-digit same-store sales growth at Joshua's in recent months and these actions should help to provide increased focus and restore a more profitable cost structure." Mr. Walsh noted that "This action reflects our commitment to see all of Tandycrafts' operations profitable as we head into fiscal 1998. We have seen much progress during fiscal 1997 as we have continued to focus attention on the Company's most profitable and promising operations. On a fiscal year-to-date basis, all of Tandycrafts' current divisions are profitable except for Joshua's. We believe the efforts made this year, including this action, will help to position Tandycrafts' operating divisions to achieve a strong rebound in fiscal 1998." Certain statements contained herein which are not historical facts are forward looking statements that involve risks and uncertainties including, but not limited to, customer demand and trends, related inventory risks due to shifts in customer demand, risks associated with new business opportunities, competition, dependence on key personnel, the performance of each operating unit, relationships with key customers, commodity price fluctuations, new product introductions, interest rate fluctuations, recessionary factors, seasonality and other risks disclosed in the Company's latest annual report on Form 10-K filed with the Securities and Exchange Commission. Tandycrafts, Inc. is a specialty retailer and manufacturer. Included in its Specialty Retail segment are Tandy Leather Company, Joshua's Christian Stores, and Sav-On Office Supplies. The Specialty Manufacturing segment is comprised of two manufacturing divisions: Picture Frames and Framed Art and Tandy Wholesale International ("TWI"). # # # -----END PRIVACY-ENHANCED MESSAGE-----