Tandy Leather Factory, a leading retailer in the leather industry, has announced a major move to sell its corporate headquarters, primary distribution center, and flagship retail store to Colonna Brothers, Inc for $26.5 million.
This transaction, valued at $26.5 million before taxes and expenses. The sale is expected to close in January 2025.
Despite the sale, Tandy Leather Factory plans to continue operations in its current location under lease agreements until approximately September 2025.
This interim arrangement provides the company with time to identify and prepare for a move to new facilities in the Fort Worth, Texas area. Fort Worth has been the company’s home for over a century, and Tandy remains committed to maintaining its roots in the region.
In a statement, Jeff Gramm, Chairman of Tandy Leather Factory, shared his enthusiasm about the upcoming transition. He credited the strong real estate market in Fort Worth and the diligent efforts of the team for making the sale possible.
“As we announced last December, we have been marketing our headquarters property with hopes of unlocking value for the benefit of our stockholders. Aided by a strong local real estate market and the tireless efforts of our team, we are happy to be close to accomplishing this goal.”
Jeff Gramm, Chairman, Tandy Leather Factory
He also emphasized the company’s commitment to remaining a Fort Worth fixture, actively evaluating new locations for its headquarters and flagship store.
A portion of the proceeds from the sale, after accounting for taxes, sale-related expenses, and relocation costs, will be issued as a dividend to stockholders.
By leveraging proceeds from the sale, the company aims to invest in modernized facilities that will enhance operational efficiency and customer experience.
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