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: May 8, 2001
Date of Earliest Event Reported: May 3, 2001
TANDYCRAFTS, INC.
A DELAWARE CORPORATION
1-7258 75-1475224
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(Commission File Number) (IRS Employer Identification No.)
1400 Everman Parkway
Fort Worth, Texas 76140
(817) 551-9600
ITEM 5. OTHER EVENTS
(a) On May 3, 2001, Registrant issued a press release announcing that
after a careful review of its strategic alternatives, it plans to
exit its unprofitable framed art business. The Company also
announced that it had entered into a forbearance agreement with
its lenders through May 8, 2001 and that it did not pay its
interest payment to its lenders due on May 1, 2001.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit
Number Description
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99 On May 3, 2001, Registrant issued a press release
announcing that after a careful review of its strategic
alternatives, it plans to exit its unprofitable framed art
business. The Company also announced that it had entered
into a forbearance agreement with its lenders through May
8, 2001 and that it did not pay its interest payment to
its lenders due on May 1, 2001.
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 8, 2001 By:/s/ Michael J. Walsh
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Michael J. Walsh, Chairman
and Chief Executive Officer
Date: March 8, 2001 By:/s/ Leo Taylor
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Leo Taylor, Senior Vice
President of Finance
(Principal Finance Officer)