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 ------ ---------- (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 ------- ----------- 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 ------------------------ Michael J. Walsh, Chairman and Chief Executive Officer Date: March 8, 2001 By:/s/ Leo Taylor ------------------------ Leo Taylor, Senior Vice President of Finance (Principal Finance Officer)