CONTACT:  Leo Taylor (817) 551-9600
                                   Tandycrafts, Inc.
                                   or
FOR IMMEDIATE RELEASE              Jeff Lambert, Tara Powers
                                   Lambert, Edwards & Associates, Inc.
                                   (616) 233-0500 (    mail@lambert-edwards.com)


              TANDYCRAFTS ANNOUNCES EXIT FROM FRAMED ART BUSINESS

FORT WORTH, Texas, May 3, 2001 - Tandycrafts, Inc. (NYSE:TAC), a leading maker
and marketer of picture frames and wall decor products, today announced that,
after a careful review of its strategic alternatives, it plans to exit its
unprofitable framed art business.

Michael J. Walsh, the Company's Chairman and Chief Executive Officer stated that
"the Company had expended a great deal of effort to reverse the operating losses
and cash outflow from its framed art operations but ultimately was
unsuccessful." The Company also announced that it has developed a transition
plan to promptly exit the framed art business and to assist its current framed
art customers.

Mr. Walsh continued: "While difficult, the Company felt it more prudent to focus
its resources on its profitable picture frame business." The Company stated that
there would be no changes to its picture frame customers and that it intended to
continue to service its picture frame customers as usual in a timely and
efficient manner.

The Company also announced that it had entered into a forbearance agreement with
its lenders through May 8, 2001.  The Company stated that it did not pay its
interest payment to its lenders, which was due on May 1, 2001.  During the
forbearance period, the Company's lenders have agreed to forbear from taking
possession of the loan's collateral, foreclosing or enforcing any liens,
exercising any of the lenders' rights under any guaranty agreement or exercising
its right to set off due to the failure to pay interest.  The Company believes
that the forbearance agreement was entered into principally due to the Company's
decision to exit its unprofitable framed art business and to allow the Company
and its lenders time to discuss and review the Company's future business plans.

During this period, the Company intends to continue to explore the strategic
alternatives of the Company.  There can be no assurance that the Company will be
able to refinance its current debt or reach an acceptable agreement with its
current lenders on a timely basis.  Until such time, the Company's liquidity
will continue to be limited.  Failure to obtain such refinancing or agreement
would have a material adverse effect on the Company's liquidity, operations,
financial condition and ability to operate as a going concern.

                                    - more -

TANDYCRAFTS - PAGE 2



Tandycrafts, Inc. (www.tandycrafts.com) is a maker and marketer of picture
frames and wall decor.  Tandycrafts' products are sold nationwide through
wholesale distribution channels, including mass merchandisers and specialty
retailers.

Statements in this news release which are not purely historical facts are
forward looking statements, including statements containing the words "believe",
"estimate", "project", "expect" or similar expressions. These statements are
made pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934, as amended. Although Tandycrafts believes that the
expectations in the forward looking statements are reasonable, Tandycrafts can
give no assurance that such expectations or the forward looking statements will
prove to be correct.  Any forward-looking statement inherently involves risks
and uncertainties that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to, continued acceptance of
Tandycrafts' products in the marketplace, successful implementation of its
strategic plan, the extension or refinancing of its existing bank facility and
the restrictions any such extension or refinancing could place on Tandycrafts,
the ability to obtain new financing from other financing sources, the ability to
generate positive cash flow from operations and asset sales, competitive
factors, dependence upon third-party vendors, and other risks detailed in
Tandycrafts' periodic report filings with the Securities and Exchange
Commission. By making these forward-looking statements, Tandycrafts undertakes
no obligation to update these statements for revisions or changes after the date
of this release. Readers are cautioned not to place undue reliance on forward-
looking statements.  The inclusion of any statement in this release does not
constitute an admission by Tandycrafts or any other person that the events or
circumstances described in such statement are material.

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