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 5, 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 5, 2001, Registrant issued a press release announcing that
               the Company has been advised by the New York Stock Exchange that
               the Company's plan for compliance with continued listing
               standards has not been accepted and that the NYSE had determined
               that the Company's stock should be suspended prior to the opening
               on May 14, 2001.

ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS

          (c)  Exhibits.

               Exhibit
               Number                     Description
               -------                    -----------

                99   On May 5, 2001, Registrant issued a press release
                     announcing that the Company has been advised by the New
                     York Stock Exchange that the Company's plan for compliance
                     with continued listing standards has not been accepted and
                     that the NYSE had determined that the Company's stock
                     should be suspended prior to the opening on May 14, 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)