U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Commission File
Number 1-7258
FORM 12B-25
NOTIFICATION OF LATE FILING
(Check One):
[ ]Form 10-K and Form 10-KSB [ ]Form 11-K [ ]Form 20-F [X]Form 10-Q and
Form 10-QSB [ ] Form N-SAR
For Period Ended: March 31, 2001
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Read Attached Instruction Sheet Before Preparing Form. Please Print
or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
______________________________________________________________________________
If the notification relates to a portion of the filing checked above,
identify the Items(s) to which the notification relates:
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PART I--REGISTRANT INFORMATION
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Full Name of Registrant: TANDYCRAFTS, INC.
Former Name if Applicable: Not Applicable
1400 Everman Parkway
Address of Principal Executive Office (Street and Number)
Fort Worth, Texas 76140
City, State and Zip Code
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PART II--RULES 12B-25(B) AND (C)
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If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[ ] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K of Form N-SAR, or portion thereof will be filed on or
before the fifteenth calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion thereof
will be filed on or before the fifth calendar day following the prescribed due
date; and
[ ] (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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PART III--NARRATIVE
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State below in reasonable detail the reasons why Form 10-K and Form 10-KSB,
11-K, 20-F, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period.
The Registrant has been negotiating with financing sources concerning
refinancing its current revolving credit facility and concerning additional
capital. The Registrant's revolving credit facility was recently amended after
negotiations between the Registrant and its senior lenders. The amended
facility expires June 30, 2002 but an interest payment was due to its senior
lenders on May 1, 2001 which the Registrant was unable to pay. The Registrant
has since entered into several forbearance agreements with its senior lenders
providing for forbearance periods through May 15, 2001. The Registrant's
management has been devoting, and continues to devote, substantial time and
attention to the negotiations with its senior lenders and other potential
financing sources concerning the refinancing of its current revolving credit
facility and additional capital, to the exploration of its strategic
alternatives, and to other corporate matters. As a result, the Registrant's
management has been delayed in completing its Quarterly Report on Form 10-Q for
the fiscal quarter ended March 31, 2001. In particular, and not by way of
limitation, this delay has prevented the Registrant's management from completing
important financial components to be reported in the Form 10-Q, the incomplete
reporting of which would materially reduce the benefit which stockholders might
derive from the Form 10-Q.
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PART IV--OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification
Michael J. Walsh (817) 551-9600
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer is no,
identify report(s).
[ ] Yes [X] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
TANDYCRAFTS, INC.
(Name of Registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: May 15, 2001 By: /s/ Michael J. Walsh
Michael J. Walsh,
Chairman of the Board and Chief Executive
Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTACHMENT
PART IV, QUESTION 2
The following periodic report required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of
1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report has not been filed:
Registrant has not filed an Annual Report on Form 10-K for the
period ending June 30, 2000. On September 29, 2000, the Registrant
filed a Form 12b-25 with respect to the Annual Report setting forth in
reasonable detail the reasons the Annual Report could not be filed
within the prescribed period.
Registrant has not filed a Quarterly Report on Form 10-Q for the
fiscal quarter ended September 30, 2000. On November 15, 2000, the
Registrant filed a Form 12b-25 with respect to the Quarterly Report
setting forth in reasonable detail the reasons the Quarterly Report
could not be filed within the prescribed period.
Registrant has not filed a Quarterly Report on Form 10-Q for the
fiscal quarter ended December 31, 2000. On February 15, 2001, the
Registrant filed a Form 12b-25 with respect to the Quarterly Report
setting forth in reasonable detail the reasons the Quarterly Report
could not be filed within the prescribed period.
PART IV, QUESTION 3
The following is a synopsis of the significant change in results of
operations from the corresponding period for the last fiscal year that will
be reflected by the earnings statements to be included in the Registrant's
Fiscal 2000 Form 10-K.
In addition to the disclosure related to the refinance of its current
revolving credit facility, the Registrant's quarterly report on Form 10-Q for
the third quarter ended March 31, 2001 will include information concerning its
third quarter fiscal 2001 operating results. For the reasons previously stated
under Part III, the Registrant is unable at this time report on significant
changes in the results of operations from the third quarter 2001 to the prior
period. The Registrant intends to announce operating results as soon as
available.