The Leather Factory acquires Heritage
The Leather Factory, Inc, announced on Monday, February 18, 2002 its intention to acquire the assets of the Heritage Leather Company based in Boise, Idaho.
Heritage will join the Tandy Leather Company, a retail subsidiary of The Leather Factory. Tandy Leather has signed a letter of intent subject to the execution of a definitive agreement, which will contain the customary representations, warranties, covenants, and conditions. The deal is scheduled to be closed by February 28, 2002.
Heritage was established in March 1999 as a leathercraft retail outlet. The owner of Heritage, Ms. Jo Anne Tackitt, has almost 25 years of experience in managing leathercraft stores, and is expected to be kept on as manager.
Wray Thompson, Chairman of The Leather Factory, Inc. said: "Heritage is a good fit in our acquisition model for Tandy Leather stores. Ms. Tackitt is an experienced manager who can continue to develop solid business in the Boise and surrounding markets."
