Tandycrafts Inc., the former parent organisation to Tandy Leather, announced last week that it had filed for Chapter 11 protection in the Bankruptcy Court for the District of Delaware.

The development followed on from the company’s announcement earlier in the week that it had been delisted from the New York Stock Exchange (NYSE) for not maintaining its average share price above the $1/30 day threshold, and that it had missed its May 1 interest payment to lenders

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