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THE LEATHER FACTORY, INC. ANNOUNCES ACQUISITION OF OAKLAND, CALIF.-BASED BUSINESS

 FORT WORTH, Texas, Jan. 10 /PRNewswire/ -- The Leather Factory, Inc. (TLF) (AMEX-ECM: TLF) announced today the acquisition of Hi-Line Leather & Manufacturing Company, Inc. (Hi-Line). The acquisition involved the payment of cash and TLF stock. Hi-Line, located in Oakland, Calif., sells shoe repair materials to shoe repair shops in California, Oregon, Washington and Nevada.
 Hi-Line, incorporated in 1946, was operated by William, Leonard and Duane Colosimo. These individuals, the sons of Thomas Colosimo, who founded the business in 1938, as well as Leonard's wife, Dolores, retired upon the consummation of the transaction. All other employees will remain with the organization. Hi-Line generated sales of $1,721,959 for the year ended Dec. 31, 1993.
 Wray Thompson, chairman of the board, president, and chief executive officer of The Leather Factory, stated, "We are excited about the acquisition of Hi-Line. Already having locations in California, the purchase gives us an entry into the greater San Francisco-Oakland metropolitan area. With the acquisition, we gain additional market share in the wholesale shoe repair supply business. We will also be able to install The Leather Factory line of merchandise into the unit. This location is in an excellent market area for our traditional product line. Just as important, since we are a people-oriented company, we are pleased to add some seasoned personnel to our organization. Mr. Bill Merletti, a 17-year employee of Hi-Line, will manage the new location. We look forward to the contribution of Mr. Merletti and the other new employees gained in the Hi-Line acquisition, as we continue to grow and develop the business."
 TLF is an international wholesale distributor of a broad product line including, leather, leatherworking, tools, buckles and other belt supplies, shoe care and repair supplies, leather dyes and finishes, adornments for belts, bags and garments, saddle and tack hardware do-it- yourself kits. The Leather Factory, Inc., which trades on the American Stock Exchange under the ticker symbol "TLF," distributes its products through 17 distribution/sales units throughout the country.
 -0- 1/10/94
 /CONTACT: John Tittle, chief financial officer of The Leather Factory, 817-496-4414/
 (TLF)


CO: The Leather Factory, Inc.; Hi-Line Leather & Manufacturing
 Company, Inc. ST: Texas, California IN: SU: TNM


CK-PS -- NY090 -- 0716 01/10/94 16:46 EST
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Publication:PR Newswire
Date:Jan 10, 1994
Words:370
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