Item 8.01. Other Events.

On February 27, 2009, Tandy Leather Factory, Inc. (the "Company") announced in a press release that its Board of Directors has authorized a share repurchase program of up to 1 million shares of the Company's common stock. The repurchases will be conducted through a Rule 10b5-1 repurchase plan with Merriman Curhan Ford & Co., based upon the parameters set forth in the plan. The press release announcing the repurchase program is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No. Description

99.1 Press Release, dated February 27, 2009