SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-K/A

                                 Amendment No. 1

 (Mark One)

[X]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934
        For the fiscal year ended December 31, 2001

                                       OR

[ ]     TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

        For the transition period ________ to ________

                         Commission File Number 1-12368

                            THE LEATHER FACTORY, INC.
             (Exact name of registrant as specified in its charter)

          Delaware                                             75-2543540
(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                           Identification Number)

        3847 East Loop 820 South
           Fort Worth, Texas                                     76119
(Address of principal executive offices)                       (Zip Code)

       Registrant's telephone number, including area code: (817) 496-4414

           Securities registered pursuant to Section 12(b) of the Act:

      Title of Each Class              Name of Each Exchange on Which Registered
      -------------------              -----------------------------------------
Common Stock, par value $.0024                  American Stock Exchange

           Securities registered pursuant to Section 12(g) of the Act:

                                      None

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulation S-K is not contained  herein,  and will not be contained,
to the best of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K. [_]

<PAGE>


AMENDMENT:

         This  amendment is made for the purpose of correcting the disclosure on
the cover page of the Form 10-K as originally filed. The Registrant's definitive
proxy statement will contain disclosure regarding a delinquent filer pursuant to
Rule 405 of Regulation S-K. That  information  will be incorporated by reference
into Part III of this Form 10-K.

                                    SIGNATURE

         Pursuant to the  requirements  of the  Securities  and  Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                           THE LEATHER FACTORY, INC.
                                 (Registrant)


                           By:/s/ Shannon L. Greene
                              ---------------------------
                              Shannon L. Greene,
                              Chief Financial Officer (Chief Accounting Officer)
                              and Treasurer