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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 to 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 26, 1998
PIVOT RULES, INC.
________________________________________________________________________________
(Exact name of registrant as specified in its charter)
New York 333-22895 13-3612110
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
42 West 39th Street, New York, New York 10018
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(Address of principal executive offices) (Zip Code)
(212) 944-8000
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Registrant's telephone number, including area code
Not Applicable
________________________________________________________________________________
(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On June 26, 1998, Pivot Rules, Inc. issued the press release (the
"Press Release") annexed as an exhibit hereto. The Press Release is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
99.1 Press Release of Pivot Rules, Inc. dated June 26, 1998.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange ACt of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PIVOT RULES, INC.
By: /s/ Meena N. Bhatia
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Meena N. Bhatia
Chief Financial Officer
Dated: July 2, 1998
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EXHIBIT INDEX
Exhibit Page
Number Description No.
- ------ ----------- ----
99.1 Press Release of Pivot Rules, Inc. dated June 26, 1998 5
4
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(BW) (PIVOT-Rules) Pivot Rules, Inc. Discontinues Golf Sportswear Division
NEW YORK,-- (BUSINESS WIRE)--June 26, 1998--Pivot Rules, Inc. (NASDAQ:
PVTR, PVTRW/BSE: PVR, PVRW) announced today that its Board of Directors has
determined that it is in the best interest of the Company's shareholders to
discontinue the operations of its golf sportswear division and to devote all of
the Company's energy and resources to building its Internet division.
The golf sportswear division has been operating at a loss, and despite
efforts to promote the brand, orders for the sportswear collection have been
significantly below the Company's business plan and even further below last
years levels. As a result of the increasingly competitive retail and
wholesale environment, as well as the division's poor sell-through at
retail, the Company has been unable to re-establish its distribution in the
department store channel. The Company intends to honor the golf sportswear
division's exiting commitments and sell its remaining inventory.
Says Ken Seiff, Chief Executive Officer, "Personally, I am saddened by
our decision to discontinue the sportswear division, which I started seven
years ago. As a businessman, I believe this was the prudent course of action. I
continue to be extremely enthusiastic about the prospects for our other
division, the Internet division, which will seek to capitalized on the
tremendous growth in online retail sales."
The Internet division is building an online store that will sell brand
name, first-quality, end-of-season and excess merchandise directly to consumers.
This press release may include statements, that constitute
"forward-looking" statements, usually containing the words "believe" "project",
"expect", or similar expressions. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements. The risks and uncertainties include but are not limited to certain
risks relating to consumer acceptance of the internet as a medium for
purchasing apparel, the startup nature of the Internet business, the capital
intensive nature of such business (taking into account the need for advertising
to promote such business), the successful hiring of personnel, the potential
for competitors with greater resources to enter such business and the Company's
lack of experience in such business.
--30-jd/ny*
CONTACT: PIVOT RULES, INC., New York,
212/944-8000
Ken Seiff, CEO, x25
Jonathan Morris, EVP, x23
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