SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 12, 1998
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CyberShop International, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-23901 13-3979226
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) No.)
130 Madison Avenue, New York, New York 10016
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(Address of principal executive offices, zip code)
Registrant's telephone number, including area code: (212) 532-3553
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N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On June 12, 1998, CyberShop International, Inc. (the "Company")
entered into a joint venture agreement to develop a new web site with TOPS
Appliance City, Inc., a leading consumer electronics, appliance and computer
retailer.
For further information regarding this joint venture reference is
made to the press release filed as an exhibit hereto and incorporated herein by
reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
CYBERSHOP INTERNATIONAL, INC.
(Registrant)
Dated: June 16, 1998 By: /s/ Gary S. Finkel
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Gary S. Finkel
Vice President, Chief Financial
Officer and Treasurer
FOR IMMEDIATE RELEASE
Contact: CyberShop International, Inc.
(212) 532-3553
Gary S. Finkel ext. 231
[email protected]
The MWW Group
(201) 507-9500
Rich Tauberman
[email protected]
CYBERSHOP(R) FORMS ELECTRONICS.NET,
A JOINT VENTURE COMPANY WITH TOPS APPLIANCE CITY
Leading Upscale Online Retailer Signs Agreement to Develop New Web
Site With One of Largest Regional Consumer Electronics Retailers
New York, N.Y., June 15, 1998 - CyberShop International, Inc. (Nasdaq
National Market: CYSP), a leading upscale online retailer, announced today that
it has signed a definitive agreement forming a joint venture to develop a new
web site with TOPS Appliance City, Inc. (Nasdaq National Market: TOPS), a
leading consumer electronics, appliance and computer retailer. The new site,
electronics.net, will be launched in the fourth quarter of this year, in time
for the major holiday selling period. The site will include a wide array of
products including: televisions, VCR's, camcorders, home and car audio
equipment, home office products, home appliances, room air conditioners, small
electronic appliances and related products such as vacuum cleaners, related
accessories and extended service plans.
The joint venture, electronics.net, will combine the electronic commerce
expertise of CyberShop with TOPS' superior product range and distribution and
supply abilities to create the largest selection of consumer electronics and
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<PAGE>
CYBERSHOP/TOPS
TAKE 2-2-2
appliances on the Internet. CyberShop will have responsibility for web design
and maintenance, web-based marketing, customer interface/customer service,
information systems and financial operations. TOPS will oversee inventory
management, vendor relations and delivery logistics. The companies will jointly
manage product merchandising and determination of the product mix. Under terms
of the agreement, CyberShop will own 51% of electronics.net with TOPS holding
the remaining 49%.
"Today's agreement with TOPS is a major milestone for CyberShop," said
Jeff Tauber, Chairman, President and CEO of CyberShop. "Our joint venture with
TOPS, a well-established regional brand name, will help quickly establish
electronics.net as a premier web site offering the largest selection and best
prices for consumer electronics, appliances and computers on the Internet."
Robert Gross, Chairman, President and CEO of TOPS added, "We are extremely
excited by our partnership with CyberShop. By combining our product, service and
operational capabilities with CyberShop's e-commerce expertise and marketing
presence on the Internet, we look to create the number one online consumer
electronics retailer. If you can't get it at electronics.net you can't get it on
the Net."
About CyberShop (Nasdaq National Market: CYSP)
CyberShop, a leading upscale online retailer, can be found on the World Wide Web
at cybershop.com and on America Online (AOL) in their Shopping channel
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<PAGE>
CYBERSHOP/TOPS
TAKE 3-3-3
or by using keyword cybershop. The Company recently announced sponsorship and
marketing agreements with Excite (XCIT), www.excite.com, GeoCities,
www.geocities.com, the Microsoft(R) Plaza (MSFT), @Home Network(TM), (ATHM) and
the PointCast Network, some of the leading communities on the Internet.
About TOPS Appliance City (Nasdaq National Market: TOPS)
TOPS Appliance City, Inc. is a leading retailer of Home Appliances, Computers
and Consumer Electronics. It serves the greater New York/New Jersey metropolitan
area through seven megastores ranging in size from 43,000 to 120,000 square
feet, with sales of approximately $300 million in 1997.
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