<PAGE>
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): SEPTEMBER 24, 1999
HORIZON GROUP PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 0-24123 38-3407933
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
77 WEST WACKER DRIVE, SUITE 4200
CHICAGO, ILLINOIS 60601
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (312) 917-8870
No Change
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
On September 24, 1999, Horizon Group Properties, Inc. (the "Company")
issued a press release announcing that it had hired Secured Capital Corp as
financial advisor to assist the Company in studying strategic alternatives to
enhance shareholder value. A copy of the press release is attached hereto as
Exhibit 99.10.
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
<TABLE>
<CAPTION>
Number Description
- ------ -----------
<C> <S>
99.10 Press Release issued by the Company on September 24, 1999
announcing the engagement of a financial advisor to
explore strategic alternatives.
</TABLE>
SIGNATURES
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.
HORIZON GROUP PROPERTIES, INC.
(Registrant)
By: /s/ Gary J. Skoien
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Name: Gary J. Skoien
Title: President and Chief Executive Officer
Date: October 7, 1999
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Number Description
- ------ -----------
<C> <S>
99.10 Press Release issued by the Company on September 24, 1999
announcing the engagement of a financial advisor to
explore strategic alternatives.
</TABLE>
<PAGE>
Exhibit 99.10
[COMPANY LOGO]
FOR IMMEDIATE RELEASE CONTACT:
(Investors) David R. Tinkham
Chief Financial Officer
(312) 917-4288
(Media) Susan M. Crusoe
Sr. Vice President
(312) 917-8877
HORIZON GROUP PROPERTIES ENGAGES FINANCIAL ADVISOR
TO EXPLORE STRATEGIC ALTERNATIVES
(Chicago, Illinois - September 24, 1999) -- Horizon Group Properties,
Inc. (Horizon) (NASDAQ: HGPI), an owner, operator and developer of factory
outlet and power centers, today announced it had engaged Secured Capital Corp
as financial advisor to assist the Company in studying strategic alternatives
to enhance shareholder value including, but not limited to, the sale or other
disposition of some or all of its real estate portfolio. Concurrently, the
Company is assessing alternative business opportunities going forward. There
can be no assurance that a transaction will result involving the Company.
"During the past year, we have made significant improvements to our
portfolio by increasing occupancy and sales. Several centers are now near or
at full occupancy and several are positioned for expansion. We believe there
is significantly more equity value in our portfolio than the market is giving
us credit for based on our current share price," said Gary J. Skoien,
Chairman,
-- MORE --
<PAGE>
Horizon Engages Financial Advisor
To Explore Strategic Alternatives
Page Two
President and Chief Executive Officer of Horizon. "We are encouraged by the
private market valuation of factory outlet centers as evidenced by several
recent private sale transactions."
Based in Chicago, Illinois, Horizon Group Properties, Inc. has 13
operating factory outlet centers and one power center in 11 states totaling
more than 2.9 million square feet.
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Safe Harbor Statement: The statements contained herein, which are not
historical facts, are forward-looking statements based upon economic
forecasts, budgets, and other factors which, by their nature, involve known
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of Horizon Group Properties, Inc. to be
materially different from any future results implied by such statements. In
particular, among the factors that could cause actual results to differ
materially are the following: business conditions and the general economy,
competitive factors, interest rates and other risks inherent in the real
estate business. For further information on factors which could impact the
Company and the statements contained herein, reference is made to the
Company's filings with the Securities and Exchange Commission.
