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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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CURRENT REPORT
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Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 5, 1996
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EKCO GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-7484 11-2167167
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) No.)
98 Spit Brook Road, Nashua, New Hampshire 03062
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 888-1212
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Item 5. Other Events.
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On December 5, 1996, the registrant issued a press release in which it
announced the appointment of Malcolm L. Sherman, currently Chairman of the
registrant's Board of Directors, as Chief Executive Officer effective
immediately, and the resignation of Robert Stein from his positions as
President, Chief Executive Officer and Director. For further information,
reference is made to the press release, attached hereto as an exhibit.
Item 7. Financial Statements and Exhibits.
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(c) Exhibit
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99 Press Release dated December 5, 1996.
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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.
EKCO GROUP, INC.
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(Registrant)
Date: December 9, 1996 /S/LINDA R. MILLMAN
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Associate General Counsel
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EXHIBIT INDEX
TO THE EXHIBIT FILED HEREWITH
Exhibit
Number Exhibit Description
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99 Press Release dated December 5, 1996.
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Exhibit 99
[EKCO GROUP, INC. LETTERHEAD]
CONTACT:
Don DeNovellis or Maureen Wolff-Reid
Chief Financial Officer Vice President and General Manager
Ekco Group, Inc. Sharon Merrill Associates, Inc.
(603) 888-1212 (617) 542-5300
EKCO GROUP APPOINTS MALCOLM L. SHERMAN
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Former CEO of Zayre Stores and Morse Shoe Assumes
Leadership of $275 Million Housewares Company
NASHUA, N.H., December 5, 1996 -- Ekco Group, Inc. (NYSE: EKO) today
announced that Malcolm L. Sherman, currently chairman of the Company's Board of
Directors, has been appointed chief executive officer, effective immediately.
Robert Stein, Ekco Group's CEO since 1986, has resigned his position to pursue
other interests.
With more than 35 years experience in the retail and housewares industries,
including senior management positions at Zayre Stores, Regina Electric, Channel
Home Centers, and Morse Shoe, Mr. Sherman has served Ekco Group in several
capacities since February 1993. Most recently, he has been the Company's
chairman of the board overseeing the company's strategic direction.
"The Company's financial results coupled with the continuing sluggishness
in the retail environment has created the need for significant improvement in
performance," stated Mr. Sherman. "Ekco Group has a rich history, strong brand
equity and a number of high-quality, popular product lines. My immediate
priority is to return Ekco Group to proper levels of profitability as quickly as
possible."
(more)
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EKCO GROUP/2
"During my tenure as Ekco Group's chairman of the board, I have met with
many of the Company's customers," stated Mr. Sherman. "I am confident that these
initial contacts, coupled with the history of my experience working as a
retailer will allow me to develop and implement the strategies necessary to
create a more customer- and market-focused company."
Sherman brings an extensive and distinguished background in the retail
business to his position at Ekco Group. He currently is non-executive chairman
of Gordon Brothers, a merchant services business. Previously, Mr. Sherman has
served as chief executive officer of Zayre Stores, Regina Electric, Channel Home
Centers, Inc., and Morse Shoe, Inc. Mr. Sherman also holds or has held director
positions at Maxwell Shoe Co., One Price Clothing, Inc., United States Trust
Company, and Compuchem Labs Inc. Mr. Sherman has gained several distinctions and
awards within the retail industry including, "Houseware Industry Man of the
Year," by Houseworld Expo, "Discounter of the Year," from Discount Store News
and the T. Kenyon Holly Memorial Award from the shoe industry.
In addition to his considerable retail background, Mr. Sherman also is very
active in charitable affairs. He holds overseer or trustee positions at the
Boston Symphony Orchestra, Brandeis University, the Massachusetts Eye & Ear
Infirmary, the Boston Museum of Science and The New England Medical Center.
Mr. Sherman concluded, "Ekco Group is grateful to Bob for his many years of
service to the Company and for the relationships he has cultivated over the
years with our customers. He will be missed by the many associates of the
Company."
The Company will record a special charge of approximately $2.7 million in
the fourth quarter of fiscal 1996 in connection with the severance arrangement
for Mr. Stein, which is consistent with his employment agreement.
(more)
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EKCO GROUP/3
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements made pursuant to
the safe harbor provisions of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that
these forward-looking statements are inherently uncertain. Actual performance
and results may differ materially from those projected in the forward-looking
statements due to important risk factors including, without limitation, the
timely introduction of new products, the impact of competitive products and
pricing, and certain assumptions related to consumer purchasing patterns.
Additional information concerning risk factors that could cause actual results
to differ materially from those projected in the forward-looking statements is
contained in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements represent the Company's judgment as of the date
of this release.
Ekco Group, Inc. is a leading manufacturer and marketer of branded
housewares products that are broadly marketed primarily through major mass
merchant, supermarket, home/office and hardware stores. The Company's products
include household items such as bakeware, kitchenware, plastic storage products,
brooms, brushes and mops, as well as nonpoisonous and low-toxic household pest
control products.
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