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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported) March 31, 2000
DANIEL GREEN COMPANY
(Exact name of registrant as specified in its charter)
Massachusetts 000-00774 150327010
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
One Main Street, Dolgeville, New York 13329
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (315) 429-3131
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On March 31, 2000, Daniel Green Company (the "Company")
announced that effective May 1, 2000, the Company's headquarters and
distribution operation currently located in Dolgeville, New York will relocate
to, and consolidate with the operations of Penobscot Shoe Company located in Old
Town, Maine. The Company acquired Penobscot on March 30, 2000.
Penobscot is a manufacturer of women's footwear under the
Trotters and newly introduced Softwalk labels. Based in Old Town, Maine,
Penobscot sales for the fiscal year ended November 30, 1999 were $21.7 million
and its net pre-tax income was $3.2 million. The Penobscot assets will be used
by Daniel Green in expanding its business as a leader in designing and selling
well known branded slippers, including its line of women's slippers, L.B. Evans
mens slippers and Woolrich mens slippers.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit A - Press Release dated March 31, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto authorized.
DANIEL GREEN COMPANY
(Registrant)
Dated: March 31, 2000 By: /s/ James R. Riedman
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James R. Riedman, CEO
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PRESS RELEASE
Dolgeville, NY, March 31, 2000
Daniel Green Company (DAGR - Nasdaq) announced that effective May 1, 2000, the
Company's headquarters and distribution operation currently located in
Dolgeville, New York will relocate to, and consolidate with, the newly acquired
operations located in Old Town, Maine.
Due to severe global competition, the Company ceased domestic manufacturing and
transitioned to a fully sourced importer during 1999. At the same time, several
acquisition opportunities were aggressively evaluated and pursued. This activity
resulted in acquiring certain assets of one of the Company's largest
competitors, L.B. Evans and Son on February 3, 2000. Sine 1804, L.B. Evans has
been recognized as the industry leader for marketing quality men's slippers.
This week, the Company purchased all of the outstanding shares of Penobscot Shoe
Company. Penobscot Shoe Company has been making women's footwear for over 60
years and is based in Old Town, Maine. The Company expects to benefit from the
experience and expertise that Penobscot has acquired during the past five years,
as they transitioned successfully from a domestic manufacturing company to a
fully sourced imported one.
Since a significantly more modern distribution facility, with excess capacity,
came with the Penobscot acquisition, it was recently decided that relocating to
Maine would provide the most efficient and effective platform for optimizing the
synergies from the three businesses.
The Daniel Green employees affected by the shutdown were told about the change
at a meeting on March 31st. Most of the employees will be provided with a
severance package based on length of service, while other employees are expected
to accept positions at the new location. In addition, Daniel Green's Personnel
Director will be available to advise and assist employees in their search for
other employment.
The Daniel Green Company was founded in 1882, and is known as the "Original
Comfy Slipper Company." Today, the Company markets a broad range of brands and
products throughout the world. With the recent merging activities, the Company's
sales for the year 2000 are expected to be more than double that for the year
1999.
For additional information, please contact Greg Tunney, President/COO at
315-429-3131 EXT. 288.
