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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 5, 1995
RYMER FOODS INC.
Incorporated in the State of Delaware
Commission File Number 1-6071 IRS Employer Identification No. 36-1343930
4600 S. Packers Avenue, Suite 400
Chicago, Illinois 60609
312/927-7777
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This Report Contains 4 Pages
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1.
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Item 5. Other Events
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See the attached press releases of the Company attached hereto.
Item 7. Exhibits
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(c) Exhibits
99.1 News release of Rymer Foods Inc. dated October 5, 1995
99.2 News release of Rymer Foods Inc. dated October 10, 1995
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.
Rymer Foods Inc.
(Registrant)
By /s/ Edward M. Hebert
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Edward M. Hebert, Senior Vice President,
Chief Financial Officer and Treasurer
Date: October 10, 1995
2.
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EXHIBIT 99.1
October 5, 1995 FOR IMMEDIATE RELEASE
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Chicago, IL - Rymer Foods Inc. (NYSE: RYR) announced today that it had retained
the financial advisory and turnaround firm of Kirkland Messina, Inc. to assist
the Company in developing a comprehensive financial and operating plan designed
to return the Company to profitability. The Company also announced that John
Patten, Chairman of the Board and Chief Executive Officer, has announced his
intention to resign from the Company, effective December 27, 1995. Mr. Patten
will assist Kirkland Messina and the Company in finding a new Chief Executive
Officer.
The Company said that Kirkland Messina will assist the Company in developing a
plan intended to reduce operating costs, improve operations and improve the
capital structure of the Company. Kirkland Messina was engaged for a three
month period for a monthly fee plus expenses. In addition, Kirkland Messina
will be issued warrants to acquire a total of 500,000 shares of Rymer Common
Stock at an exercise price in cash of $1.675 per share.
A spokesman for the Company said that "the Company is committed to returning to
profitability. We intend to create a stronger and more viable operation within
our current competitive environment."
Rymer Foods Inc. is engaged in the development and production of frozen,
preseasoned, portion controlled meat entrees and the importing and distributing
of various seafood products.
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3.
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EXHIBIT 99.2
RYMER FOODS INC. ANNOUNCES RESTRUCTURING
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October 10, 1995 FOR IMMEDIATE RELEASE
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Chicago, IL - Rymer Foods Inc. (NYSE: RYR) announced today that it has begun a
comprehensive reorganization plan of its operations and personnel to return to
profitability.
To effect the reorganization, the Company announced the promotion of long-term
employees Edward M. Hebert, to Senior Vice President, Chief Financial Officer
and Treasurer, Jose Muguerza, to Vice President of Operations and Technical
Services, Thomas A. Bauman, to Senior Vice President of Sales, Marketing &
Customer Service, and Mark A. Lazare, to Vice President of Purchasing and
Logistics.
The Company also accepted the resignation of Jeffrey Rymer, formerly President
and Chief Operating Officer, Ludwig A. Streck, formerly Senior Vice President
and Chief Financial Officer, and John Blyther, formerly Vice President of
Operations.
As part of the reorganization, Rymer announced an approximate 20 percent
reduction of its work force. The Company expects to realize wage and salary
expense savings of approximately $3.1 million in the coming fiscal year. The
Company also stated that it intends to reduce other operating costs and
streamline its production process. Furthermore, the Company announced plans to
attempt to reduce its long term debt with cash flow from operations and through
reductions of both its meat and non-meat inventory. Collectively, these actions
are expected to reduce annual expenses approximately $4.0 million.
The Company also stated it expects to take a one-time restructuring charge of
approximately $1.0 million, in the aggregate, for severance payments and
writedowns of inventory and other assets.
Rymer Foods is a leading supplier of portion-controlled meat and seafood
products to foodservice and retail markets.
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4.
