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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File Number 1-8509 CUSIP Number 630183101
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(Check One): |X| Form 10-K | | Form 20-F | | Form 11-K | | Form 10-Q | | Form N-SAR
For Period Ended: February 28, 1998
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: ___________________________
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
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If the notification relates to a portion of the filing checked above, identify the item(s) to which the notification relates:
____________________________________________________________________________________________________________________________________
PART I -- REGISTRANT INFORMATION
NANTUCKET INDUSTRIES, INC.
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Full Name of Registrant
N/A
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Former Name if Applicable
510 BROADHOLLOW ROAD, SUITE 300
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Address of Principal Executive Office (Street and Number)
MELVILLE, NY 11747-3606
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City, State and Zip Code
PART II -- RULE 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule
12b-25(b), the following should be completed. (Check appropriate box.)
|X| (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable
effort or expense;
|X| (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR,
or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion thereof will be filed on or before the fifth
calendar day following the prescribed due date; and
| | (c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail why the Form 10-K, 11-K, 20-F 10-Q, N-SAR, or the transition report or portion thereof, could not
be filed within the prescribed time period. (ATTACH EXTRA SHEETS IF NEEDED.)
The Company is unable to file its Annual Report on Form 10K in a timely manner due to several extraordinary financial
events which require prepartion of special disclosures. These events include the following:
o For fiscal year ending February 28, 1998, the Company incurred a net loss of $4,272,000 verses a net loss of $2,747,000
for the year ending March 1, 1997. The financial statements, through operating results, reflect $1.8 million in
restructuring charges including $1.2 million associated with the phase out of the Guess? product line ($660,000 inventory
write-offs, $540,000 in deferred costs and other charges), with the balance associated with write-downs, and reserves of
asset values, and other cash items.
o The American Stock Exchange, sighting failure of the Company to meet minimum listing requirements, delisted the Company
effective April 17, 1998.
o The Company has no long term financing faclity in place, and it has defaulted on several interest payments to its
subordinated debt holder. The Company has subsequently been successful in negotiating a forebearance agreement with its
Subordinated Debt Holder, and believes current negotiations with its lender will be successful in placing a long term
credit facility.
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PART IV--OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this notification
ROBERT M. ROSEN, ESQ. 617 345-9800
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of
1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such report(s) been filed? If the answer
is no, identify report(s). |X| Yes | | No
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(3) Is it anticipated that any significant change in results of operations from the corresponding period
for the last fiscal year will be reflected by the earnings statements to be included in the subject
report or portion thereof? |X| Yes | | No
See disclosure under Part III above.
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made.
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NANTUCKET INDUSTRIES, INC.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date MAY 28, 1998 By /s/ NICHOLAS DMYTRYSZYN
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Nicholas Dmytryszyn, Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The
name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf
of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).
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