FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest
Event Reported): December 15, 1997
GIBSON GREETINGS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-11902 52-1242761
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
2100 Section Road, Cincinnati, Ohio 45237
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(Address of principal executive offices)
Registrant's telephone number, including area code:(513)841-6600
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INFORMATION TO BE INCLUDED IN THE REPORT
Items 1, 2, 3, 4, 6 and 8 are not applicable and are omitted from
this report.
Item 5. Other Events
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The press release of Gibson Greetings, Inc. (the
"Company"), dated December 15, 1997, announcing that The Paper
Warehouse, Inc. of Minneapolis, Minnesota, has signed a letter of
intent to acquire the Company's subsidiary, The Paper Factory of
Wisconsin, Inc., is filed as an exhibit to and incorporated by
reference in this Current Report on Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits
Number Description
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99 Press Release dated December 15, 1997
SIGNATURES
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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.
Date: December 22, 1997 GIBSON GREETINGS, INC.
By /s/ James T. Wilson
James T. Wilson
Executive Vice President -
Finance & Operations and
Chief Financial Officer
Exhibit 99
NEWS RELEASE
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Gibson Greetings Announces Letter of Agreement for Sale of The
Paper Factory
CINCINNATI, Dec. 15/PRNewswire/ -- Gibson Greetings Inc.
(Nasdaq: GIBG) announced today that The Paper Warehouse (Nasdaq:
PWHS) of Minneapolis, MN, has signed a letter of intent to
acquire The Paper Factory from Gibson Greetings for approximately
$38.6 million in cash.
The Appleton, Wisconsin-based Paper Factory currently
operates 190 party goods stores in 40 states under the names
Paper Factory, Greetings n' More and Great Party. The Paper
Factory had net sales of approximately $55.2 million for the nine
months ended September 30, 1997. Under the terms of a long-term
supply agreement, Gibson Greetings will continue to supply The
Paper Factory with Gibson product.
Frank O'Connell, Chairman, President and Chief Executive
Officer of Gibson Greetings commented that "The sale of Paper
Factory is consistent with our long-term, strategic objectives of
transforming Gibson into a multifaceted entertainment company.
The cash raised from the sale will enable us to redeploy those
assets."
The proposed transaction is subject to customary closing
conditions, including a due diligence review, execution of a
definitive purchase agreement, financing, third party consents,
and regulatory approvals. If these conditions are satisfied, the
transaction is anticipated to close in late January 1998.
Gibson Greetings, Inc., (Nasdaq: GIBG) an industry
innovator in the greeting card business, is pursuing a growth
strategy of marketing relationship-fostering products that
provide strong entertainment value. This is being achieved by
developing proprietary new products, building alliances with
dynamic independent card companies, negotiating major licensing
agreements and deploying high-energy, retail shopping
environments in a wide spectrum of major retail stores. Gibson
Greetings manufactures and distributes more than 24,000
individual relationship communication products (5,000 new
products in the last year), including greeting cards, gift wrap,
party goods and licensed products. Gibson's content can be found
on the Internet through Greet Street's E-greetings(R) at
www.greetst.com. Gibson's greeting cards are also available for
purchase through Peapod at www.peapod.com.
For more information on Gibson Greetings, please visit
www.gibsongreetings.com.
