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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): August 17, 1998
GIBSON GREETINGS, INC.
________________________________________________________________
(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, 8 and 9 are not applicable and are omitted from
this report.
Item 5. Other Events
____________
The press release of Gibson Greetings, Inc. (the
"Company"), dated August 17, 1998, announcing that the Company
has reached a definitive agreement to sell 100% of the capital
stock of its 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
_____________________________________________________
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits
Number Description
______ ___________
99 Press Release dated August 17, 1998
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SIGNATURE
_________
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: August 18, 1998 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 Definitive Agreement to Sell The Paper
Factory of Wisconsin, Inc.
CINCINNATI, Aug. 17/PRNewswire/ -- Gibson Greetings Inc.
(Nasdaq: GIBG) today said it has reached a definitive agreement
to sell 100% of the capital stock of The Paper Factory of
Wisconsin, Inc. for approximately $36 million in cash to PFW
Acquisition Corp.
The Paper Factory, based in Appleton, Wisconsin, operates
180 party goods stores in 40 states under the names Paper
Factory, Greetings 'n More and Great Party. The Paper Factory
recorded net sales of $86.1 million for the fiscal year ended
December 31, 1997.
The transaction, which is subject to customary closing
conditions, is expected to close within a few weeks. Under terms
of the pact, Gibson will continue to supply The Paper Factory
with Gibson product.
"The sale of The Paper Factory will allow us to focus on
positioning the Company for future growth through innovative
product development, dynamic retail programs and strategic
acquisitions," said Frank J. O'Connell, Gibson chairman,
president and chief executive officer. "The cash raised from the
sale will provide significant financial resources to expand the
business and pursue new opportunities."
"This is a positive development for both organizations,"
said William Heeter, president of The Paper Factory. "This
transaction will provide us with an opportunity to aggressively
develop our business in an expanding category, while also
maintaining our vendor relationship with Gibson."
Mr. Heeter said he does not anticipate any management or
staff changes at The Paper Factory following the completion of
the transaction.
Gibson Greetings, Inc., 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, negotiating major licensing agreements
and deploying high-energy shopping environments in a wide
spectrum of major retail stores. Gibson manufactures and
distributes more than 24,000 individual relationship
communication products (over 5,000 new products in the past
year), including greeting cards, gift wrap, party goods, licensed
products and Silly Slammers, America's favorite "toyz that make
noize." E-mail greetings featuring Gibson content are available
through Greet Street (www.greetst.com), in which Gibson holds a
minority equity interest.
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For more information on Gibson Greetings, please visit our
web site at www.gibsongreetings.com or the Silly Slammers site at
www.sillyslammers.com
