UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 18, 1998
Golden Books Family Entertainment, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
0-14399 06-1104930
(Commission (IRS Employer
File Number) Identification No.)
888 Seventh Avenue, 43rd Floor, New York, NY 10106
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 547-6700
(Former Name or Former Address, if Changed Since Last Report)
Item 5: Other Events
On February 18, 1998, Golden Books Family Entertainment, Inc. (the
"Company") announced that it would be closing its distribution center in
Coffeyville, Kansas by June 1998 and consolidating its distribution operations
into the Company's facility in Crawfordsville, Indiana. The complete text of
the press release issued by the Company announcing the foregoing is attached
hereto as an exhibit and is hereby incorporated by reference in its entirety
to this item.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
c. Exhibits
99.1 Press Release, dated February 18, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Golden Books Family Entertainment, Inc. has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.
Dated: February 24
, 1998
By: /s/ Philip Galanes
Philip Galanes
General Counsel and Vice President,
Legal Affairs
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Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Philip Rowley
Chief Financial Officer
212-583-6728
GOLDEN BOOKS TO CONSOLIDATE DISTRIBUTION CENTERS
__________________________________________
Initiative Designed to Simplify Supply Chain, Improve Inventory Management
and Upgrade Customer Satisfaction
NEW YORK, February 18, 1998 - Golden Books Family Entertainment
(NASDAQ: GBFE) announced today that it will be closing its distribution center
in Coffeyville, KS by June 1998 and consolidating its distribution operations
into the company's facility in Crawfordsville, IN. This consolidation will
result in a workforce reduction of 136 employees at the Coffeyville facility,
or approximately 11 percent of the company's total workforce.
"Moving to a single distribution center will enable us to simplify our
supply chain, improve inventory management and upgrade customer satisfaction
levels," noted Rich Collins, Executive Vice President of Sales and Retail
Marketing of Golden Books Publishing Company, Inc. "Over the past 21 months,
Golden Books has substantially decreased inventory levels and increased
inventory turnover. These efficiencies resulted in high levels of storage
capacity at our two facilities. The 400,000 square foot distribution center
in Crawfordsville is well positioned to meet our inventory management and
fulfillment needs for the foreseeable future."
Golden Books Publishing Company, Inc. is a wholly-owned subsidiary of
Golden Books Family Entertainment, Inc., which creates, publishes, and markets
storybooks and picture books, interactive electronic books, coloring books,
and activity books for children; and other books and products for the family.
