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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
Date of Report (Date of earliest event
reported): November 3, 1997
L.A. GEAR, INC.
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(Exact name of registrant as specified in its charter)
California 0-10157 95-3375118
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
2850 Ocean Park Boulevard, Santa Monica, California 90405
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 452-4327
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ITEM 5. OTHER EVENTS.
On November 3, 1997, as part of an ongoing effort to restructure the
Company to be profitable in the future, L.A. Gear, Inc. announced that
approximately 60 percent of the employees at its Santa Monica headquarters
had been laid off. Company president Bruce MacGregor also resigned. The
reduction in force was across the board, including marketing, customer
services, finance, accounting and administrative support areas.
As part of the streamlining process, product development report to David
Gatto, the Company's Chairman of the Board and Chief Executive Officer.
Robert Landerman, the Company's Vice President of Sales added marketing to
his responsibilities
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Exhibit No. Description of Exhibit
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99 Press release dated November 3, 1997.
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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.
L.A. GEAR, INC.
Date: November 10, 1997. By: David Gatto
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David Gatto
Chairman of the Board and Chief
Executive Officer
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EXHIBIT INDEX
Exhibit No. Description of Exhibit
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99 Press release dated November 3, 1997.
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EXHIBIT 99
Contact: Donna Lucas or Bill Schreiber
Nelson Communications Group
916-443354
L.A. GEAR ANNOUNCES STAFF REDUCTION AS PART OF ONGOING RESTRUCTURING
SANTA MONICA, CA - NOVEMBER 3, 1997 - As part of an ongoing effort to
restructure the company to be profitable in the future, L.A. Gear today
announced that approximately 60 percent of the employees at its Santa Monica
headquarters have been laid off.
Company president Bruce MacGregor also resigned, said Chairman and CEO
David Gatto, who was named to head the struggling company two weeks ago.
The reduction in force was across the board, including marketing, customer
services, finance, accounting and administrative support areas. Prior to the
reduction, the company had about 212 employees in the U.S. and five other
countries. A total of 102 employees worked at the California headquarters.
Gatto said most laid off employees will receive severance packages to help
them transition to new jobs.
"This obviously is a very difficult time for the company and its
hard-working employees," said Gatto. "But given the turnaround situation we
are facing, it was clear that one of the first steps we needed to take was to
streamline the operation."
As part of the streamlining process, Gatto said product development now
will report directly to him. Bob Landerman, vice president of sales, adds
marketing to his responsibilities.
The company recently announced significant continuing losses, compounded by
a soft market for athletic shoes and excess inventories.
Gatto said company management is working around the clock to develop new
strategies designed to help determine the company's future.
L.A. Gear designs, develops and markets a broad range of quality athletic
and lifestyle footwear under various labels for adults and children worldwide.
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