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) March 17, 1994
G Survivor Corp.
(Exact name of registrant as specified in the charter)
Delaware 1-10101 22-2897129
(State or other jurisdiction (Commission IRS Employee
of incorporation) file number) identification no.)
1411 Broadway, New York, New York 10018
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code 212-819-0707
The Gitano Group, Inc.
(Former name or former address, if changed since last report)
<PAGE>
Item 2. Acquisition or Disposition of Assets
On March 21, 1994, the Company announced that it had concluded the sale
of its assets to Fruit of the Loom, Inc. on March 17, 1994 for approximately
$100 million. A copy of the press release is attached as Exhibit A.
Item 5. Other Events
Effective as of March 18, 1994, the Company amended its Restated
Certificate of Incorporation to reflect the change of the Company's name to G
Survivor Corp.
SIGNATURES
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 thereunto duly authorized.
G SURVIVOR CORP.
(Registrant)
Date: March 31, 1994 By: /S/ Steven M. Gerber
Steven M. Gerber
General Counsel and
Secretary
<PAGE>
EXHIBIT A
Contact: For Information Contact: For Information
Re: The Gitano Group, Inc. Re: Fruit of the Loom, Inc.
Robert D. Siegfried Mark Steinkrauss
Kekst and Company Fruit of the Loom, Inc.
(212) 593-2655 (312) 993-1889
FOR IMMEDIATE RELEASE
NEW YORK, NEW YORK, March 21, 1994 -- The Gitano Group, Inc. announced today
that it has concluded the sale of its assets to Fruit of the Loom, Inc. for
approximately $100 million cash.
Robert E. Gregory, Jr., Chairman and Chief Executive Officer of Gitano,
stated, "Of all the companies expressing interest in Gitano, Fruit of the Loom
had by far the strongest and clearest vision of what the Gitano brand is and
can be. Fruit of the Loom also recognized the outstanding talent in the
Gitano organization that participated in Gitano's financial turnaround in
1993. The combination of Gitano's brand strength and organization talent
coupled with Fruit of the Loom's financial strength and manufacturing and
distribution capability will give the Gitano brand name the opportunity to
regain its position as a market leader."
William Farley, Chairman and Chief Executive Officer of Fruit of the Loom,
noted, "I am very pleased to add the Gitano brand and organization to the
Fruit of the Loom family. Gitano is an excellent strategic acquisition for
Fruit of the Loom. Gitano is the premier brand in jeans and sportswear in the
mass market. The synergies are obvious. Blending Gitano's creativity with
Fruit of the Loom's world-class, low-cost manufacturing capability will
benefit both organizations.
"I am impressed that Gitano could return to profitability so quickly in the
fourth quarter of 1993, given the adverse conditions in which Gitano's new
management had to operate. The value of the brand and organization is clear.
We know that Gitano will be a strong contributor to Fruit of the Loom's future
success," Mr. Farley said.
As previously announced, it was necessary for Gitano to sell its assets when
Gitano's primary customer notified management in January that Gitano's
violations of U.S. Customs law, which took place in 1991 and 1992 under
Gitano's prior management, prevented the customer from continuing to do
business with Gitano. To facilitate the prompt consummation of the sale,
since the proceeds to be received from the transaction are less tan $130
million owed by Gitano to its secured lenders, Gitano filed a voluntary
Chapter 11 bankruptcy petition on March 1, 1994.
# # #
