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): June 7, 1999
BRAZOS SPORTSWEAR, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-18054 91-1770931
(STATE OF INCORPORATION) (COMMISSION FILE NUMBER) (IRS EMPLOYER
IDENTIFICATION NO.)
3860 VIRGINIA AVENUE
CINCINNATI, OHIO 45227
(ADDRESS OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
(513) 719-0244
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
4101 FOUNDERS BOULEVARD
CINCINNATI, OHIO 45103-2553
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE>
ITEM 5. OTHER EVENTS
On June 7, 1999, the Company announced that, among other things, it had
completed the sale of its Red Oak Sportswear division. A copy of the press
release with respect to the foregoing is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
EXHIBIT NO. EXHIBIT
99.1 Press Release of Brazos Sportswear, Inc. dated June 7, 1999.
<PAGE>
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.
DATED this 11th day of June, 1999.
BRAZOS SPORTSWEAR, INC.
By: /S/ F. CLAYTON CHAMBERS
F. Clayton Chambers,
Chief Executive Officer
EXHIBIT 99.1
Contact: Sitrick And Company
Ann Julsen
Brenda Adrian
(310) 788-2850
FOR IMMEDIATE RELEASE
BRAZOS SPORTSWEAR COMPLETES SALE OF RED OAK SPORTSWEAR
TO RED OAK ACQUISITION, INC.
BRAZOS TO AUCTION EQUIPMENT, INVENTORY AND OTHER ASSETS OF
CINCINNATI MANUFACTURING FACILITY ON JUNE 8
CINCINNATI, OHIO --JUNE 7, 1999 --Brazos Sportswear, Inc. (OTC BB: BRZS)
announced today it has completed the sale of its Red Oak Sportswear division
located in College Station, Texas to Red Oak Acquisition, Inc., headed by Red
Oak founder George Warny. Red Oak, a manufacturer of screen-printed sportswear
to major retailers, was founded in 1984 and acquired by Brazos Sportswear in
1989.
AThe acquisition of Red Oak by founder George Warny is in the best
interests of all of Red Oak's constituents --its customers, employees and
vendors,@ said Clayton Chambers, Brazos' interim chief executive officer.
AThe sale of Red Oak Sportswear, combined with our sale last month of the
Gulf Coast Sportswear division, are key steps in our efforts to maximize
creditor recoveries,@ Mr. Chambers said. He noted that the proceeds of the Red
Oak sale, like those of the sale of Gulf Coast last month, will be used to
reduce the outstanding balance under Brazos' debtor-in-possession (DIP) loan
facility.
<PAGE>
Brazos announced on May 19, 1999 that it will sell substantially all of
the assets of its business units through competitive bidding procedures under
Section 363 of the U.S. Bankruptcy Code. Offers for the Company's Morning Sun,
Plymouth Mills, Brazos Embroidery, Sunrise Turquoise and Crable divisions are to
be received by noon Eastern time on June 8, 1999 at the New York offices of BT
Alex. Brown Incorporated, the Company's exclusive advisor with respect to the
sale process.
As previously announced, Brazos is scheduled to sell certain of the
Company's Cincinnati assets at a public auction at 10 a.m. on June 8 at its
Batavia, Ohio facility at 4101 Founders Boulevard. The auction is open to the
public and will be conducted by Continental Plants. Items to be auctioned
include embroidery and screen printing machines, office furniture and equipment,
office cubicles, computers, personal computers (PCS), forklifts, vans and other
miscellaneous assets.
Brazos Sportswear, Inc., designs, produces and markets moderately priced
sportswear. Headquartered in Cincinnati, Ohio, it operates manufacturing,
distribution and sales facilities in 12 states. The Company and its subsidiaries
filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of
Delaware in Wilmington on January 21, 1999.
THIS PRESS RELEASE MAY INCLUDE STATEMENTS THAT CONSTITUTE AFORWARD-LOOKING@
STATEMENTS. THESE STATEMENTS ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING STATEMENTS
INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THE FORWARD-LOOKING STATEMENTS. FACTORS THAT WOULD CAUSE
OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO, CONTINUED
ACCEPTANCE OF THE COMPANY'S PRODUCTS IN THE MARKETPLACE, COMPETITIVE FACTORS,
DEPENDENCE UPON THIRD-PARTY VENDORS, AND OTHER RISKS DETAILED IN THE COMPANY'S
PERIODIC REPORT FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. BY MAKING
THESE FORWARD-LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
THESE STATEMENTS FOR REVISIONS OR CHANGES AFTER THE DATE OF THIS RELEASE.
# # #
