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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): October 22, 1998
CITYSCAPE FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
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DELAWARE 0-27314 11-2994671
State or Other Jurisdiction Commission File Number (IRS Employer Identification No.)
of Incorporation
565 Taxter Road, Elmsford, New York 10523-2300
(Address of Principal Executive Offices) Zip Code
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Registrant's telephone number, including area code: (914) 592-6677
Former name or former address,
if changed since last report
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Item 5. Other Events.
As part of its restructuring plan that includes streamlining and
downsizing its operations, on October 22, 1998, Cityscape Financial Corp. (the
"Company") reduced its work force by 243 employees (24 of which will remain
employed for up to ten weeks), representing 53.5% of its work force, from 454
employees to 211 employees. In connection with this reduction, the Company has
closed its branch operation in California, while maintaining its offices in New
York, Georgia and Illinois. Accordingly, the Company anticipates that it will
record a material restructuring charge in the fourth quarter of 1998.
This press release contains forward-looking statements which involve
risks and uncertainties. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a result of
certain factors including, but not limited to, the ability to access loan
warehouse or purchase facilities in amounts, if at all, necessary to fund the
Company's loan production, the successful execution of loan sales in the whole
loan sales market, the confirmation and consummation of the Company's plan of
reorganization under Chapter 11 of the Bankruptcy Code, the ability of the
Company to successfully restructure its balance sheet, the initiative to
streamline the Company's operations, the ability of the Company to retain an
adequate number and mix of its employees, legal proceedings and other matters,
adverse economic conditions, competition and other risks detailed from time to
time in the Company's Securities and Exchange Commission reports. The Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of anticipated or unanticipated events.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.
CITYSCAPE FINANCIAL CORP.
(Registrant)
By: /s/ Tim S. Ledwick
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Name: Tim S. Ledwick
Title: Vice President and Chief Financial Officer
Dated: October 23, 1998
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