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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
February 2, 1998
Date of Report (Date of earliest event reported)
UNIVERSAL INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 0-18823 41-0776502
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
5000 Winnetka Avenue North
New Hope, Minnesota 55428
(Address of principal executive offices)
(612) 533-1169
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
The Company issued a press release relating to the sale of its 95% owned
interest in Universal Asset-Based Services, Inc. The price was equal to the
book value of this subsidiary's assets and is not expected to create a material
profit or loss for the Company. A copy of the press release is attached as
Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Filed herewith are the following exhibits:
99.1 Press release dated February 2, 1998
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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.
UNIVERSAL INTERNATIONAL, INC.
(Registrant)
Dated: February 3, 1998 By /s/ Dennis Hill
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Dennis Hill
Its Chief Financial Officer
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UNIVERSAL INTERNATIONAL, INC.
[LOGO] ______________________________________________________
5000 Winnetka Ave. N., New Hope, MN 55428
Phone (612) 533-1169 - Toll Free (800) 634-8349
FAX: (612) 533-1158
NEWS RELEASE
CONTACT: Mark Ravich
612-533-1169
FOR IMMEDIATE RELEASE
Universal International, Inc. Announces the Sale of its Universal Asset-Based
Services Inc. Subsidiary
(Minneapolis, MN) February 2, 1998 - Universal International Inc. today
announced that it has closed on the sale of its 95% owned interest in
Universal Asset-Based Services Inc. The purchase price of the transaction
was equal to the book value of the company's assets and is not expected to
create either a material profit or loss for Universal. The sale of Universal
Asset-Based Services Inc. removes the last non core business from Universal.
This will enable Universal to focus fully on its Only Deals and Odd's-N-Ends
retail operations.
Universal International Inc. buys and sells quality "close-out" merchandise
in both its Only Deals and Odd's-N-End's retail store chains. Universal
International, Inc.'s shares are traded on the NASDAQ Stock Market under the
symbol UNIV.
