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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): February 5, 1998
RIDDELL SPORTS INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19298 22-2890400
(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
900 Third Avenue, New York, New York 10022
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 826-4300
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
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Item 5. OTHER EVENTS
Reference is made to the Company's Press Release dated February 5,
1998 announcing ECG2, Inc. had purchased the assets of Pursuit Athletic
Footwear, Inc., and had become the Company's new footwear licensee of the
"Riddell" brand. The Press Release is incorporated by reference herein and
filed as Exhibit 20.1 to this Report.
Reference is also made to the Company's Press Release dated February
9, 1998 announcing that its subsidiary, Varsity Spirit Corporation, is
expanding its dance business to include an expanded line of dancewear and a
new venture that runs regional dance conventions and competitions for
private dance studio students. The Press Release is incorporate herein by
reference and filed as Exhibit 20.2 to this Report.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) EXHIBITS
20.1 Press Release dated February 5, 1998 of Riddell Sports Inc.
announcing new footwear licensee.
20.2 Press Release dated February 9, 1998 of Riddell Sports Inc.
announcing expanded dance initiative.
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 hereunto duly authorized.
RIDDELL SPORTS INC.
DATED: February 11, 1998 By: /s/ LISA MARRONI
------------------
Lisa Marroni
Vice President
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EXHIBIT 20.1
[LETTERHEAD LOGOS]
RIDDELL SPORTS INC.
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900 THIRD AVENUE, 27TH FLOOR, NEW YORK, NEW YORK 10022 (212) 826-4300
FAX: (212) 826-5006
Contact: David Groelinger
Chief Financial Officer
RIDDELL SPORTS INC.
ANNOUNCES NEW FOOTWEAR LICENSEE
New York, N.Y., February 5, 1998, - - Riddell Sports Inc. (NASDAQ: RIDL)
today announced that its shoe licensee, Pursuit Athletic Footwear Inc., has
sold its assets to a subsidiary of Enterprise Capital Group.
Enterprise indicated it plans to instill new management while maintaining
Ernie and Harry Wood, founders of Pursuit Athletic Footwear, on a consulting
basis. Enterprise Capital Group is a diversified, privately owned company
with 1997 revenues exceeding $250 million. Enterprise Capital is an
affiliate of Enterprise Rent-A-Car Company.
David Mauer, Riddell's Chief Executive Officer, commenting on this event,
said, "I am excited to have Enterprise Rent-A-Car Company as a business
partner. Their management team has an impressive entrepreneurial record in
various businesses, and I am pleased they have chosen to apply their talents
to marketing Riddell athletic shoes. We understand that management of
Enterprise intends to invest in the business and work with other Riddell
licensees to broaden consumer awareness of the Riddell brand."
As previously reported in June 1997, Riddell assigned up to $3 million of
royalties (on a present value basis) from this license to settle certain
litigation.
Riddell Sports Inc. provides institutional sporting goods and school spirit
products and services to educational and recreational organizations through
its national, direct sales force. The Company is the world's leading
manufacturer and reconditioner of football protective equipment and the
nation's leading manufacturer of uniforms and operator of camps for high
school and college cheerleaders and dance teams. The Company's consumer
products group markets miniature and full-size helmets for collectors and
licenses the Riddell and MacGregor trademarks for use on athletic footwear
and leisure apparel.
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EXHIBIT 20.2
[LETTERHEAD LOGOS]
RIDDELL SPORTS INC.
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900 THIRD AVENUE, 27TH FLOOR, NEW YORK, NEW YORK 10022 (212) 826-4300
FAX: (212) 826-5006
Contact: David Groelinger
Chief Financial Officer
VARSITY SPIRIT ANNOUNCES
EXPANDED DANCE INITIATIVE
New York, N.Y., February 9, 1998, - - Varsity Spirit, a wholly-owned
subsidiary of Riddell Sports Inc. (NASDAQ: RIDL) announced that it is
expanding its dance business and will collaborate with CS Designs to
introduce an expanded line of dance uniforms and costumes to be sold under
the Varsity label.
Varsity has a dual approach to broadening its dance business. The new line
will include products to be sold by the company's in-house, nationwide sales
force to high school and college dance teams and a new line of dance uniforms
and costumes for dance recital participants at private studios to be marketed
in coordination with Varsity's new venture, Company Dance. Company Dance
was developed by Varsity in coordination with Paula Abdul. It commenced
operations at the end of last year and runs regional dance conventions and
competitions for students from private dance studios. Paula Abdul is the
host of Company Dance's national championship to be broadcast from Disney
World on ESPN in July 1998.
The arrangement between Varsity and CS Designs brings together the nation's
leading marketer of products and services to the school spirit industry and
one of the most prominent manufacturers and designers of dance uniforms and
costumes. CS Designs has over ten years of manufacturing and design
experience and provided the costumes for this year's half-time show at the
Super Bowl, the summer Olympics and many NFL and NBA cheerleaders.
Jeff Webb, Varsity's founder and CEO said, "Our new relationship with CS
Designs, combined with our recent inauguration of Company Dance is the
platform for the company's expanded strategy in the dance market. It's a
very large market with participants from high schools, colleges and private
dance studios. Through our sales force and Company Dance we plan to expand
our marketing of dance uniforms and costumes."
Riddell Sports Inc. provides institutional sporting goods and school spirit
products and services to educational and recreational organizations through
its national, direct sales force. The Company is the world's leading
manufacturer and reconditioner of football protective equipment and the
nation's leading manufacturer of uniforms and operator of camps for high
school and college cheerleaders and dance teams. The Company's consumer
products group markets miniature and full-size helmets for collectors and
licenses the Riddell and MacGregor trademarks for use on athletic footwear
and leisure apparel.
