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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 2059
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):
September 15, 1998
RIDDELL SPORTS INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-19298 22-2890400
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(State or Other (Commission IRS Employer
Jurisdiction of File Number) Identification No.)
900 Third Avenue, 27th Floor, New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 826 4300
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. OTHER EVENTS
RECENT DEVELOPMENTS
On September 15, 1998 the Company and Umbro International, Inc.
("Umbro") entered into a letter of intent for the Company or one of its
subsidiaries to sell soccer apparel, footwear, equipment and accessories
bearing the Umbroregistered trademark trademark on an exclusive basis in the
team channel in the
United States. Concurrently, Signal Apparel Company ("Signal") and Umbro
signed a letter of intent for Signal to sell on an exclusive basis in the
United States branded channel (generally speaking, retail stores) soccer
style apparel, footwear, equipment and accessories bearing the Umbro brand.
Signal and Riddell have agreed in principal to share certain marketing,
promotional and other expenses and to work together in marketing the Umbro
soccer line in the United states. Signal is the Company's licensee for
certain categories of Riddell apparel.
No assurances are given that the Company will enter into definitive
agreements with Umbro or Signal pursuant to which the Company will become
Umbro's licensee of soccer products in the team channel or that if such
agreements are entered into the Company will be successful in marketing such
licensed products and achieving the economic benefits that management
expects.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS
20.1 Press Release dated September 15, 1998 of Riddell Sports Inc.
announcing a Letter of Intent for Umbro License.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report on Form 8-K to be signed on its behalf
by the undersigned hereunto duly authorized.
RIDDELL SPORTS INC.
DATED: September 17, 1998 By: /s/ Lisa Marroni
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Lisa Marroni
Vice President
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[press release/letterhead/logo]
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 SIGNS LETTER OF INTENT
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RIDDELL TO BECOME EXCLUSIVE
UMBRO LICENSEE FOR
TEAM SOCCER PRODUCTS IN THE U.S.
New York, N.Y., September 15, 1998, - - Riddell Sports Inc. (NASDAQ: RIDL)
today announced that it had signed a letter of intent with Umbro
International, Inc. to become Umbro's exclusive licensee for branded team
soccer apparel and equipment (including footwear) in the United States,
Puerto Rico and the U.S. Virgin Islands.
Umbro, which was founded in England in 1924, is currently one of the leading
worldwide soccer brands with sales of over $500 million, and the brand is
recognized among soccer players and fans throughout the world as a superior
provider of soccer apparel and equipment.
Soccer is now played in over 190 countries and is the world's most popular
game. In the United States, where Umbro is a leading grass roots sponsor of
soccer, there are over seven million frequent participants and soccer is the
country's fastest growing team sport according to industry sources. Umbro
entered the U.S. market in 1972 and has played a significant role in the
sport's growth, consistently ranked among the leaders in soccer apparel and
equipment sales for team play.
David Mauer, Riddell's President & CEO, commented that, "Umbro is one of the
truly great authentic global sports brands. The brand has a very strong
following among soccer players and coaches in the U.S. and Umbro's retailers
have played an important role in the expanding the market for Umbro products.
We are very fortunate to have the opportunity to work with these retailers
and to market this brand alongside our leading Riddell and Varsity brands."
Mr. Mauer went on to say, "Riddell set out to become a broad supplier of
athletic game uniforms and equipment for all team sports. This fall we plan
to enter the custom uniform market covering a wide array of sports. Our
effort in this regard will devote special attention to servicing women's
athletic teams, the fastest growing segment of the team market. The Umbro
brand has a very strong following among both male and female soccer players
and is perfectly positioned to augment our entry into this vibrant sport. We
couldn't imagine a better fit with our direction in team sports."
The Company also noted that while the letter of intent provides that Riddell
will be the exclusive licensee for team apparel, equipment and footwear to
soccer specialty stores and sporting goods team dealers, Signal Apparel will
become the exclusive licensee for Umbro products to be sold in department,
sporting goods and specialty retail stores. Umbro has historically had a
significant presence in upscale retailers of active athletic apparel. Signal
and Riddell will work together to promote the brand in the U.S. The two
companies have worked together for over five years as Signal is a Riddell
licensee for certain casual athletic wear.
Riddell Sports Inc. provides institutional sporting goods and school spirit
products and services to educational and recreational organizations through
its national sales force. The Company is the world's leading manufacturer
and reconditioner of football protective equipment and the nation's leading
supplier of products and services to the school spirit industry. 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 apparel.
