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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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)
May 4, 1998
LITTLE SWITZERLAND, INC.
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(Exact name of registrant as specified in charter)
Delaware 0-19369 66-0476514
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
161-B Crown Bay Cruise Ship Port, St. Thomas, U.S.V.I. 00802
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (809) 776-2010
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Item 5 - Other Events
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Little Switzerland, Inc. (the "Company") announced on May 4, 1998 that it
had received correspondence from Destination Retail Holdings Corporation's
("DRHC") counsel indicating that DRHC's financing commitment letters from DLJ
Bridge Finance, Inc. and Donaldson, Lufkin & Jenrette, Inc. (collectively,
"DLJ") had terminated on April 30, 1998 in accordance with their terms and that
DLJ, at this particular time, did not intend to extend or renew the commitment
letters. DRHC informed the Company that DHRC is continuing to work with DLJ to
obtain the financing necessary to consummate the proposed merger between the
Company and DRHC (the "Merger"). As previously announced, the Company will hold
a Special Meeting of Stockholders on May 8, 1998 to consider and vote upon a
proposal to approve the Merger.
Item 7 - Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
Exhibit 99.1 - Press Release of Little Switzerland, Inc., dated May 4,
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.
LITTLE SWITZERLAND, INC.
Date: May 5, 1998 By: /s/ John E. Toler, Jr.
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John E. Toler, Jr.
Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
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Exhibit 99.1 - Press Release of Little Switzerland, Inc., dated May 4, 1998.
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Exhibit 99.1
[D.F. King & Co., Letterhead]
Press Release
CONTACTS:
Jeffrey H. Cohen
Wasserstein Perella & Co., Inc.
212/969-2715
Mary Ellen Goodall
Walter A. Denby
D.F. King & Co., Inc.
212/269-5550
FOR IMMEDIATE RELEASE
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LITTLE SWITZERLAND ADVISED OF EXPIRATION
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OF FINANCING COMMITMENTS
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SPECIAL MEETING OF STOCKHOLDERS CONFIRMED FOR MAY 8
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ST. THOMAS, U.S. VIRGIN ISLANDS, May 4, 1998--Little Switzerland, Inc.
(NASDAQ:LSVI) today announced that it had received correspondence from
Destination Retail Holdings Corporation's counsel indicating that Destination's
financing commitment letters from DLJ Bridge Finance, Inc. and Donaldson, Lufkin
& Jenrette, Inc. (collectively, "DLJ") had terminated on April 30, 1998 in
accordance with their terms and that DLJ, at this particular time, did not
intend to extend or renew the commitment letters. Destination informed Little
Switzerland that Destination is continuing to work with DLJ to obtain the
financing necessary to consummate the proposed merger between Little Switzerland
and Destination. As previously announced, Little Switzerland will hold a Special
Meeting of Stockholders on May 8, 1998 to consider and vote upon a proposal to
approve the merger between Little Switzerland, Inc. and Destination Retail
Holdings Corporation.
Little Switzerland, Inc. is a leading specialty retailer of exclusive brand
name watches, jewelry, crystal, china, fragrances and accessories, operating 24
stores on ten Caribbean islands, and three stores in Alaska cruise ship
destinations. The Company's primary market consists of vacationing tourists
attracted by free-port pricing, duty-free allowances and a wide variety of high
quality merchandise.
