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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)
DECEMBER 22, 1999
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. 00804
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (340) 776-2010
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Item 5 - Other Events
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Little Switzerland, Inc. (the "Company") issued a press release on December
22, 1999 announcing that Nasdaq had decided to delist the Company's securities
as of the close of business that day from the Nasdaq SmallCap Market. The
Company's common stock became eligible to trade on the OTC Bulletin Board
commencing on December 23, 1999.
A copy of the Company's press release described above is attached hereto
and incorporated herein in its entirety.
Item 7 - Financial Statements, Pro Forma Financial Information and Exhibit
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(c) Exhibit
Exhibit 99.1 - Press Release of the Company, dated December 22, 1999.
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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: January 4, 2000 By: /s/ Robert L. Baumgardner
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Robert L. Baumgardner
President and 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
December 22, 1999.
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EXHIBIT 99.1
PRESS RELEASE
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CONTACTS:
Robert L. Baumgardner Mary Ellen Goodall
Little Switzerland, Inc. Walter Denby
340/776-2010 D.F. King & Co., Inc.
212/269-5550
FOR IMMEDIATE RELEASE
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LITTLE SWITZERLAND ANNOUNCES NASDAQ DECISION TO DELIST
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THE COMPANY'S SECURITIES FROM THE NASDAQ SMALLCAP MARKET
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AND TRANSFER TO THE OTC BULLETIN BOARD
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ST. THOMAS, U.S. VIRGIN ISLANDS, December 22, 1999 . . . Little
Switzerland, Inc. announced today that Nasdaq has notified the Company that,
based upon the Company's failure to meet certain continued listing requirements,
including obtaining alternative asset-based financing to pay down existing debt
and for working capital purposes, Nasdaq has delisted the Company's common stock
from the Nasdaq SmallCap Market effective as of the close of business today,
December 22, 1999. The Company's stock will be eligible to trade on Nasdaq's
OTC Bulletin Board beginning with the open of business December 23, 1999.
The Company's president and chief executive officer, Robert
Baumgardner, stated "We are disappointed with Nasdaq's decision to delist the
Company's stock. The Company has made significant progress in its
restructuring. However, because of the adverse impact of Hurricane Lenny on the
Company's business, we were unable to meet Nasdaq's continued listing
requirements in the time required."
The Company is still engaged in active negotiations with an asset-
based lender to obtain alternative financing and, at this time, anticipates
closing on a new working capital facility by the end of January 2000. The
Company is also in active negotiations with its existing lenders to extend the
terms of the forbearance agreement through January 31, 2000. In connection with
the foregoing, the Company has reduced the amount of debt owed to its existing
lenders.
As a result of Nasdaq's decision, the Company will not effectuate the
reverse stock split which was approved by the Company's stockholders at its
annual meeting held on December 21, 1999. At the annual meeting the Company's
stockholders also elected Peter R. McMullin and Kenneth W. Watson as Class II
directors, each with a term expiring at the 2002 annual meeting.
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This press release contains forward-looking statements with respect to
certain events. Forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results, performance
or achievements of the Company to differ materially from anticipated future
results, performance or achievements expressed or implied by such forward-
looking statements.
Little Switzerland, Inc. is a leading specialty retailer of brand name
watches, jewelry, crystal, china, fragrances and accessories, operating 20
stores on six Caribbean islands, and two 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.
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