UNITED STATES
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
NOVEMBER 10, 1997
(DATE OF REPORT)
DELAWARE 0-20382 62-1284179
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(State or other jurisdiction Commission File Number (I.R.S. Employer
of incorporation or organization) Identification No.)
111 West 40th Street, New York, New York 10018
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(Address of principal executive offices)
212-764-4630
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(Registrant's telephone number)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Former Auditors.
(i) On November 3, 1997, the Registrant, Danskin, Inc. dismissed the
firm of Deloitte & Touche LLP ("Deloitte") as its independent auditors.
(ii) No report of the former principal accountant on the financial
statements of the Registrant for either of the past two years contained an
adverse opinion or a disclaimer of opinion, or was qualified or modified as
to uncertainty, audit scope or accounting principles.
(iii) The decision to change accountants was recommended by management
and was approved by the board of directors of the Registrant.
(iv) During the Registrant's two most recent fiscal years, and all
subsequent interim periods preceding the dismissal, there was no
disagreement with the former principle accountant on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreement, if not resolved to the
satisfaction of the former principal accountant, would have caused it to
make reference to the subject matter of the disagreement in connection with
its report.
(v) Deloitte did not advise the Registrant during the Registrant's two
most recent fiscal years or during any subsequent period preceding the
dismissal:
(a) that the internal controls necessary for the Registrant to
develop reliable financial statements did not exist;
(b) that information had come to its attention that had let it to
no longer be able to rely on management's representations, or that had
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made it unwilling to be associated with the financial statements prepared
by management;
(c) of the need to expand significantly the scope of its audit, or
that information had come it its attention during the two most recent
fiscal years or any subsequent interim period that if further investigated
might (i) materially have impacted the fairness or reliability of either a
previously issued audit report or the underlying financial statements, or
the financial statements issued or to be issued covering the fiscal periods
subsequent to the date of the most recent financial statements covered by
an audit report or (ii) have caused it to be unwilling to rely on
management's representations or be associated with the Registrant's
financial statements; or that due to accountant's dismissal, the accountant
did not so expand the scope of its audit or conduct such further
investigation; or
(d) that information had come to its attention that it had
concluded materially impacts the fairness or reliability of either: (i) a
previously issued audit report or the underlying financial statements, or
(ii) the financial statements issued or to be issued covering the fiscal
period(s) subsequent to the date of the most recent financial statements
covered by an audit report.
(B) New Auditors.
(i) On November 3, 1997, Arthur Andersen was engaged as the
Registrant's new principal accountant to audit the Registrant's financial
statements.
(ii) During the two most recent fiscal years or during the interim
period prior to engaging Arthur Andersen, neither the Registrant nor anyone
on its behalf consulted Arthur Andersen regarding either: (x) the
application of accounting principles to a specified transaction, either
completed or proposed; or (y) the type of audit opinion that might be
rendered on the Registrant's financial statements.
(iii) neither was a written report provided to the Registrant nor was
oral advice provided that Arthur Andersen concluded was an important
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factor considered by the Registrant in reaching a decision as to the
Danskin, accounting, auditing or financial reporting issue; or any matter
that was the subject of either a disagreement or an event described in
section A above.
ITEM 7. Exhibits.
None.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: November 10, 1997 Danskin, Inc.
By: /s/ Beverly Eichel
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Beverly Eichel
Executive Vice President
Chief Financial Officer
