SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 27, 1997
Garment Graphics, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Minnesota
(State or Other Jurisdiction of Incorporation)
0-21270 41-1270170
(Commission File Number) (I.R.S. Employer Identification Number)
610 Business Center
9445 East River Road
Coon Rapids, MN 55433
(Address of Principal Executive Offices) (Zip Code)
612-757-8660
(Registrant's Telephone Number, Including Area Code)
2260 Woodale Drive
Mounds View, MN 55112
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Garment Graphics, Inc. (the "Company") has received a notice of default
from its principal lender, Heller Financial, Inc. As previously announced,
Garment Graphics has been unable to generate sufficient cash flow to funds its
operation, forcing it to explore various financial alternatives as well as the
sale of the business. These efforts have not been successful and management does
not believe they will be successful. As a result, the Board of Directors of
Garment Graphics has decided to cooperate with its principal lender in
voluntarily liquidating its assets. Management believes there will not be
sufficient assets to cover its other obligations. The Company has been forced to
layoff the majority of its employees.
Item 7. Financial Statements and Exhibits.
(a) Financial statements: None.
(b) Pro forma financial information: None.
(c) Exhibits: None.
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.
Dated: January 27, 1997
GARMENT GRAPHICS, INC.
By /s/ Barbara S. Remley
Barbara S. Remley, President and
Chief Operating Officer
