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
Date of Report (Date of earliest event reported):
September 6, 1996
SUPREME INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA 0-21764 59-1162998
State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
7495 N.W. 48TH STREET, MIAMI, FLORIDA 33166
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 592-2830
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 6, 1996, Supreme International Corporation
("Supreme") consummated the acquisition of certain assets (the "Assets") of
Munsingwear, Inc., a Delaware corporation ("Munsingwear"), related to
Munsingwear's business of designing, sourcing, producing and distributing shirts
and other apparel products to retailers and professional golf shops utilizing
various trademarks and trade names (the "Business"). The acquisition was
consummated pursuant to the terms of a May 22, 1996 Purchase and Sale Agreement
(the "Agreement") between Supreme and Munsingwear, a 110 year-old men's apparel
manufacturer. The Assets acquired by Supreme pursuant to the Agreement consisted
primarily of trade names; customer lists and records; rights under license
agreements; advertising materials; archives and disks; the name "Munsingwear";
business records; copyrights and sourcing rights.
The purchase price for the Assets was approximately $18.4
million (the "Purchase Price") which was paid in full at closing. The Purchase
Price was determined as a result of negotiations between Supreme and
Munsingwear. The acquisition was financed from borrowings under Supreme's
existing revolving credit facility with NationsBank, N.A.
At closing, Supreme also entered into a license agreement with
Munsingwear, which changed its name to Premium Wear, pursuant to which Supreme
granted Munsingwear the right to use certain of the former Munsingwear
trademarks in connection with Munsingwear's manufacture, marketing and sale of
certain apparel products, including certain knit shirt products and pant
products, through the advertising specialty incentive market, specialty
distributor market and uniform market. The license expires with respect to knit
shirt products on September 6, 2016, and with respect to pant products on
September 6, 2001.
The foregoing summary of the acquisition is qualified in its
entirety by reference to the Agreement, a copy of which is included as an
exhibit to Supreme's Quarterly Report on Form 10-Q for the quarter ended April
30, 1996 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of businesses acquired.
(b) Pro-forma financial information.
Because it is impracticable at this time to supply
the financial statements and pro-forma financial information required by this
Item, these materials will be filed on or before November 20, 1996, which date
is no later than 60 days after the date on which this Form 8-K must be filed
with the Commission.
(c) Exhibits
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1. Purchase and Sale Agreement dated May 22, 1996 between
Supreme International Corporation and Munsingwear, Inc.*
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* Incorporated by reference as Exhibit 10.24 to Supreme's Quarterly
Report on Form 10-Q for the quarter ended April 30, 1996.
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.
SUPREME INTERNATIONAL CORPORATION
By:/S/ RICHARD L. DUNN
_________________________________
Richard L. Dunn
Vice President, Finance
and Chief Financial Officer
Dated: September 18, 1996
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