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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): January 12, 1999
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Cole National Group, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 33-66342 34-1744334
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
5915 Landerbrook Drive, Mayfield Heights, Ohio 44124
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (440) 449-4100
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Item 5. Other Events.
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Cole National Corporation issued a press release on January 12, 1999,
a copy of which is filed as Exhibit 99.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits.
99 Press Release dated January 12, 1999, from Cole
National Corporation.
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SIGNATURE
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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.
COLE NATIONAL GROUP, INC.
Date: January 12, 1999 By: /s/Wayne L. Mosley
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Vice President
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EXHIBIT INDEX
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Pagination by
Sequential Numbering
Exhibit Description of Exhibit System
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99 Press Release dated January 12, 1999, 5
from Cole National Corporation.
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THINGS REMEMBERED POSTS
STRONG HOLIDAY SEASON SALES
Cleveland, Ohio, January 12, 1999 -- Cole National Corporation
(NYSE:CNJ), the leading vision care and personalization retailer reported that
Things Remembered's holiday season comparable store sales increased 7.3% The
strong sales performance in November and December was driven by the success of
the holiday catalog, seasonal merchandise, the sale of additional
personalization and new marketing programs.
In the seasonal area, the Collectible Ornament Program surpassed
management's expectations, led by a virtual sell-through of the initial offering
of the exclusive "Make-A-Wish" Foundation ornament. Make-A-Wish and Things
Remembered working together in 1998, created and marketed the first ornament in
what is expected to become an annual offering. Things Remembered and Cole
National, will donate in excess of $100,000 from the proceeds of the ornament
sales to the Make-A-Wish Foundation.
Historically, November and December are the two slowest sales months of
the year in the optical business. Nevertheless, overall comparable store sales
had a mid-single digit increase, led by the host-based business with Pearle
company-owned stores slightly negative.
The Company has previously announced that it intends to take
restructuring and other charges of approximately $25 million associated with
revising the Pearle Vision operating model and other matters. These charges will
be reflected in the fourth quarter of 1998. The pretax charges are associated
with severance and retention costs, consulting fees, facilities consolidation
and relocation costs as well as the write-down of assets, including inventory in
the range of $5 to $8 million.
Cole National, including Pearle franchisees, has more than 2,800
locations in the United States, Canada , Puerto Rico and the Virgin Islands, as
well as a 24% investment in Pearle Europe, which has 509 optical stores in the
Netherlands, Belgium, Germany and Austria.
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The Company's plans and beliefs concerning the future contained in this
press release are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Actual results with respect to these
matters may differ materially from those forecast due to a variety of factors
that can adversely affect the Company's operating results, liquidity and
financial condition such as risks associated with the timing and achievement of
the restructuring of the optical business and related charges, the
implementation of its store acquisition and opening program, and other factors
described in the Company's SEC filings.
