SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): April 1,1998
HORIZON GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
MICHIGAN 1-12424 38-2559212
(State or other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
5000 HAKES DRIVE, NORTON SHORES, MICHIGAN 49441
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (616) 798-9100
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On April 1, 1998, Horizon Group, Inc. (the "Company")
consummated the transactions contemplated by the agreement
executed by the Company and Castle & Cooke, Inc. (and
certain of its affiliates) on February 1, 1998 (the
"Agreement"). The Agreement releases the Company from the
long-term lease obligations relating to its Dole Cannery
outlet center in Honolulu, Hawaii in connection with the
formation of a joint venture (the "Joint Venture") with
certain affiliates of Castle & Cooke, Inc. Pursuant to the
terms of the Agreement, Castle & Cooke Properties, Inc.,
the landlord of the project, has released the Company from
all post-closing obligations under the lease which expires
in 2045, in exchange for the Company's conveyance to the
Joint Venture of its rights and obligations under such
lease. The Company has also transferred to the Joint
Venture substantially all of the Company's economic
interest in its outlet center in Lake Elsinore, California
together with vacant property located adjacent to the
center. The Company expects to record a loss during the
first quarter of 1998 of approximately $30.0 million as a
result of the transaction. The Company holds a small
minority interest in the Joint Venture but will have no
obligation or commitment with respect to the Dole Cannery
project for the period following the closing. The Dole
Cannery outlet center will be operated after the closing by
Castle & Cooke Outlet Centers, LLC. The Company will
continue to manage the Lake Elsinore outlet center after
the closing.
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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 hereunto duly
authorized.
HORIZON GROUP, INC.
(Registrant)
By:/s/ James S. Wassel
James S. Wassel
President
Dated: April 15, 1998
