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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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Current Report
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 8, 1996
(October 31, 1996)
SAMSONITE CORPORATION
(Exact name of registrant as specified in its charter)
Commission file number 0-23214
Delaware 36-3511556
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification no.)
11200 East 45th Avenue
Denver, Colorado 80239
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 373-2000
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ITEM 5. OTHER EVENTS
On October 31, 1996, management of Samsonite Corporation (the "Company") gave
their final approval to and initiated a restructuring program to further
consolidate functions and operations in North America, Europe and the Far East,
and to reduce or eliminate certain other operations. The restructuring
activities will commence immediately and are expected to be completed by October
31, 1997. The restructuring plan includes further consolidation of hardside
luggage production to Samsonite's largest U.S. facility located in Denver, CO
from other locations in the Americas, as well as eventual consolidation of many
administrative and control functions, again primarily to Denver. The Company
will eliminate as many as 450 positions worldwide, including approximately 150
manufacturing positions and approximately 300 managerial, office and clerical
positions. Annual estimated pretax cost savings from the restructuring program
are expected to be approximately $12.7 million. A provision for the
restructuring of approximately $10.7 million will be charged to expense during
the third quarter, which ended October 31, 1996.The restructuring provision
includes a cash expense of $9.7 and a non-cash expense of $1.0 million, both on
a pretax basis.
The foregoing estimate of annual cost savings constitutes a "forward looking
statement" within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statement involves numerous assumptions, known and
unknown risks, uncertainties and other factors which may cause actual estimated
cost savings and future performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking information. Such factors include,
among other things, the following: achieving estimated staff reductions while
maintaining workflow in the functional areas affected; general economic and
business conditions; and competition.
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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 8, 1996 Samsonite Corporation
by: /s/ Thomas R. Sandler
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Name: Thomas R. Sandler
Title: Chief Financial Officer
