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): August 21, 1998
GLENGATE APPAREL, INC.
(Exact name of registrant as specified in its charter)
New Jersey 33-72880 22-3266971
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(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation Number) Identification No.)
75 Rod Smith Place
Cranford, New Jersey 07016
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (908) 653-9100
ITEM 1 TO ITEM 4:
None.
ITEM 5:
On August 21, 1998, GlenGate Apparel, Inc. (the "Company"), a
New Jersey Corporation, announced its decision to significantly
reduce the Company's workforce and move the Company's existing
operations, and that it agreed with its primary lender to liquidate
the assets secured by the lender's loan to satisfy that obligation.
See the press release dated August 21, 1998 attached hereto as
Exhibit 99.1.
ITEM 6:
None.
ITEM 7:
Exhibits
99.1 - Press release dated August 21, 1998.
ITEM 8:
None.
ITEM 9:
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this Current Report to
be signed on its behalf by the undersigned hereunto duly
authorized.
GLENGATE APPAREL, INC.
August 25, 1998 By: /s/ Peter Culbertson
----------------------------
Peter Culbertson
President
FOR IMMEDIATE RELEASE August 21, 1998
GlenGate Apparel, Inc.
Cranford, N.J. 07016
GLENGATE APPAREL, INC. (OTC: GLNN) ANNOUNCES THIRD QUARTER
RESULTS, OFFICE AND OPERATIONS RELOCATION AND WORKFORCE REDUCTIONS.
GlenGate Apparel announced today that third quarter revenues were
$2,584,803, comparable to last year's third quarter revenues of
$2,604,887. Operating losses were $438,466 also comparable to last
year's third quarter of $383,334.
In order to eliminate as much fixed cost as possible, GlenGate
Apparel, Inc. elected to move its embroidery and warehousing
operations as well as its general office to a variable based cost
operation in Jersey City.
"Our inability to obtain additional financing coupled with a poorly
received fall line and high overhead has forced us to eliminate a
majority of our workforce and work under the strictest constraints
of our senior lender," Michael Albanese, Chief Financial Officer,
stated.
GlenGate Apparel, Inc. designs and markets classic style golf
apparel, including mens' knit cotton shirts, sweaters, slacks,
shorts, outerwear and rainwear, for sale at public and private golf
course pro shops and resorts. For more information, contact Peter
Culbertson at (908) 653-9100, Extension 7327.
Contact: Peter Culbertson
President & CEO
GlenGate Apparel, Inc.
Phone: (908) 653-9100 (x-7327)
