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 8, 1999
SWANK, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 1 -5354 04-1886990
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification No.)
Incorporation)
6 Hazel Street
Attleboro, Massachusetts 02703
(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code): (508-222-3400)
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Item 5. Other Events.
On January 11, 1999, Swank, Inc. (the "Company") issued
a press release announcing, among other things, that the Company
has formed a joint venture with Garnier & Garnier, S.A. of San
Jose, Costa Rica and its wholly owned subsidiary, Manufacturera
J.P. Nina, S.A., for the manufacture in Costa Rica of jewelry and
belts for Swank. A copy of the press release, which is
incorporated by reference herein and made a part hereof, is filed
with this Current Report on Form 8-K as Exhibit 99.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibit.
Exhibit No. Description
99 Press Release of the Company dated January 11, 1999.
<PAGE>
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.
Date: January 13, 1999 SWANK, INC.
\s\ Christopher F. Wolf
By: _______________________
Christopher F. Wolf
Senior Vice President, Treasurer
and Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99 Press Release of the Company dated January 11, 1999.
FOR IMMEDIATE RELEASE Contact: Christopher F. Wolf
January 11, 1999 Swank, Inc.
Attleboro, MA 02703
(508) 222-3400
SWANK, INC.
ATTLEBORO, MASSACHUSETTS
SWANK, INC. ANNOUNCES FORMATION OF JOINT VENTURE IN COSTA RICA
John Tulin, President of Swank, Inc. (NASDAQ:SNKI),
announced today that the Company and Garnier & Garnier, S.A. of
San Jose, Costa Rica have formed a joint venture for the
manufacture in Costa Rica of jewelry and belts for Swank. Swank
has invested cash, equipment and inventory, which includes raw
materials for both the jewelry and belt operations. Garnier &
Garnier and its wholly-owned subsidiary, Manufacturera J.P. Nina,
S.A., have contributed the inventory and equipment of an
existing jewelry manufacturing business which has been one of
Swank's suppliers for some time.
Mr. Tulin stated that "Swank's investment in
exchange for 65% of the shares of the joint venture company,
Joyas y Cueros de Costa Rica, S.A. ("Joyas y Cueros"), represents
a major strategic initiative to improve Swank's competitive
position in the global marketplace. Initially, we intend that
Joyas y Cueros will not only continue to manufacture jewelry for
Swank, but will also replace or supplement other off-shore
sources and respond to new market opportunities as they arise.
Belt manufacturing operations should commence in mid 1999. We
feel that Swank's investment provides an outstanding opportunity
to obtain products at competitive costs while substantially
improving Swank's control over several factors important in any
sourcing arrangement, including product quality, timely delivery,
exclusivity and improved responsiveness to changes in the retail
marketplace. In determining to move forward with this project,
we were pleased that we were able to partner with the Garnier
Group, which is active in a variety of industries in Costa Rica
and provides significant local expertise. We were also quite
impressed with Costa Rica's favorable business environment, its
generally well educated work force and its relative geographic
proximity to the U.S. "
Swank manufactures and markets men's and women's
jewelry, belts and personal leather goods. The Company
distributes its products to retail outlets throughout the United
States and in numerous foreign countries. These products, which
are known throughout the world, are distributed under the names
"Geoffrey Beene", "Pierre Cardin", "Claiborne", "Kenneth Cole",
"Yves Saint Laurent", "Colours by Alexander Julian", "Swank",
"Anne Klein", "Anne Klein II" and "Guess?" among others. Swank
also manufactures jewelry and leather items for distribution
under private labels.
This press release contains certain forward looking
statements which are based upon current expectations and involve
certain risks and uncertainties. These statements and the
Company's actual results may be impacted by various factors,
risks and uncertainties, including sales patterns, general
economic and business conditions, competition, pricing, and
consumer buying trends.
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