UNITED STATES
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): May 15, 2020
WEYCO GROUP, INC.
(Exact name of registrant as specified in its charter)
| Wisconsin | 0-9068 | 39-0702200 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
333 W. Estabrook Blvd. P. O. Box 1188 Milwaukee, WI |
53201 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (414) 908-1600
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock - $1.00 par value per share | WEYS | The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01 Other Events
The following information is being filed under Item 8.01 of Form 8-K:
On May 15, 2020, J.C. Penney Company, Inc. and affiliated entities (“JCP”) filed for bankruptcy protection under Chapter 11 of U.S. Bankruptcy Code. Weyco Group, Inc. (the “Company”) has an outstanding receivable balance with JCP totaling approximately $3.3 million. While the ultimate resolution of the bankruptcy proceedings and collectability of the receivable are not known at this time, it is likely the Company will incur a loss with respect to all or a significant portion of the receivable.
Forward-Looking Statements
This report contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of Weyco Group to be materially different from any future results expressed or implied by such forward-looking statements, including, but not limited to, the ultimate outcome of JCP’s bankruptcy proceedings. Weyco Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
* * * * *
Signature
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: May 21, 2020 | WEYCO GROUP, INC. | |
| /s/ John Wittkowske | ||
| John Wittkowske | ||
| Senior Vice President/CFO | ||