Duluth Holdings Inc 8-K, filed Mar 23, 2020
Duluth Holdings Inc. (DLTH)
About this 8-K
Duluth Holdings Inc filed this 8-K on March 23, 2020, reporting on events of March 20, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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): March 20, 2020
DULUTH HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Wisconsin | 001-37641 | 39-1564801 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
201 East Front Street |
(Address of principal executive offices, including zip code) |
Registrant’s telephone number, including area code: (608) 424-1544
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(s) | Name of each exchange on which registered |
Class B Common Stock, No Par Value | DLTH | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ X ]
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. [ X ]
Item 7.01Regulation FD Disclosure
On March 20, 2020, Duluth Holdings Inc. (“Duluth Trading”) issued a press release announcing the closure of its stores nationwide and its intent to re-open as soon as conditions allow. A copy of the press release is attached as Exhibit 99.1, and is incorporated by reference herein.
The information reported in this Form 8-K, including the exhibit, is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information reported in this Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filings.
Forward Looking Information
Certain matters discussed in this Current Report on Form 8-K and related press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “believe,” “estimate,” “project,” “target,” “predict,” “intend,” “future,” “budget,” “goals,” “potential,” “continue,” “design,” “objective,” “would,” and other similar expressions. The forward-looking statements are not historical facts, and are based upon Duluth Trading’s current expectations, beliefs, estimates, and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond Duluth Trading’s control. Duluth Trading’s expectations, beliefs and projections are expressed in good faith, and Duluth Trading believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates, and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including, among others, the risks, uncertainties, and factors set forth under "Risk Factors" in the Company’s Annual Report on Form 10-K filed with the SEC on March 20, 2020, and other factors as may be periodically described in Duluth Trading’s subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. Duluth Trading assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances or other changes affecting forward-looking information except to the extent required by applicable securities laws.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | Description |
Press Release dated March 20, 2020 |
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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.
| DULUTH HOLDINGS INC. |
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Dated: March 23, 2020 | By: /s/ David Loretta |
| David Loretta Senior Vice President and Chief Financial Officer |
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EXHIBIT 99.1
![[exhibit9911.jpg]](/stocks/dlth/documents/a2fd3683-f151-4c70-9dd2-a6c01b99e7ec/asset/exhibit9911.jpg)
Duluth Holdings Provides Update Related to COVID-19
Temporarily closing all stores nationwide
Mount Horeb, WI – March 20, 2020 – Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s casual wear, workwear and accessories, today announced a business update related to COVID-19.
Steve Schlecht, Executive Chairman and Chief Executive Officer of Duluth Trading said, “The health and safety of our employees and customers is of utmost importance. What’s clear to me is that we are just at the threshold of the COVID-19 virus working its way through our society and economy. Under the guidance of local governments, we recently closed eight stores. Today we made the decision to temporarily close our remaining stores beginning tonight at 6:00 p.m. local time. Under the circumstances, there is no timeline for reopening our Duluth Trading stores, but we will do so as soon as conditions allow. Until then, please exercise every precaution for the well-being of your family, friends and neighbors.”
The Company is taking the following actions to manage through this challenging situation. Effective March 20, 2020 at 6:00 p.m. local time, the Company will close its stores nationwide and will reopen as soon as conditions allow. The Company will support sales associates with two calendar weeks of pay.
Approximately fifty percent of Duluth Trading’s sales are generated through its website and shipped directly to customers from its distribution centers. The Company plans to keep these mission-critical facilities open with heightened concern for employee health and safety. Duluth Trading remains fully committed to serving its customers 24/7 at www.duluthtrading.com.
About Duluth Trading
Duluth Trading is a rapidly growing lifestyle brand for the Modern, Self-Reliant American. Based in Mount Horeb, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience. Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and our products are sold exclusively through our content-rich website, catalogs, and “store like no other” retail locations. We are committed to outstanding customer service backed by our “No Bull Guarantee” - if it’s not right, we’ll fix it. Visit our website at www.duluthtrading.com.
Investor and Media Contact:
Donni Case (310) 622-8224
Margaret Boyce (310) 622-8247
Duluth@finprofiles.com