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):
August 22, 2007
UNIFI, INC.
(Exact name of registrant as specified in its charter)
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| New York
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1-10542
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11-2165495 |
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(Commission File Number)
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(IRS Employer Identification No.) |
7201 West Friendly Avenue
Greensboro, North Carolina 27410
(Address of principal executive offices, including zip code)
(336) 294-4410
(Registrant’s telephone number, including area code)
Not Applicable
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
TABLE OF CONTENTS
ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
On August 22, 2007, Unifi, Inc. (the “Registrant”) issued a press release announcing the
reorganization of its corporate staff and manufacturing support functions (the “Reorganization”).
The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In
connection with the Reorganization, management has committed to a plan of termination that involves
the termination of approximately 25 employees. Management estimates that the aggregate charge
associated with the Reorganization will be approximately $800,000, which represents the
Registrant’s future cash expenditure for severance benefits. In addition, severance charges of
$400,000 from a prior reorganization and $2.4 million from the termination of the former Chief
Executive Officer will be recognized in the first quarter of fiscal 2008 resulting in total
severance charges of $3.6 million.
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| ITEM 5.02. |
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DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS. |
As a result of the Reorganization, effective August 22, 2007, Benny L. Holder, the
Registrant’s Vice President and Chief Information Officer, was terminated from his position. The
Registrant and Mr. Holder are currently negotiating a severance arrangement that will be disclosed
at a later date.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
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| EXHIBIT NO. |
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DESCRIPTION OF EXHIBIT |
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99.1 |
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Press Release issued on August 22, 2007 by the Registrant |