SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 22, 1999
TIFFANY & CO.
(Exact name of Registrant as specified in its charter)
Delaware 1-9494 13-3228013
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification Number)
727 Fifth Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 755-8000
Item 5. Other Events.
On November 22, 1999, Registrant issued the following press release
announcing that it has purchased the land and building housing its flagship
store at Fifth Avenue and 57th Street, New York City, for a purchase price of
$94 million in cash:
NEW YORK, November 22,1999 - Tiffany & Co. (NYSE-TIF) today announced
it has purchased the land and building housing its flagship store at
Fifth Avenue and 57th Street, New York City, for a purchase price of
$94 million in cash.
The building, designed by Cross & Cross, was constructed especially for
Tiffany and first opened its doors for business on October 21, 1940.
Tiffany has leased the building since 1984. Its distinctive art deco
architecture, "Atlas" clock and the soaring expanse of its first floor
ceiling have all become synonymous with Tiffany. The building comprises
approximately 124,000 square feet of which 32,450 square feet are used
for retail purposes.
According to Michael J. Kowalski, President and Chief Executive
Officer, "Tiffany believes the purchase of our flagship store building
to be a strategic opportunity. The building serves as a tangible symbol
of our retailing and merchandising initiatives throughout the world. In
financial terms, the tradeoff between the cost of leasing and the cost
of ownership is not expected to have any effect upon earnings."
Tiffany & Co. is the internationally renowned jewelry and specialty
retailer. Sales are made through TIFFANY & CO. stores and boutiques,
and to select retailers and distributors, in the Americas,
Asia-Pacific, Europe and the Middle East. Direct Marketing sales are
made through Tiffany's Corporate and Catalog divisions. Additional
information can be found on the Company's Web site at www.tiffany.com
and on its shareholder information line (800) TIF-0110.
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 thereunto duly authorized.
TIFFANY & CO.
BY: /s/ James N. Fernandez
_____________________________________
James N. Fernandez
Executive Vice President and
Date: November 23, 1999 Chief Financial Officer
(principal financial officer)