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:
April 1, 1998
DESIGNS, INC.
(Exact Name of registrant as specified in its charter)
Delaware 0-15898 04-2623104
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
66 B Street, Needham, Massachusetts 02194
(Address of principal executive offices) (Zip Code)
(781) 444-7222
(Registrant's telephone number, including area code)
Item 5. Other Events
A. As previously announced, Designs, Inc. (the "Company") entered into
a Credit Agreement dated as of December 10, 1997 (the "Credit Agreement")
between the Company and BankBoston, N.A. ("BankBoston"). Effective January 31,
1998, the Company and BankBoston entered into a First Amendment to Credit
Agreement, a copy of which is attached as Exhibit 10.1 hereto.
B. On March 31, 1998, the Company received a federal income tax refund
in the amount of approximately $12.7 million for the Company's fiscal year
ended January 31, 1998 ("Fiscal 1997") relating to losses incurred during
Fiscal 1997 and which were carried back against federal income taxes paid by
the Company in prior fiscal years.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
Exhibit 10.1 First Amendment to Credit
Agreement, dated as of January 31, 1998,
between Designs, Inc. and BankBoston, N.A.
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.
DESIGNS, INC.
Date: April 1, 1998 By: /s/ Scott N. Semel
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Scott N. Semel,
Executive Vice President,
General Counsel and Secretary