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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): June 2, 2008
HAMPSHIRE GROUP, LIMITED
(Exact name of Registrant as specified in its charter)
Delaware 000-20201 06-0967107
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
1924 Pearman Dairy Road Anderson, South Carolina 29625
(Address of principal executive offices) (Zip code)
(864) 231-1200
(Registrant's telephone number including area code)
Not applicable
(Former name and 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 (see General Instruction A.2. below):
[ ] 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))
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Item 2.05. Costs Associated with Exit or Disposal Activities.
As previously disclosed in Hampshire Group, Limited's (the "Company") quarterly
report on Form 10-Q for the period ended March 29, 2008, due to the continued
weak retail environment, management undertook an evaluation of the Company's
selling, general, and administrative expenses during the second quarter of 2008.
The result of this evaluation was the initiation of a restructuring and cost
reduction plan on May 2, 2008 that involves a net reduction of approximately 32
employees or 14% of the Company's workforce in the United States and includes
the consolidation and relocation of some of its operations, which will lead to
the closing of its Hauppauge, NY office. In addition to the reduction in
workforce, the restructuring and cost reduction plan will eliminate certain
non-payroll expenses. The centralization of the Company's women's divisions into
one office in New York, the expanded capabilities of its Hong Kong based
subsidiary, and the consolidation of certain back office functions into its
South Carolina office will help facilitate the implementation of the plan. The
restructuring and cost saving plan's impact on an annualized basis is estimated
to be approximately $3.0 million with one-time costs of approximately $0.8
million, consisting mostly of one-time termination benefits, that will be
recognized subsequent to March 29, 2008. As of June 2, 2008, the implementation
of the restructuring and cost reduction plan is substantially complete.
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, thereunto duly authorized.
HAMPSHIRE GROUP, LIMITED
By: /s/ Jonathan W. Norwood
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Name: Jonathan W. Norwood
Title: Vice President, Treasurer and
Chief Financial Officer
Dated: June 2, 2008