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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:
DECEMBER 31, 1998
(Date of Earliest Event Reported)
CYRK, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-21878 04-3081657
(Commission File Number) (I.R.S. Employer Identification No.)
3 POND ROAD, GLOUCESTER, MA 01930
(Address of Principal Executive Offices)
(Zip Code)
(978) 283-5800
(Registrant's Telephone Number, Including Area Code)
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Item 5: OTHER ITEMS.
On December 31, 1998, Cyrk, Inc. ("Cyrk" or the "Company") issued a
press release that announced Patrick D. Brady had been named chief executive
officer of Cyrk, as part of the Company's strategic reorganization. Brady said
that he will announce additional organizational changes within the next several
weeks. Brady will retain his current duties as Cyrk's president and chief
operating officer. Cyrk initiated a major restructuring in February of 1998,
focusing its efforts in the promotional marketing area and shedding
non-performing units in other industries.
Gregory P. Shlopak resigned from the Company effective December 31,
1998 to become co-chairman of Equity Enterprises, Inc., a New York city-based
firm which holds controlling and other interests in companies in various
industries. Equity Enterprises' co-chairman Louis Marx, Jr. resigned as a
director of Cyrk effective December 31, 1998. Mr. Shlopak will continue as a
director of Cyrk and provide consulting services to the Company.
The Company entered into an agreement with Mr. Shlopak, attached
hereto as EXHIBIT 10.1, for which it will record a $2,300,000 non-recurring,
pre-tax charge in the fourth quarter of 1998. The agreement provides for
payments and benefits to Mr. Shlopak payable over a three year period, and
includes a non compete covenant for two years.
In addition, Cyrk, Inc. files herewith as EXHIBIT 99.1 its Amended
Cautionary Statement For Purposes of the "Safe Harbor" Provisions of the Private
Securities Litigation Reform Act of 1995 which amends and supersedes its Amended
Cautionary Statement For Purposes of the "Safe Harbor" Provisions of the Private
Securities Litigation Reform Act of 1995 filed as EXHIBIT 99.3 with its Form
10-K, dated March 30, 1998.
Item 7: FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
EXHIBIT 10.1 Severance Agreement between Cyrk, Inc. and Gregory
Shlopak.
EXHIBIT 99.1 Amended Cautionary Statement For Purposes of the
"Safe Harbor" Provisions of the Private Securities
Litigation Reform Act of 1995.
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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 hereunto duly authorized.
CYRK, INC.
By: /s/ Dominic F. Mammola
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Dominic F. Mammola
Date: January 20, 1999 Chief Financial Officer