UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 30, 2020 (
(Exact Name of Registrant as Specified in Charter)
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(Former name or former address, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 | Other Events. |
On March 24, 2020, management of G-III Apparel Group, Ltd. (“G-III”) voluntarily agreed to temporarily reduce their annual salaries, effective March 30, 2020. Morris Goldfarb, the Chairman of the Board and Chief Executive Officer of G-III, and Sammy Aaron, the Vice Chairman of the Board and President of G-III, voluntarily agreed to receive no salary other than payment by G-III of their employee contributions with respect to medical benefits and long-term disability. Wayne S. Miller, the Chief Operating Officer and Secretary of G-III, Neal S. Nackman, the Chief Financial Officer of G-III, and Jeffrey Goldfarb, Executive Vice President and a member of the Board of Directors of G-III, each voluntarily agreed to a 40% reduction in his annual salary. Effective March 30, 2020, the base annual salaries of other senior personnel will be temporarily reduced by 10% to 40%, depending upon current salary level.
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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.
G-III APPAREL GROUP, LTD. | ||
Date: March 30, 2020 | By: | /s/ Neal S. Nackman |
Name: | Neal S. Nackman | |
Title: | Chief Financial Officer | |
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