-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pgi1famG7A1R7lzlq6pOb4AxjSwJZ2qxgHYHyShw12bwtBHzd0iUJNqAnKm/Qp7S hgLNNmpF67HkAQ7bJDHPhw== 0001056590-99-000034.txt : 19990928 0001056590-99-000034.hdr.sgml : 19990928 ACCESSION NUMBER: 0001056590-99-000034 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990927 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DESIGNS INC CENTRAL INDEX KEY: 0000813298 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 042623104 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: SEC FILE NUMBER: 000-15898 FILM NUMBER: 99717979 BUSINESS ADDRESS: STREET 1: 66 B STREET CITY: NEEDHAM STATE: MA ZIP: 02494 BUSINESS PHONE: 7814447222 MAIL ADDRESS: STREET 1: 66 B STREET CITY: NEEDHAM STATE: MA ZIP: 02494 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JEWELCOR MANAGEMENT INC CENTRAL INDEX KEY: 0001056590 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 232331228 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: 100 N WILKES BARRE BLVD CITY: WILKES BARRE STATE: PA ZIP: 18702 BUSINESS PHONE: 5708226277 MAIL ADDRESS: STREET 1: 100 N WILKES BARRE BLVD CITY: WILKES BARRE STATE: PA ZIP: 18702 DFAN14A 1 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the registrant [_] Filed by a party other than the registrant [X] Check the appropriate box: [_] Preliminary proxy statement [_] Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2) [_] Definitive Proxy statement [_] Definitive additional materials [X] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12 DESIGNS, INC. (Name of Registrant as Specified in its Charter) JEWELCOR MANAGEMENT, INC. (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of filing fee (Check the appropriate box): [X] No fee required. [_] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: [_] Fee paid previously with preliminary materials. [_] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount previously paid: (2) Form, schedule or registration statement no.: (3) Filing party: (4) Date filed: FOR IMMEDIATE RELEASE Contact: James R. Verano (570) 822-6277, ext. 15 John J. Schultz (207) 397-3391 Prominent Retailer to Head Designs, Inc. if New Board is Elected WILKES-BARRE, Pa., Sept. 27, 1999... Jewelcor Management, Inc. ("JMI"), a 9.9% shareholder of Designs, Inc. (Nasdaq: DESI) ("Designs"), stated today that one of its nominees for the Board of Directors, John J. Schultz, has agreed to become the acting Chief Executive Officer if JMI's slate of directors is elected by Designs' shareholders. Mr. Schultz is a nationally known and highly respected retailer, who previously served as Executive Vice President and General Merchandise Manager for Bloomingdale's Department Stores and Sanger Harris Department Stores, both are divisions of Federated Department Stores. Mr. Schultz was also the President and CEO of B. Altman and Company, and has served as President of the National Retail Federation, the world's leading retail trade association. During his retail career, Mr. Schultz has had a 25 year relationship with Levi Strauss & Co., and has been well known by its senior management. Mr. Schultz stated, "Levi Strauss is no doubt the preeminent apparel line in the world, and I am very excited about the potential of this business. If JMI's slate of directors is elected, I would be happy to take over as acting CEO, and assist in recruiting the best qualified talent available to attempt to get the company back on track and regain its former profitability. The factory outlet business is a very viable form of retailing that offers great value to its customers and performs a vital service to manufacturers." Mr. Schultz also stated, "The composition of JMI's slate of nominees offers broad experience for a company in the retail industry, which could most certainly assist in turning this company around. I know of the outstanding reputations of Joseph Pennacchio, former President of Jordan Marsh and of Jeremiah Murphy, who was previously a Regional Vice President of Neiman Marcus, and is currently the President of the Harvard Coop, a 117 year old member based retail business serving the needs of Ivy League students. "I am puzzled by the tens of millions of dollars the company has lost from store closings and payments to landlords. This is in contrast to my experience, which has been to profit from valuable leases by assigning or subletting them, or getting the landlord to "buy back" the lease. There is an old saying in the retail business that one of the most important ingredients is location. The real estate expertise of Robert Patron, also a nominee, who has owned 65 shopping centers, would be extremely important in the negotiation of lease terms, in respect to both new leases and extricating themselves from old ones. Furthermore, it should be easy to efficiently liquidate inventory at cost or better and raise a substantial amount of cash in connection with any store closing." JMI's slate of distinguished nominees have already had serious discussions with three extremely well qualified CEO candidates who have many years of experience with Levi Strauss/Dockers brands, as well as experience in retail factory outlet stores. Jack Schultz will be in charge of the search team's activities in recruiting a new CEO. Mr. Schultz also stated, "should JMI's slate be elected as directors, we will do all that is necessary to have Levi Strauss' approval before making a final decision regarding the candidate." -----END PRIVACY-ENHANCED MESSAGE-----