-----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, ETJ5l+viWXJYv2o0HvNn0wfTTD8XMTSyRc/rX7C0ZLkllh2g+gGfQXANBJCaAfYv 1DuRC9w5u4EV6tF9IlrYCg== 0000098246-10-000089.txt : 20100429 0000098246-10-000089.hdr.sgml : 20100429 20100429124240 ACCESSION NUMBER: 0000098246-10-000089 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100429 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100429 DATE AS OF CHANGE: 20100429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIFFANY & CO CENTRAL INDEX KEY: 0000098246 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-JEWELRY STORES [5944] IRS NUMBER: 133228013 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09494 FILM NUMBER: 10780138 BUSINESS ADDRESS: STREET 1: 727 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2122305321 MAIL ADDRESS: STREET 1: 727 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 8-K 1 form8k_042910.txt 8-K 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: April 29, 2010 TIFFANY & CO. (Exact name of Registrant as specified in its charter) Delaware 1-9494 13-3228013 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 727 Fifth Avenue, New York, New York 10022 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 755-8000 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)) Item 2.05. Costs Associated with Exit or Disposal Activities. On April 29, 2010, Registrant issued a press release announcing that its New York subsidiary has entered into a lease for office space to house headquarters' staff at 200 Fifth Avenue, New York, New York. In that release, Registrant provided information about (i) anticipated expenses associated with non-cancellable lease obligations in fiscal year 2011 (the year ending January 31, 2012;(ii) anticipated expenses in fiscal year 2010 and in fiscal year 2011 associated with the acceleration of depreciation and incremental rents during a transition period; and (iii) estimated future benefits over the term of the new office lease. A copy of the April 29, 2010 press release is attached hereto as Exhibit 99.1 to this Form 8-K. The information in this Current Report on Form 8-K is being furnished pursuant to Item 2.05 Costs Associated with Exit or Disposal Activities. Item 9.01. Financial Statements and Exhibits. (c) Exhibits 99.1 Press Release dated April 29, 2010. 1 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 thereunto duly authorized. TIFFANY & CO. BY: /s/ Patrick B. Dorsey ------------------------------------------ Patrick B. Dorsey Senior Vice President, General Counsel and Secretary Date: April 29, 2010 2 EXHIBIT INDEX Exhibit No. Description 99.1 Press Release dated April 29, 2010. EX-99 2 ex99_1.txt PRESS RELEASE Ex. 99.1 TIFFANY & CO. NEWS RELEASE Fifth Avenue & 57th Street Contacts: New York, N.Y. 10022 --------- James N. Fernandez (212)230-5315 Mark L. Aaron (212)230-5301 TIFFANY TO RELOCATE NEW YORK OFFICES ------------------------------------ New York, April 29, 2010 - Tiffany & Co. (NYSE: TIF) today announced that its New York subsidiary has signed a lease for office space to house headquarters' staff at 200 Fifth Avenue (at 23rd Street), a building formerly known as the International Toy Center. Currently, Tiffany's headquarters' staff is located in three separate locations in midtown Manhattan and the move, expected to occur in spring 2011, will enable Tiffany to consolidate all personnel in one location and generate occupancy savings. Michael J. Kowalski, chairman and chief executive officer, said "This is an excellent opportunity to lock in meaningful long-term savings in occupancy costs, and to gain efficiencies from housing everyone in one location. We are also pleased that the renovated 200 Fifth Avenue building, which recently celebrated its centennial, is expected to be designated a "green" office building that is LEED-certified for its environmental and energy efficient features, consistent with Tiffany's corporate sustainability philosophy." Tiffany intends to sublease its existing properties through the end of their lease terms which run through 2015, but expects to recover only a portion of its rent obligations due to current market conditions. Accordingly, the Company anticipates recording expenses of approximately $30 million in the fiscal year ending January 31, 2012; this charge is associated with those non-cancellable lease obligations. Additionally, Tiffany will incur expenses of approximately $20 million in the fiscal year ending January 31, 2011 and $5 million in the fiscal year ending January 31, 2012; these expenses are associated with the acceleration of depreciation of property and equipment and incremental rents during the transition period. Changes in market conditions may affect the total expenses ultimately recorded. After completion of the relocation, the Company estimates a future benefit of approximately $125 million over the lease term which expires in 2026; these estimated 1 savings are based on current rental costs and assumptions made regarding future potential rent increases at the existing locations. The aforementioned expenses to be incurred in the fiscal year ending January 31, 2011 were not included in the Company's earnings outlook provided on March 22. Tiffany was represented by Studley on this transaction. Company Description - ------------------- Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110. # # # 2 -----END PRIVACY-ENHANCED MESSAGE-----