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 21, 2007
|
JACLYN, INC.
|
| (Exact Name of Registrant as Specified in its Charter) |
|
|
|
| Delaware |
1-5863 |
22-1432053 |
| (State or Other Jurisdiction |
(Commission |
(IRS Employer |
| of Incorporation) |
File No.) |
Identification No.) |
|
|
| 635 59TH Street |
|
|
| West New York, New Jersey |
|
07093 |
|
|
|
| (Address of Principal Executive Offices) |
|
(Zip Code) |
|
Registrant’s
telephone number, including area code: (201) 868-9400
|
Not Applicable
|
| (Former Name or 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:
 |
|
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 1.01. |
|
Entry
into a Material Definitive Agreement. |
On
June 21, 2007, Jaclyn, Inc. (the “Company”) entered into an Agreement to
Sell and Purchase Real Property dated as of June 15, 2007 with 5801 Jefferson Street, LLC
(the “Proposed Purchaser”) under which the Company agreed to sell to the
Proposed Purchaser the Company’s former executive offices and warehouse facility, as
well as two adjacent lots, located in West New York, New Jersey.
The
proposed purchase price is $8,000,000, the substantial portion of which is payable at
closing. The closing of the sale is scheduled for October 15, 2007, although the Proposed
Purchaser has the right to extend the closing date for two separate 4-month periods, in
each case upon payment of an extension fee. The Proposed Purchaser also has the right, for
a 60-day period after the agreement date, to terminate the agreement under certain
circumstances based on its environmental due diligence of the properties to be sold. The
closing is contingent on the Proposed Purchaser’s receipt of governmental approvals
required for the construction of residential, multi-family housing consisting of 150
residential units, as well as a number of other contingencies and conditions, including
the receipt of acquisition and construction loan commitments.
On
June 21, 2007, the Company issued a press release relating to the Agreement to Sell and
Purchase Real Property described above in Item 1.01 of this Current Report on Form 8-K. A
copy of that press release is attached to this Current Report on Form 8-K as Exhibit 99.01
and is incorporated by reference herein.
| Item 9.01. |
|
Financial
Statements and Exhibits. |
| |
|
(a) |
|
Financial
Statements of Businesses Acquired. Not Applicable. |
| |
|
(b) |
|
Pro
Forma Financial Information. Not Applicable. |
| |
|
(c) |
|
Shell
Company Transactions. Not Applicable. |
| |
10.01 |
|
Agreement
to Sell and Purchase Real Property with 5801 Jefferson
Street, LLC dated as of June 15, 2007
between the Company and 5801 Jefferson
Street, LLC. |
| |
99.01 |
|
Press
Release of the Company dated June 21, 2007. |
SIGNATURES
Pursuant
to the requirements of Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 25, 2007
|
JACLYN, INC.
By: /s/ Anthony Christon
Anthony Christon, Chief Financial Officer
|
EXHIBIT INDEX