J Jill Group Inc – ‘8-K’ for 5/20/96 – EX-20.1

As of:  Monday, 6/3/96   ·   For:  5/20/96   ·   Accession #:  950135-96-2448   ·   File #:  0-22480

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Dm Management Company                                  3     10K 
 2: EX-20.1     Press Release                                          2      9K 

EX-20.1   —   Press Release

EX-20.1
1st Page of 2
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 

                                                                    EXHIBIT 20.1

 4

EX-20.1
Last Page of 2
TOC
1st
Previous
Next
↓Bottom
Just 2nd

   D M   M A N A G E M E N T

FOR IMMEDIATE RELEASE                                                           
---------------------                                                           

                          Contact: Sam Shanaman, COO
                        (617) 740-2718

DM MANAGEMENT TO DISCONTINUE CARROLL REED CATALOG OPERATIONS                    
------------------------------------------------------------                    

   HINGHAM, Mass., May 20, 1996 -- DM Management Company (Nasdaq:DMMC) today
announced that the company will phase out its Carroll Reed catalog operations   
over the next several months. The Company intends to account for this as a      
discontinued operation in its financial statements for the year ended June 30,  
1996. This will result in a write-down in the range of $8 million to $9 million 
in the fourth quarter to bring the book value of the assets in line with their  
estimated fair market value.                                                    

     Carroll Reed has not strategically fit as well with our core business as we
had initially anticipated," said Gordon R. Cooke, president and chief executive 
officer. "The Carroll Reed apparel line is targeted more toward the younger,    
more price-conscious consumer. Nationally, this segment of the retail market has
been particularly affected during the past two years by a slowdown in consumer  
spending."                                                                      

Cooke continued, "The upscale segment of the market has continued to  
demonstrate growth and the performance of our Nicole Summers, J. Jill, Ltd. and 
The Very Thing! catalog concepts reflect this trend. The divestiture of Carroll 
Reed will enable us to focus our attention on and invest our resources in DM    
Management's core business of direct mail marketing to the affluent, upscale    
woman."                                                                         

As previously reported in the Company's 10-Q for the nine months ended
March 31, 1996, the Carroll Reed operations accounted for $10.0 million of DM   
Management's total revenues of $69.0 million. DM Management reported an         
operating loss of $.9 million for the nine months ended March 31, 1996, which   
included a loss of $1.0 million from the Carroll Reed operation.                

    DM Management's board of directors plans to retain an investment banker to
assist the company in the sale of the Carroll Reed assets.                      

DM Management is a national direct marketer of a broad assortment of  
classic women's apparel and accessories. The company markets its products       
primarily through the catalog titles The Very Thing!, Nicole Summers and J.     
Jill, Ltd. All titles appeal to active, affluent, well-educated women, and each 
is targeted to suit the lifestyle of a specific audience within this demographic
group.                                                                          

Winterbrook Way, Merdith, NH 03253 * (603) 279-7051 * FAX (603) 279-6297
25 Recreation Park Drive, Suite 200, Hingham, MA 02043 *
(617) 740-2718 * FAX (617) 749-8523 

5 

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		6/30/96		2					None on these Dates
Filed on:		6/3/96
For Period End:		5/20/96		2
		3/31/96		2
									List all Filings