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): April 2, 2020
Zumiez Inc
(Exact Name of Registrant as Specified in Charter)
| Washington | 000-51300 | 91-1040022 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 4001 204th Street SW, Lynnwood, WA 98036 |
| (Address of Principal Executive Offices) (Zip Code) |
(425) 551-1500
(Registrant's telephone number, including area code)
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)) | |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | ZUMZ | Nasdaq Global Select |
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) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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 April 2, 2020, Zumiez Inc. (the “Company”) issued a press release to provide a business update related to novel coronavirus (COVID-19). A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
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.
| Zumiez Inc | ||
| Date: April 3, 2020 | By: | /s/ Chris K. Visser |
| Chris K. Visser | ||
| Chief Legal Officer & Secretary | ||
EXHIBIT 99.1
ZUMIEZ INC. PROVIDES CORONAVIRUS RELATED BUSINESS UPDATE
LYNNWOOD, Wash., April 02, 2020 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today provided a business update in response to the continued impact from novel coronavirus (COVID-19).
With the well-being of its employees, customers and the general public in mind, all Zumiez stores in the U.S. and Canada as well as the Company’s Blue Tomato stores in Europe and Fast Times stores in Australia will remain closed until further notice. The Company will continue to follow the guidance of local, state and federal governments, as well as health organizations, to determine when it can safely reopen its stores in each jurisdiction in which it operates. During this time the Company continues to serve its customers in these regions through its ecommerce websites at Zumiez.com, Zumiez.ca, blue-tomato.com and fasttimes.com.au.
The Company ended fiscal 2019 with over $250 million in cash and no debt. During this difficult time the Company continues to support its full-time workforce either directly or through partnership with local governmental programs to the greatest extent possible. The Company views its work force as a core element of its brand and culture and critical to getting its operations up and running as quickly as possible. The Company has also identified numerous measures to reduce expense and preserve cash, including:
- Suspending hiring, laying off virtually all of our part-time staff, eliminating substantially all planned fiscal 2020 bonuses and delaying majority of merit raises,
- Lowering operating costs, including travel, marketing and other non-essential items,
- Reducing capital spend by delaying or cancelling select projects,
- Reducing planned inventory receipts by cancelling or delaying orders,
- Suspending rent payments while we negotiate rent relief with our landlords and delaying or canceling planned new store openings,
- Extending payment terms for both merchandise and non-merchandise vendor invoices and
- Pausing its share repurchase program until there is more visibility to store openings.
About Zumiez Inc.
Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of February 29, 2020 we operated 718 stores, including 607 in the United States, 52 in Canada, 48 in Europe and 11 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com, blue-tomato.com and fasttimes.com.au
Company Contact:
Darin White
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337
Investor Contact:
ICR
Brendon Frey
(203) 682-8200