Iparty Corp - Current report filing (8-K)
January 03 2008 - 9:00AM
Edgar (US Regulatory)
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
January
2, 2008
Date
of
Report (Date of earliest event reported)
iPARTY
CORP.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
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000-25507
|
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76-0547750
|
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(State
or other jurisdiction
of
incorporation)
|
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(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
|
270
Bridge Street, Suite 301, Dedham, Massachusetts
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02026
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(781)
329-3952
(Registrant's
telephone number, including area code)
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))
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Item
2.01
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Completion
of Acquisition or Disposition of
Assets.
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On
January
2, 2008, iParty Corp. and its wholly-owned subsidiary, iParty Retail Stores
Corp. (together, “we” or “iParty”), completed the purchase from the franchisees
of two franchised Party City Corporation (“Party City”) retail stores in
Lincoln, Rhode Island and Warwick, Rhode Island. The purchase was
made pursuant to the Asset Purchase Agreement entered into on August 15,
2007
(the “Asset Purchase Agreement”). The aggregate consideration for the assets
purchased and related non-competition covenants was $1,350,000, plus
approximately $195,000 for associated inventory, paid in cash at closing,
on
terms and conditions specified in the Asset Purchase Agreement. Both locations
were converted into iParty stores immediately following the
closing.
The
Asset
Purchase Agreement also provides that the selling Party City franchisees
and
their affiliates will not compete with iParty in Rhode Island for a period
of
five years from closing, and will not compete with iParty within a
three-and-one-half mile radius anywhere in Massachusetts, Rhode Island, New
Hampshire, Vermont, Maine, or Connecticut for a three-year period from closing,
subject to certain terms specified more fully in the Asset Purchase
Agreement.
On
January
3, 2008, iParty issued a press release with respect to the completion of
the
purchase of the two stores and associated inventory referenced in Item 2.01
above, and the previously announced closings of its retail stores in North
Providence, Rhode Island and Auburn, Massachusetts. A copy of the
press release is attached hereto as Exhibit 99.1 and is incorporated herein
by
reference.
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Item
9.01
|
Financial
Statements and Exhibits.
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(d)
Exhibits
|
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99.1
|
Press
release of iParty Corp., dated January 3,
2008
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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.
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iPARTY
CORP.
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/s/
SAL PERISANO
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Sal
Perisano
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Chairman
of the Board and
Chief
Executive Officer
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Dated:
January 3, 2008
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|
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EXHIBIT
INDEX
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EXHIBIT
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NUMBER
|
DESCRIPTION
|
|
99.1
|
Press
release of iParty Corp., dated January 3,
2008
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