UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):
November 30, 2004 (November 23, 2004)
Innovo Group Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
0-18926 11-2928178
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(Commission File Number) (IRS Employer Identification No.)
5804 East Slauson Avenue, Commerce, California 90040
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(Address of Principal Executive Offices) (Zip Code)
(323) 725-5516
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(Registrant's Telephone Number, Including Area Code)
N/A
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(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 (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 8.01 Other Activities
On November 23, 2004, the Registrant's Board of Directors authorized
and approved management's plan to dispose of the remaining assets of its craft
and accessories subsidiary, Innovo Inc. Management's plan of disposal includes
the sale of the craft assets, including its relationships with its craft
customers and remaining craft inventory. As previously discussed in its
Quarterly Report on Form 10-Q for the nine months ended August 28, 2004 filed
with the Securities and Exchange Commission on October 12, 2004, the Registrant
has terminated its remaining accessories licenses for Fetish(TM) and Bongo(R)
branded accessories and ceased taking orders for its private label accessories.
This approval by the Registrant's Board of Directors to discontinue craft and
accessory operations is consistent with and furthers the Registrant's previously
disclosed intentions to focus its principal business activities in branded and
private label denim and denim related apparel.
At the time of the filing of this Current Report on Form 8-K,
management has not entered into any material definitive agreement regarding the
sale or disposal of the Innovo Inc. assets.
The Registrant undertakes to amend this Current Report on Form 8-K upon
the occurrence of events associated with the sale or disposal of Innovo Inc.'s
assets.
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SIGNATURES
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.
INNOVO GROUP INC.
(Registrant)
Date: November 30, 2004 By: /s/ Samuel J. Furrow, Jr.
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Samuel J. Furrow, Jr.
Chief Executive Officer and Director
(Principal Executive Officer)
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