Current Report Filing (8-k)
March 03 2015 - 5:31PM
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
February 26, 2015
Date of Report
(Date of earliest event reported)
Corporate Resource Services, Inc.
(Exact name of registrant
as specified in its charter)
Delaware |
1-36060 |
80-0551965 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer Identification No.) |
160 Broadway 13th Floor, New York,
NY 10038
(Address of principal executive offices and
zip code)
(646)
443-2380
(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 (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 2.01 Completion of Acquisition or Disposition of Assets
On February 26, 2015, the Company entered into an agreement to sell
certain assets related to its Corporate Resource Development (“CRD”) subsidiary to the Noor Staffing Group, LLC (“Noor”).
Noor agreed to purchase the foregoing assets for approximately $7.3 million dollars payable at closing and $2.5 million payable
over the next 41 months. On February 27, 2015, the transaction was completed. CRD represented approximately $62 million of
the Company’s 2014 billings (approximately 6% of all 2014 billings).
Item 8.01. Other Events.
On February 26, 2015, Corporate Resource Services, Inc.
(the “Company”) mailed approximately 1,300 termination notices to certain customers which was incremental to the
previously mailed termination notices. The notices generally provide for the Company to continue providing services for the
next 30 days during which time we expect the customers to transition services to another provider. The customers notified on
February 26, 2015 represented approximately $270 million of 2014 billings (approximately 27% of all 2014 billings). The
aggregate termination notices mailed in 2015 represent approximately $720 million of 2014 billings (approximately 72% of all
2014 billings.)
In connection with the terminations, the Company will be closing
or consolidating related offices and eliminating selling general and administrative expenses associated with these customers after
the transition service period is completed. The cost associated with the elimination of these expenses which include lease termination
expenses, severance and other related costs cannot be estimated at this time. The Company is continuing to evaluate sales opportunities
for the balance of its businesses.
Item
9.01 Financial
Statements and Exhibits
(d) Exhibits.
None.
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
thereunto duly authorized.
Date: March 3, 2015 |
Corporate Resource Services, Inc. |
|
|
|
By: |
/s/ John P. Messina, Sr. |
|
|
Name: John P. Messina, Sr.
Title: Chief Executive Officer |
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