Hot Topic 8-K 2005
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 15, 2005
Hot Topic, Inc.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (626) 839-4681
(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):
Item 1.01 Entry into a Material Definitive Agreement.
On June 15, 2005, we entered into a purchase and sale agreement with Crescent Resources, LLC, pursuant to which we agreed to purchase (in the name of our wholly-owned subsidiary Hot Topic Tennessee, Inc.) a building and related land in LaVergne, Tennessee for $14,260,000 in cash. The building, which we are currently leasing from Crescent pursuant to a lease agreement dated June 1, 2004, consists of approximately 300,000 square feet of office and warehouse space. We are purchasing the building and related land through the exercise of a purchase option that was granted to us by Crescent in our lease agreement. The building and land comprise our second distribution center, which we are opening to complement our existing distribution center in City of Industry, CA.
Under the purchase and sale agreement, we are entitled to investigate the building and related land until August 15, 2005. The closing of the purchase and sale will occur on a mutually acceptable date within 15 days after the expiration of the investigation period, or on such earlier date that we may select. However, if we are not satisfied with the results of our investigation or if we otherwise determine that the building and related land is not acceptable, we may terminate the purchase and sale agreement, at which time the exercise of our purchase option will be of no further force or effect.
The foregoing description of the purchase and sale agreement is qualified in its entirety by reference to the purchase and sale agreement, a copy of which is attached hereto as Exhibit 99.1 and is hereby incorporated by reference into this Item 1.01.
Item 9.01 Financial Statements and Exhibits.
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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.
Date: June 20, 2005
INDEX TO EXHIBITS