| (Mark One) |
|------------|
| x          |   | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|       |   |
|       | For the quarterly period ended June 30, 2010 |
|       |   |
|       | OR |
|       |   |   |
| o          |   | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|       |   |
|       | For the transition period from__________ to__________ |

|                                                                   |   |                                           |
|------------------------------------------------------------------------|--------|------------------------------------------------|
| Delaware(State or other jurisdiction of incorporation or organization) |   | 04-1886990(IRS Employer Identification Number) |
|                                                                   |   |                                           |
| 90 Park AvenueNew York, NY(Address of principal executive offices)     |   | 10016(Zip code)                                |

|   | Yes  | x |   | No | o |
|--------|-----------|---|--------|----|---|

| Large accelerated filer o |   |   | Accelerated filer o              |
|--------------------------------|--------|--------|----------------------------------|
|                           |
| Non-accelerated filer o   |   |   | Smaller reporting company x |

|   | Yes  | o |   | No | x |
|--------|-----------|---|--------|----|---|

| Title of Class               | Shares Outstanding on July 31, 2010 |
|------------------------------|-------------------------------------|
| Common Stock, $.10 par value | 5,673,910                           |

----

|                                     | Page No.                                                                                    |
|------------------------------------------|---------------------------------------------------------------------------------------------|
| Part I.  Financial Information |                                                                                        |
|                                     |                                                                                        |   |
| Item 1.                                  | Condensed Financial Statements and Related Notes                                            | 3 – 11 |
|                                     |                                                                                        |   |
| Item 2.                                  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 11 – 16 |
|                                     |                                                                                        |   |
| Item 3.                                  | Quantitative and Qualitative Disclosures about Market Risk                                  | 16 |
|                                     |                                                                                        |   |
| Item 4.                                  | Controls and Procedures                                                                     | 16 |
|                                     |                                                                                        |   |
|                                     |                                                                                        |   |
| Part II.  Other Information    |                                                                                        |
|                                     |                                                                                        |   |
| Item 6.                                  | Exhibits                                                                                    | 17 |
|                                     |                                                                                        |   |
| Signatures                               | 18                                                                                          |
|                                     |                                                                                        |   |
| Exhibit Index                            | 19                                                                                          |

----

Part I.  Financial Information

Item 1.      Financial Statements

|                                                                                        |   | (Unaudited)June 30, 2010 |   |   | December 31, 2009 |   |
|---------------------------------------------------------------------------------------------|--------|--------------------------|--------|--------|-------------------|--------|
| ASSETS                                                                                      |   |                     |   |   |              |   |   |   |   |   |   |   |
| Current:                                                                                    |   |                     |   |   |              |   |   |   |   |   |   |   |
| Cash and cash equivalents                                                                   |   |                     |   |   |              | $ 806  |   |   |   |   |   |   | $ 571 |   |
| Accounts receivable, less allowances                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |
| of $4,460 and $6,137, respectively                                                          |   |                     |   |   |              | 19,259 |   |   |   |   |   |   | 16,324 |   |
| Inventories, net:                                                                           |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |
| Work in process                                                                             |   |                     | 827    |   |              |   |   |   |   |   | 872 |   |   |   |   |   |
| Finished goods                                                                              |   |                     | 21,314 |   |              |   |   |   |   |   | 22,872 |   |   |   |   |   |
|                                                                                        |   |                     |   |   |              |   | 22,141 |   |   |   |   |   |   |   | 23,744 |   |
| Deferred taxes, current                                                                     |   |                     |   |   |              |   | 2,132 |   |   |   |   |   |   |   | 2,132 |   |
| Prepaid and other current assets                                                            |   |                     |   |   |              |   | 2,179 |   |   |   |   |   |   |   | 1,293 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total current assets                                                                        |   |                     |   |   |              |   | 46,517 |   |   |   |   |   |   |   | 44,064 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net of                                                       |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| accumulated depreciation                                                                    |   |                     |   |   |              |   | 1,127 |   |   |   |   |   |   |   | 888 |   |
| Deferred taxes, noncurrent                                                                  |   |                     |   |   |              |   | 2,252 |   |   |   |   |   |   |   | 2,252 |   |
| Other assets                                                                                |   |                     |   |   |              |   | 3,226 |   |   |   |   |   |   |   | 3,479 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                |   |                     |   |   |              |   | $ 53,122 |   |   |   |   |   |   |   | $  50,683 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                                                                                 |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Current:                                                                                    |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Note payable to bank                                                                        |   |                     |   |   |              |   | $ 8,314 |   |   |   |   |   |   |   | $              - |   |
| Current portion of long-term obligations                                                    |   |                     |   |   |              |   | 449 |   |   |   |   |   |   |   | 497 |   |
| Accounts payable                                                                            |   |                     |   |   |              |   | 5,169 |   |   |   |   |   |   |   | 9,456 |   |
| Accrued employee compensation                                                               |   |                     |   |   |              |   | 751 |   |   |   |   |   |   |   | 2,016 |   |
| Accrued royalties                                                                           |   |                     |   |   |              |   | 1,067 |   |   |   |   |   |   |   | 1,132 |   |
| Other current liabilities                                                                   |   |                     |   |   |              |   | 1,506 |   |   |   |   |   |   |   | 1,566 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total current liabilities                                                                   |   |                     |   |   |              |   | 17,256 |   |   |   |   |   |   |   | 14,667 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Long-term obligations                                                                       |   |                     |   |   |              |   | 6,652 |   |   |   |   |   |   |   | 6,432 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                                           |   |                     |   |   |              |   | 23,908 |   |   |   |   |   |   |   | 21,099 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS’ EQUITY                                                                  |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Preferred stock, par value $1.00:                                                           |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Authorized - 1,000,000 shares                                                               |   |                     |   |   |              |   | - |   |   |   |   |   |   |   | - |   |
| Common stock, par value $.10:                                                               |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Authorized - 43,000,000 shares:                                                             |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Issued – 6,429,095 shares and 6,418,789 shares, respectively                          |   |                     |   |   |              |   | 643 |   |   |   |   |   |   |   | 642 |   |
| Capital in excess of par value                                                              |   |                     |   |   |              |   | 2,478 |   |   |   |   |   |   |   | 2,322 |   |
| Retained earnings                                                                           |   |                     |   |   |              |   | 28,738 |   |   |   |   |   |   |   | 29,256 |   |
| Accumulated other comprehensive (loss), net of tax                                          |   |                     |   |   |              |   | (493 | ) |   |   |   |   |   |   | (493 | ) |
| Treasury stock, at cost, 755,185 shares and     752,489 shares, respectively |   |                     |   |   |              |   | (2,152 | ) |   |   |   |   |   |   | (2,143 | ) |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total stockholders’ equity                                                            |   |                     |   |   |              |   | 29,214 |   |   |   |   |   |   |   | 29,584 |   |
|                                                                                        |   |                     |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders’ equity                                            |   |                     |   |   |              |   | $ 53,122 |   |   |   |   |   |   |   | $  50,683 |   |

----

|                                                                    |   | 2010   |         |   | 2009   |   |
|-------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
|                                                                    |   |   |         |   |   |   |
| Net sales                                                               |   |   | $ 29,420     |   |   |   | $ 26,501 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Cost of goods sold                                                      |   |   | 20,784       |   |   |   | 18,384 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Gross profit                                                            |   |   | 8,636        |   |   |   | 8,117 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Selling and administrative expenses                                     |   |   | 8,460        |   |   |   | 7,358 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Income from operations                                                  |   |   | 176          |   |   |   | 759 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Interest expense                                                        |   |   | 107          |   |   |   | 95 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Income before income taxes                                              |   |   | 69           |   |   |   | 664 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Income tax provision                                                    |   |   | 130          |   |   |   | 263 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Net income (loss)                                                       |   |   | $  (61  | )      |   |   | $ 401 |   |
|                                                                    |   |   |         |   |   |   |   |   |
| Share and per share information:                                        |   |   |         |   |   |   |   |   |
| Basic net income (loss) per weighted average common share outstanding   |   |   | $  (.01 | )      |   |   | $  .07 |   |
| Basic weighted average common shares outstanding                        |   |   | 5,675,363    |   |   |   | 5,681,790 |   |
| Diluted net income (loss) per weighted average common share outstanding |   |   | $  (.01 | )      |   |   | $  .07 |   |
| Diluted weighted average common shares outstanding                      |   |   | 5,675,363    |   |   |   | 5,681,790 |   |

----

|                                                                    |   | 2010   |               |   | 2009   |   |
|-------------------------------------------------------------------------|--------|--------|--------------------|--------|--------|--------|
|                                                                    |   |   |               |   |   |   |
| Net sales                                                               |   |   | $  55,075     |   |   |   | $  50,472 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Cost of goods sold                                                      |   |   | 38,174             |   |   |   | 34,862 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Costs associated with termination of Style 365 agreement                |   |   | 1,492              |   |   |   | - |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Total cost of sales                                                     |   |   | 39,666             |   |   |   | 34,862 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Gross profit                                                            |   |   | 15,409             |   |   |   | 15,610 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Selling and administrative expenses                                     |   |   | 16,810             |   |   |   | 15,194 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Income (loss) from operations                                           |   |   | (1,401             | )      |   |   | 416 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Interest expense                                                        |   |   | 169                |   |   |   | 214 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Income (loss) before income taxes                                       |   |   | (1,570             | )      |   |   | 202 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Income tax provision (benefit)                                          |   |   | (1,052             | )      |   |   | 80 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Net income (loss)                                                       |   |   | $  (518       | )      |   |   | $  122 |   |
|                                                                    |   |   |               |   |   |   |   |   |
| Share and per share information:                                        |   |   |               |   |   |   |   |   |
| Basic net income (loss) per weighted average common share outstanding   |   |   | $   (.09 | )      |   |   | $   .02 |   |
| Basic weighted average common shares outstanding                        |   |   | 5,672,549          |   |   |   | 5,670,653 |   |
| Diluted net income (loss) per weighted average common share outstanding |   |   | $   (.09 | )      |   |   | $   .02 |   |
| Diluted weighted average common shares outstanding                      |   |   | 5,672,549          |   |   |   | 5,670,653 |   |

----

|                                                                                              |   | 2010   |              |   | 2009   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|-------------------|--------|--------|--------|
| Cash flows from operating activities:                                                             |   |   |              |   |   |   |
|                                                                                              |   |   |              |   |   |   |
| Net income (loss)                                                                            |   |   | $  (518      | )      |   |   | $  122 |   |
| Adjustments to reconcile net income (loss) tonet cash provided by (used in) operating activities: |   |   |              |   |   |   |   |   |
|     Depreciation and amortization                                                  |   |   | 176               |   |   |   | 191 |   |
|     Bad debt expense                                                               |   |   | 185               |   |   |   | 243 |   |
|       Stock-based compensation expense                                   |   |   | 127               |   |   |   | 126 |   |
|       Proceeds from life insurance                                  |   |   | -                 |   |   |   | 512 |   |
|                                                                                              |   |   |              |   |   |   |   |   |
| Changes in assets and liabilities                                                                 |   |   |              |   |   |   |   |   |
|     (Increase) in accounts receivable                                              |   |   | (3,120            | )      |   |   | (3,419 | ) |
|     Decrease in inventory                                                          |   |   | 1,603             |   |   |   | 7,472 |   |
|     Decrease (increase) in prepaid and other assets                                |   |   | (610              | )      |   |   | 338 |   |
|     (Decrease) in accounts payable                                                 |   |   | (4,287            | )      |   |   | (444 | ) |
|     (Decrease) in accrued royalties                                                |   |   | (65               | )      |   |   | (18 | ) |
|     (Decrease) in all other current liabilities                                    |   |   | (1,343            | )      |   |   | (492 | ) |
| Increase in long-term obligations                                                                 |   |   | 220               |   |   |   | 63 |   |
| Net cash (used in) provided by operating activities                                               |   |   | (7,632            | )      |   |   | 4,694 |   |
|                                                                                              |   |   |              |   |   |   |   |   |
| Cash flows from investing activities:                                                             |   |   |              |   |   |   |   |   |
|     Capital expenditures                                                           |   |   | (402              | )      |   |   | (41 | ) |
|     Premiums on life insurance                                                     |   |   | (36               | )      |   |   | (120 | ) |
| Net cash (used in) investing activities                                                           |   |   | (438              | )      |   |   | (161 | ) |
|                                                                                              |   |   |              |   |   |   |   |   |
| Cash flows from financing activities:                                                             |   |   |              |   |   |   |   |   |
|     Borrowing under revolving credit agreements                                    |   |   | 40,377            |   |   |   | 24,867 |   |
|     Payments of revolving credit obligations                                       |   |   | (32,063           | )      |   |   | (29,514 | ) |
|     Treasury stock received                                                        |   |   | (9                | )      |   |   | - |   |
| Net cash provided by (used in) financing activities                                               |   |   | 8,305             |   |   |   | (4,647 | ) |
|                                                                                              |   |   |              |   |   |   |   |   |
|     Net increase (decrease) in cash and cash equivalents                           |   |   | 235               |   |   |   | (114 | ) |
|                                                                                              |   |   |              |   |   |   |   |   |
|     Cash and cash equivalents at beginning of period                               |   |   | 571               |   |   |   | 343 |   |
|                                                                                              |   |   |              |   |   |   |   |   |
|     Cash and cash equivalents at end of period                                     |   |   | $  806       |   |   |   | $  229 |   |
|                                                                                              |   |   |              |   |   |   |   |   |
| Cash paid during the six months for:                                                              |   |   |              |   |   |   |   |   |
| Interest                                                                                          |   |   | $   169 |   |   |   | $   214 |   |
| Income taxes                                                                                      |   |   | $   915 |   |   |   | $   379 |   |
|                                                                                              |   |   |              |   |   |   |   |   |
|                                                                                              |   |   |              |   |   |   |   |   |
| Non-cash transactions during the period:                                                          |   |   |              |   |   |   |   |   |
| Issuance of common stock in lieu of cash compensation                                             |   |   | $ 30              |   |   |   | $  35 |   |
|                                                                                              |   |   |              |   |   |   |   |   |
|                                                                                              |   |   |              |   |   |   |   |   |

----

| (1) | Basis of Presentation.  The unaudited information furnished herein reflects all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary to present a fair statement of the results for the periods ended June 30, 2010 and 2009. The financial information contained herein represents condensed financial data and, therefore, does not include all footnote disclosures required to be included in financial statements prepared in conformity with generally accepted accounting principles.  Footnote information was included in the financial statements included in the Company’s 2009 Annual Report on Form 10-K. The condensed financial data included herein should be read in conjunction with the information in the Annual Report.  The results of operations for the six months ended June 30, 2010 may not be indicative of the results that may be expected for the year ended December 31, 2010 or any other period. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Net Income (Loss) per Share.  The following table sets forth the computation of the net income (loss) per share for the periods ended June 30, 2010 and June 30, 2009 (in thousands, except for share and per share data): |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                       |   | Three Months   |         |   | Six Months     |   |
|------------------------------------------------------------------------------------------------------------|--------|----------------|--------------|--------|----------------|--------|
|                                                                                                       |   | Ended June 30, |         |   | Ended June 30, |   |
|                                                                                                       |   | 2010           |         |   | 2009           |   |   | 2010 |   |   | 2009 |   |
| Numerator:                                                                                                 |   |           |         |   |           |   |   |   |   |   |   |   |
| Net income (loss)                                                                                          |   |           | $  (61  | )      |           |   | $  401 |   |   |   | $  (518 | ) |   |   | $  122 |   |
| Denominators:                                                                                              |   |           |         |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Shares used in computing basic net income (loss) per weighted average common share outstanding             |   |           | 5,675,363    |   |           |   | 5,681,790 |   |   |   | 5,672,549 |   |   |   | 5,670,653 |   |
| Effect of dilutive securities                                                                              |   |           | -            |   |           |   | - |   |   |   | - |   |   |   | - |   |
| Shares used in computing net income (loss) per weighted average common share outstanding assuming dilution |   |           | 5,675,363    |   |           |   | 5,681,790 |   |   |   | 5,672,549 |   |   |   | 5,670,653 |   |
|                                                                                                       |   |           |         |   |           |   |   |   |   |   |   |   |   |   |   |   |
| Basic net income (loss) per weighted average common share outstanding                                      |   |           | $  (.01 | )      |           |   | $  .07 |   |   |   | $  (.09 | ) |   |   | $  .02 |   |
| Diluted net income (loss) per weighted average common share outstanding                                    |   |           | $  (.01 | )      |           |   | $  .07 |   |   |   | $  (.09 | ) |   |   | $  .02 |   |

| (3) | Segment Information. We presently have one reportable segment, men’s and women’s accessories, consisting of men’s costume jewelry, belts and suspenders and personal leather goods. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Stock Options.  In 1994, we established a directors’ stock option plan pursuant to which options could be granted to non-employee directors to purchase 50,000 shares of common stock at market value on the date of grant. Options granted under this plan were for a period of five years and were immediately exercisable.  No options were granted in 2010 or 2009 as all of the shares of common stock available under the directors’ plan were granted. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                    |   | Number of Shares |    |   | Weighted Average Exercise Price |   |   | Weighted Average Remaining Contractual Term (years) |   |   | AggregateIntrinsicValue(in thousands) * |   |
|-----------------------------------------|--------|------------------|---------|--------|---------------------------------|--------|--------|-----------------------------------------------------|--------|--------|-----------------------------------------|--------|
| Outstanding at December 31, 2009        |   |             | 376,667 |   |                            |   | $5.19  |                                                |   |   | 3.16                                    |   |   |   | $  - |   |
| Granted                                 |   |             | -       |   |                            |   | -      |                                                |   |   | -                                       |   |   |   | - |   |
| Exercised                               |   |             | -       |   |                            |   | -      |                                                |   |   | -                                       |   |   |   | - |   |
| Forfeited/ Expired                      |   |             | -       |   |                            |   | -      |                                                |   |   | -                                       |   |   |   | - |   |
| Outstanding at June 30, 2010            |   |             | 376,667 |   |                            |   | $5.19  |                                                |   |   | 2.66                                    |   |   |   | $  - |   |
|                                    |   |             |    |   |                            |   |   |                                                |   |   |                                    |   |   |   |   |   |
|                                    |   |             |    |   |                            |   |   |                                                |   |   |                                    |   |   |   |   |   |
| Vested and Exercisable at June 30, 2010 |   |             | 189,167 |   |                            |   | $5.19  |                                                |   |   | 2.66                                    |   |   |   | $  - |   |

| (5) | Income Taxes.  We adopted the provisions of ASC 740-10 (formerly FIN 48), “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“ASC 740-10”), on January 1, 2007.  We performed a comprehensive review of our tax positions in accordance with recognition standards established by ASC 740-10. In this regard, an uncertain tax position represents our treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (6) | Fair Value Measurements. In September 2006, the FASB issued ASC 820-10-65 (formerly Statement of Financial Accounting Standards No. 157), “Fair Value Measurements and Disclosures”. We adopted ASC 820-10 on January 1, 2008 for our financial assets and financial liabilities. However, the FASB deferred the effective date of ASC 820-10-65 for one year as it relates to fair value measurement requirements for nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value on a recurring basis. The adoption of ASC 820-10-65 did not have a material impact on our financial statements.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Recent Accounting Pronouncements.  Effective January 1, 2009, we adopted a new accounting standard regarding business combinations. As codified under ASC 805, “Business Combinations” (“ASC 805”), the new guidance requires an entity to recognize the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair value on the acquisition date. It further requires that acquisition-related costs be recognized separately from the acquisition and expensed as incurred; that restructuring costs generally be expensed in periods subsequent to the acquisition date; and that changes in accounting for deferred tax asset valuation allowances and acquired income tax uncertainties after the measurement period be recognized as a component of provision for taxes.  The adoption did not have a material impact on our financial condition, results of operations, or cash flows. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (8) | Commitments and Contingencies.  Termination of Style 365 Agreement.  During 2009, the Company announced that it had entered into a strategic alliance with Style 365 LLC (“Style 365”), a marketer of women’s fashion belts and accessories.  During the quarter ended March 31, 2010, the Company decided to terminate that relationship. As a result, the Company recorded a pretax charge of $1,492,000 during that quarter in connection with certain inventory commitments made prior to the termination of its relationship with Style 365. Any recoveries will be recognized in the period in which the related inventory is sold. The Company is licensed to manufacture, distribute and sell women’s fashion accessories under certain of its license agreements, and continues to manufacture and sell women’s fashion accessories directly to certain of its licensors. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (9) | Subsequent Events.  The Company has evaluated all subsequent events through August 13, 2010, which represents the filing date of this Form 10-Q with the Securities and Exchange Commission, to ensure that this Form 10-Q includes appropriate disclosure of events both recognized in the financial statements as of June 30, 2010, and events which occurred subsequent to June 30, 2010 but were not recognized in the financial statements. As of August 13, 2010, there were no subsequent events which required recognition or disclosure. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 2.       Management’s Discussion and Analysis of Financial Condition and Results of Operations

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Item 3.       Quantitative and Qualitative Disclosures about Market Risk

Item 4.       Controls and Procedures

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PART II - OTHER INFORMATION

Item 6.       Exhibits

| ExhibitNumber | Description                                                                                                             |
|---------------|-------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                    |
| 31.01         | Rule 13a-14(a) Certification of John Tulin, Chief Executive Officer of the Company.                                     |
|          |                                                                                                                    |
| 31.02         | Rule 13a-14(a) Certification of Jerold R. Kassner, Executive Vice President and Chief Financial Officer of the Company. |
|          |                                                                                                                    |
| 32.01         | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

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SIGNATURES

|                                   | SWANK, INC.                                                                      |   |
|----------------------------------------|----------------------------------------------------------------------------------|--------|
|                                   | Registrant                                                                       |
|                                   |                                                                             |
|                                   |                                                                             |
|                                   | /s/ Jerold R. Kassner                                                            |   |
|                                   | Jerold R. Kassner,Executive Vice President,Chief Financial Officer and Treasurer |
|                                   |                                                                             |
|                                   |                                                                             |
| Date:   August 13, 2010 |                                                                             |

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EXHIBIT INDEX

| ExhibitNumber | Description                                                                                                             |
|---------------|-------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                    |
| 31.01         | Rule 13a-14(a) Certification of John Tulin, Chief Executive Officer of the Company.                                     |
|          |                                                                                                                    |
| 31.02         | Rule 13a-14(a) Certification of Jerold R. Kassner, Executive Vice President and Chief Financial Officer of the Company. |
|          |                                                                                                                    |
| 32.01         | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

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