8-K

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

Date of Report (Date of earliest event reported) January 30, 2007

__________________________________________

Lakeland Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-15535	13-311521
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

701 Koehler Avenue, Suite 7, Ronkonkoma, New York 11779-7410

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (631) 981-9700

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Regulation FD Disclosure.

Item 1.01 Entry into a Material Definitive Agreement

On January 30, 2007, Lakeland Industries, Inc. (the "Company") issued a press release announcing the purchase of a Single Premium Group Annuity Contract from the John Hancock Life Insurance Company to cover all participants in the Fireland Pension Fund in connection with Lakeland’s termination of the plan.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits. The following exhibit is being furnished herewith:

99.1 Press Release of Lakeland Industries, Inc., dated January 30, 2007.

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 hereunto duly authorized.

	LAKELAND INDUSTRIES, INC.
Date: January 30, 2007
	/s/ Christopher J. Ryan
	Christopher J. Ryan
	President & CEO

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Text of press release issued by Lakeland Industries, Inc., dated January 30, 2007, titled “Lakeland Industries Announces the Settlement and Termination of the Fireland Pension Fund”.

EX-99.1

	701 Koehler Avenue, Suite 7 - Ronkonkoma, NY 11779
	(631) 981-9700 - www.lakeland.com
	FOR IMMEDIATE RELEASE

Lakeland Industries Announces the Settlement and Termination of the Fireland

Pension Fund

RONKONKOMA, NY - January 30, 2007 -- Lakeland Industries, Inc. (NASDAQ: LAKE), today announced the purchase of a Single Premium Group Annuity Contract from the John Hancock Life Insurance Company to cover all participants in the Fireland Pension Fund in connection with Lakeland’s termination of the plan. The cost of such annuity contract is approximately $1,421,000 for which the John Hancock will set up a Single Premium Non-participation Group Annuity plan to cover all participants in the plan. The termination of the plan has been approved by the Pension Benefit Guarantee Corporation (“PBGC”). This transaction will remove a large, long-term “uncertain” liability from the company’s books, simplify its financial statements and remove the need for certain annual administrative fees of approximately $20,000.

Such cost of $1,421,000 was funded by plan assets of approximately $1,303,000 and net cash contributed by Lakeland Industries, Inc. of approximately $118,000.  Upon the completion of this transaction, the company had a remaining accrued benefit cost liability of approximately $353,000, which will be recognized as a pre-tax gain of approximately $353,000.  This transaction meets the definition of “settlement” pursuant to FAS 88.

The Fireland Pension Fund is a frozen defined benefit pension plan that covers former employees of an acquired entity.

About Lakeland Industries, Inc.:

We manufacture and sell a comprehensive line of safety garments and accessories for the industrial protective clothing market. Our products are sold by our in-house sales force and independent sales representatives to a network of over 800 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, we supply federal, state and local governmental agencies and departments such as fire and police departments, airport crash rescue units, the Department of Defense, Central Intelligence Agency, Federal Bureau of Investigation, and the Centers for Disease Control.

For more information concerning Lakeland, please visit us at: www.lakeland.com

Lakeland Industries, Inc. Contacts:

Christopher J. Ryan,	(631) 981-9700, CJRyan@lakeland.com
Gary Pokrassa,	(631) 981-9700, GAPokrassa@lakeland.com