-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TTmF6Eb1Zx68td3H4jTnJGrJwtyc0oRl/WAlTTIdmZw+WjEeslch6eFoDLksyUz6 rf7GXq7rnKtrke04LidS1Q== 0000898430-98-002197.txt : 19980603 0000898430-98-002197.hdr.sgml : 19980603 ACCESSION NUMBER: 0000898430-98-002197 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19980602 SROS: NASD GROUP MEMBERS: JANET SCHERR GROUP MEMBERS: RAY & JANET SCHERR FOUNDATION GROUP MEMBERS: SCHARR RAYMOND GROUP MEMBERS: SCHERR LIVING TRUST (RAYMOND & JANET TRUSTEES) SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GUITAR CENTER INC CENTRAL INDEX KEY: 0001021113 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] IRS NUMBER: 954600862 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: SEC FILE NUMBER: 005-52291 FILM NUMBER: 98641205 BUSINESS ADDRESS: STREET 1: 5155 CLARETON DR CITY: AGOURA HILLS STATE: CA ZIP: 91301 BUSINESS PHONE: 8187358800 MAIL ADDRESS: STREET 1: 5155 CLARETON DR CITY: AGOURA HILLS STATE: CA ZIP: 91301 FORMER COMPANY: FORMER CONFORMED NAME: GUITAR CENTER MANAGEMENT CO INC DATE OF NAME CHANGE: 19960816 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SCHARR RAYMOND CENTRAL INDEX KEY: 0001062965 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1095 LAKEVIEW CANYON ROAD CITY: WESTLAKE STATE: CA ZIP: 91362 BUSINESS PHONE: 8187350023 MAIL ADDRESS: STREET 1: 1095 LAKEVIEW CANYON ROAD CITY: WESTLAKE STATE: CA ZIP: 91362 SC 13G 1 SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b) (Amendment No. ___)* Guitar Center, Inc. --------------------------------- (Name of Issuer) Common Stock $.01 par value --------------------------------- (Title of Class of Securities) 402040 10 9 ---------------------- (CUSIP Number) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - ------------------------ --------------------- CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 2 OF 12 PAGES - ------------------------ --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSONS 1 IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Raymond Scherr - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [x] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4 United States - ------------------------------------------------------------------------------ SOLE VOTING POWER 5 NUMBER OF 1,101,539 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6 466,927. See disclaimer of beneficial ownership at Item 9. OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7 REPORTING 1,101,539 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8 466,927. See disclaimer of beneficial ownership at Item 9. - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9 1,568,466. These shares consist of: (i) 1,101,539 shares beneficially owned by Raymond Scherr and Janet Scherr as trustees of The Scherr Living Trust dated 4/3/90; (ii) 67,500 shares beneficially owned by Ray and Janet Scherr Foundation (the "Foundation") of which Raymond Scherr is a director; and (iii) 399,427 shares beneficially owned by Raymond Scherr's brother, David Scherr, as trustee of The Raymond Scherr Annuity Trust and The Janet Scherr Annuity Trust, each dated 8/30/96 (the "Trusts"). The filing of this Schedule 13G shall not be construed as an admission that Raymond Scherr is the beneficial owner of the shares held by the Foundation or by David Scherr as trustee of the Trusts. - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 10 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 11 8.1% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 12 IN - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 2 of 12 pages - ------------------------ --------------------- CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 3 OF 12 PAGES - ------------------------ --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSONS 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Janet Scherr - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [x] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4 United States - ------------------------------------------------------------------------------ SOLE VOTING POWER 5 NUMBER OF 1,101,539 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6 466,927. See disclaimer of beneficial ownership at Item 9. OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7 REPORTING 1,101,539 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8 466,927. See disclaimer of beneficial ownership at Item 9. - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9 1,568,466. These shares consist of: (i) 1,101,539 shares beneficially owned by Janet Scherr and Raymond Scherr as trustees for The Scherr Living Trust dated 4/3/90; (ii) 67,500 shares beneficially owned by Ray and Janet Scherr Foundation (the "Foundation") of which Janet Scherr is a director; and (iii) 399,427 shares beneficially owned by Janet Scherr's brother-in- law, David Scherr, as trustee of The Raymond Scherr Annuity Trust and The Janet Scherr Annuity Trust, each dated 8/30/96 (the "Trusts"). The filing of this Schedule 13G shall not be construed as an admission that Janet Scherr is the beneficial owner of the shares held by the Foundation or by David Scherr as trustee of the Trusts. - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 10 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 11 8.1% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 12 IN - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 3 of 12 pages - ----------------------- --------------------- CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 4 OF 12 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSONS 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Raymond Scherr and Janet Scherr as Trustees of The Scherr Living Trust dated 4/3/90, a California trust - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [x] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4 California - ------------------------------------------------------------------------------ SOLE VOTING POWER 5 NUMBER OF 1,101,539 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6 -0- OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7 REPORTING 1,101,539 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8 -0- - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9 1,101,539 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 10 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 11 5.7% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 12 OO - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 4 of 12 pages - ----------------------- --------------------- CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 5 OF 12 PAGES - ----------------------- --------------------- - ------------------------------------------------------------------------------ NAME OF REPORTING PERSONS 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Ray and Janet Scherr Foundation, a California nonprofit public benefit corporation - ------------------------------------------------------------------------------ CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* 2 (a) [x] (b) [_] - ------------------------------------------------------------------------------ SEC USE ONLY 3 - ------------------------------------------------------------------------------ CITIZENSHIP OR PLACE OF ORGANIZATION 4 California - ------------------------------------------------------------------------------ SOLE VOTING POWER 5 NUMBER OF 67,500 SHARES ----------------------------------------------------------- SHARED VOTING POWER BENEFICIALLY 6 -0- OWNED BY ----------------------------------------------------------- EACH SOLE DISPOSITIVE POWER 7 REPORTING 67,500 PERSON ----------------------------------------------------------- SHARED DISPOSITIVE POWER WITH 8 -0- - ------------------------------------------------------------------------------ AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9 67,500 - ------------------------------------------------------------------------------ CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 10 [_] - ------------------------------------------------------------------------------ PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 11 0.3% - ------------------------------------------------------------------------------ TYPE OF REPORTING PERSON* 12 CO (non-profit) - ------------------------------------------------------------------------------ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 5 of 12 pages ITEM 1. (a) NAME OF ISSUER Guitar Center, Inc., a Delaware corporation (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES 5155 Clarenton Drive Agoura Hills, CA 91301 ITEM 2. (a) NAME OF PERSON FILING The persons filing this Schedule 13G are(i) Raymond Scherr and Janet Scherr as trustees of The Scherr Living Trust dated 4/30/90, (ii) Ray and Janet Scherr Foundation, (iii) Raymond Scherr, and (iv) Janet Scherr (collectively, the "Filing Persons"). (b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE 1096 Lakeview Canyon Road Westlake Village, CA 91362 (c) CITIZENSHIP The responses of the Filing Persons to Item 4 of the cover pages to this Schedule 13G that relate to the citizenships or places of organization of such persons are herein incorporated by reference. (d) TITLE OF CLASS OF SECURITIES This filing is made in regard to Common Stock, $.01 par value per share, of Guitar Center, Inc. (the "Common Stock"). (e) CUSIP NUMBER 402040 10 9 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(b), OR 13D-2(b), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or Dealer registered under Section 15 of the Act, (b) [ ] Bank as defined in Section 3(a)(6) of the Act, (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act, (d) [ ] Investment Company registered under Section 8 of the Investment Company Act, Page 6 of 12 pages (e) [ ] Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940, (f) [ ] Employee Benefit Plan, Pension Fund which is subject to the provisions of the Employee Retirement Income Security Act of 1974 or Endowment Fund; see 13d-1(b)(1)(ii)(F), (g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G); see Item 7, (h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H). Not applicable. ITEM 4. OWNERSHIP (a) AMOUNT BENEFICIALLY OWNED The responses of the Filing Persons to Item 9 of the cover pages that relate to the aggregate amount beneficially owned by each Filing Person are herein incorporated by reference. (b) PERCENT OF CLASS The percentage of Common Stock beneficially owned by the Filing Persons is 8.1%. The percentages of outstanding Common Stock reported in this Item 4(b) are based on the assumption that there were 19,338,073 shares outstanding as of December 31, 1997. (c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS: The responses of the Filing Persons to Items 5 through 8 of the cover pages that relate to the number of shares beneficially owned by each Filing Person are herein incorporated by reference. (i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE: (ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE: (iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: (iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS Not applicable. Page 7 of 12 pages ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP The Filing Persons have filed this Schedule 13G as a group pursuant to Rule 13d-1(f). The identity of each member of the group is stated in Exhibit 1 attached hereto. The Filing Persons entered into a Joint Reporting Agreement dated May 19, 1998, pursuant to which they agreed to file one joint statement on behalf of all of them with respect to the subject matter of this Schedule 13G. ITEM 9. NOTICE OF DISSOLUTION OF GROUP Not applicable. ITEM 10. CERTIFICATION By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. Page 8 of 12 pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: June 2, 1998 /s/ Raymond Scherr ------------------ Raymond Scherr /s/ Janet Scherr ---------------- Janet Scherr /s/ Raymond Scherr ------------------ Raymond Scherr, Trustee of The Scherr Living Trust Dated 4/3/90 /s/ Janet Scherr ---------------- Janet Scherr, Trustee of The Scherr Living Trust Dated 4/3/90 RAY AND JANET SCHERR FOUNDATION By: /s/ Raymond Scherr ------------------ Name: Raymond Scherr Title: Secretary and Treasurer Page 9 of 12 pages EXHIBIT INDEX ------------- SEQUENTIALLY EXHIBIT NUMBERED NUMBER DESCRIPTION PAGE ========== ======================================== ============= 1 Identification of Members of the Group........... 1 2 Joint Reporting Agreement dated May 29, 1998..... 2 Page 10 of 12 pages EX-99.1 2 IDENTIFICATION OF MEMBERS OF THE GROUP EXHIBIT 1 --------- IDENTIFICATION OF MEMBERS OF THE GROUP 1. Raymond Scherr 2. Janet Scherr 3. Raymond Scherr and Janet Scherr as Trustees of The Scherr Living Trust dated 4/3/90 4. Ray and Janet Scherr Foundation Page 11 of 12 pages EX-99.2 3 JOINT REPORTING AGREEMENT EXHIBIT 2 --------- JOINT REPORTING AGREEMENT In consideration of the mutual covenants herein contained, each of the parties hereto represents to and agrees with the other party as follows: 1. Such party is eligible to file a statement or statements on Schedule 13G pertaining to the Common Stock, $.01 par value per share, of Guitar Center, Inc., to which this agreement is an exhibit, for filing of the information contained herein. 2. Such party is responsible for timely filing of such statement and any amendments thereto and for the completeness and accuracy of the information concerning such party contained therein, provided that no such party is responsible for the completeness or accuracy of the information concerning any other party making the filing, unless such party knows or has reason to believe that such information is inaccurate. 3. Such party agrees that such statement is filed by and on behalf of such party and that any amendment thereto will be filed on behalf of each such party. Dated: May 29, 1998 /s/ Raymond Scherr ------------------ Raymond Scherr /s/ Janet Scherr ---------------- Janet Scherr /s/ Raymond Scherr ------------------ Raymond Scherr, Trustee of The Scherr Living Trust Dated 4/3/90 /s/ Janet Scherr ---------------- Janet Scherr, Trustee of The Scherr Living Trust Dated 4/3/90 RAY AND JANET SCHERR FOUNDATION By: /s/ Raymond Scherr ------------------ Name: Raymond Scherr Title: Secretary and Treasurer Page 12 of 12 pages -----END PRIVACY-ENHANCED MESSAGE-----