0000950137-01-503984.txt : 20011019
0000950137-01-503984.hdr.sgml : 20011019
ACCESSION NUMBER: 0000950137-01-503984
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011011
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011015
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TRUSERV CORP
CENTRAL INDEX KEY: 0000025095
STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS [5031]
IRS NUMBER: 362099896
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 333-18397
FILM NUMBER: 1759094
BUSINESS ADDRESS:
STREET 1: 8600 WEST BRYN MAWR AVE
CITY: CHICAGO
STATE: IL
ZIP: 60631-3505
BUSINESS PHONE: 7736955000
MAIL ADDRESS:
STREET 1: 8600 W. BRYN MAWR AVENUE
CITY: CHICAGO
STATE: IL
ZIP: 60631-3505
FORMER COMPANY:
FORMER CONFORMED NAME: COTTER & CO
DATE OF NAME CHANGE: 19920703
8-K
1
c65457e8-k.txt
CURRENT REPORT DATED 10/11/01
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) October 11, 2001
TRUSERV CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
2-20910 36-2099896
(Commission File Number) (I.R.S. Employer Identification No.)
8600 WEST BRYN MAWR AVENUE, CHICAGO, ILLINOIS 60631-3505
(Address of Principal Executive Offices) (Zip Code)
773-695-5000
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
TruServ Corporation issued the attached press release in connection with the
announcement at its fall buying convention in Las Vegas that it signed a $350
million underwritten lending commitment with Bank of America.
Matters discussed in the attached press release are forward-looking statements
within the meaning of the safe-harbor provisions of the Securities Exchange Act
of 1934. These forward-looking statements are subject to various risks and
uncertainties. Actual results may vary materially from the expectations
contained therein. The factors that could cause actual results to differ
materially from the projections, forecasts, estimates and expectations discussed
therein may include factors that are beyond the company's ability to control or
estimate precisely, such as the ultimate requirements of the company's lenders,
projections about the efficiencies that may be achieved by the company's
initiatives, expectations about member response to the company initiatives,
estimates of future market conditions in the hardware industry, the behavior of
other market participants in the industry and the actions and economic
conditions in the service territories of the company's members. Other risk
factors are detailed from time to time in the company's SEC reports. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as to the date of this document. The company does not undertake any
obligation to publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this letter.
Item 7. Exhibit
99.1 Press release, dated October 11, 2001
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.
TRUSERV CORPORATION
(Registrant)
Date: October 15, 2001 By /s/ Pamela Forbes Lieberman
----------------------------------
Name: Pamela Forbes Lieberman
Title: Chief Operating Officer,
Chief Financial Officer and
Senior Vice President
-2-
EX-99.1
3
c65457ex99-1.txt
PRESS RELEASE
EXHIBIT 99.1
[TRUSERV LOGO]
NEWS RELEASE
For more information contact:
Mary Viola
773-695-5280
mviola@truserv.com
TRUSERV SIGNS COMMITMENT LETTER WITH LENDER IN LONG-TERM FINANCING AGREEMENT
Hardware cooperative continues to accomplish strategic goals and moves
closer to financial stability, long-term growth.
LAS VEGAS (OCT. 11, 2001) - TruServ Corporation announced at its fall
buying convention it has signed a $350 million underwritten lending commitment
from Bank of America for borrowings against the co-op's accounts receivable and
inventory. TruServ is pursuing a December close.
Pamela Forbes Lieberman, TruServ's chief operating officer and chief
financial officer, told a group of more than 4,000 members, vendors and
associates that TruServ is focused on three objectives.
"The keys to our future in the near term are restoring financial
stability and reducing debt, restoring profitability and improving productivity,
and positioning the co-op for profitable growth," said Forbes Lieberman.
In addition, she outlined the co-op's strategy for implementing the key
initiatives that are intended to generate cash and further reduce their
borrowing requirements, and explained that the financing commitment represents
major milestones in the company's turnaround.
"We have continued to demonstrate our ability to execute our strategy
and reduce expenses," said Forbes Lieberman. "Signing the commitment letter is a
very significant step in our return to sustainable profitability and future
growth."
TruServ, headquartered in Chicago, is the largest member-owned
wholesale hardware cooperative with 2000 sales of $4 billion, supporting annual
retail sales of more than $12 billion. The TruServ cooperative includes more
than 7,400 independent retail locations worldwide operating under the store
identities of True Value, Grand Rental Station, Taylor Rental, Party Central,
Home & Garden Showplace and Induserve Supply. For more information about TruServ
and its retail identities, visit www.truserv.com.
###
All statements other than statements of historical information provided herein
may be deemed to be forward-looking statements. Without limiting the foregoing,
the words "may," "will," "believe" and "represents" and similar expressions are
intended to identify forward-looking statements. Factors that could cause actual
results to differ materially from those reflected in the forward-looking
statements include, but are not limited to, the risks discussed in the co-ops'
filings with the SEC. Readers are cautioned not to place undue reliance on the
forward-looking statements, which reflect management's analysis, judgment,
belief or expectation only as of the date hereof. The co-op undertakes no
obligation to publicly revise the forward-looking statements to reflect events
or circumstances that arise after the date hereof.