-----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, HD89A2OUoZEJ1yBoD0mKAoHe57tNdzxi6vUVQRTEqM8UQrU78GJ9nePquBu4XYsu fPfeuCOPtSYg/gLElhslXg== 0001127264-01-000057.txt : 20010420 0001127264-01-000057.hdr.sgml : 20010420 ACCESSION NUMBER: 0001127264-01-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010411 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEILIG MEYERS CO CENTRAL INDEX KEY: 0000046601 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FURNITURE STORES [5712] IRS NUMBER: 540558861 STATE OF INCORPORATION: VA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08484 FILM NUMBER: 1605375 BUSINESS ADDRESS: STREET 1: 12560 W CREEK PKWY CITY: RICHMOND STATE: VA ZIP: 23238 BUSINESS PHONE: 8047847300 MAIL ADDRESS: STREET 1: 2235 STAPLES MILL RD CITY: RICHMOND STATE: VA ZIP: 23230 8-K 1 0001.txt FORM 8-K 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) April 11, 2001 ------------------------------- Heilig-Meyers Company - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Virginia 1-8484 54-0558861 - ----------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) file number) Identification No.) 12560 West Creek Parkway, Richmond, Virginia 23238 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (804) 784-7300 ----------------------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events On April 11, 2001, Heilig-Meyers Company, a Virginia corporation (the "Company"), issued a press release announcing the Company's plans to focus on its The RoomStore operations and close the approximately 375 remaining Heilig-Meyers furniture stores. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (c) Exhibits The following exhibit is filed as a part of this report: 99.1 Press Release dated April 11, 2001. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HEILIG-MEYERS COMPANY Date: April 13, 2001 By: /s/ Donald S. Shaffer ---------------------------------- Donald S. Shaffer President and Chief Executive Officer Exhibit Index Exhibit No. Description - ------- ----------- 99.1 Press Release dated April 11, 2001 EX-99.1 2 0002.txt PRESS RELEASE Contact: Sitrick And Company Ann Julsen Brenda Adrian 310-788-2850 888-888-2340 For Immediate Release - --------------------- Heilig-Meyers Announces Plans to Focus on RoomStores Operations Under Revised Business Model; Will Close Remaining Heilig-Meyers Stores Richmond, Virginia - April 11, 2001 - Heilig-Meyers announced today that in order to achieve its restructuring initiatives and maximize creditor recoveries, it will concentrate on its RoomStore operations and close all remaining Heilig-Meyers furniture stores. The Company filed a motion with the Bankruptcy Court today seeking the authorization to close and liquidate the inventory in approximately 375 remaining Heilig-Meyers stores. "Since the Company's voluntary Chapter 11 filing in August 2000, management and the Board of Directors have been exploring various restructuring alternatives that would result in maximum recovery to our creditors," said President and Chief Executive Officer Donald S. Shaffer. "After extensive review of our operations, in what has proved to be an extremely challenging retail environment, it was determined that our RoomStore format should be the centerpiece of our ongoing reorganization efforts." Mr. Shaffer said that since the filing the Company completed various strategic initiatives at the Heilig-Meyers stores aimed at reducing working capital requirements and improving cash flow, including the closing of over 400 underperforming stores and the outsourcing of the Company's customer credit operations. "Despite our significant progress, we determined that based on the slowing of the economy and considerable weakening of the retail market, a successful reorganization of the traditional Heilig-Meyers furniture stores could not be completed within a timeframe that would allow us to fulfill our fiduciary responsibility to our creditors and other stakeholders," he said. "The RoomStore format, under which customers may purchase entire rooms of furniture, complete with accessories and decor items, has been successful for the Company," Mr. Shaffer said, noting that the 54 traditional RoomStores are concentrated in metropolitan markets in Texas, Maryland and Washington D.C. and generate annual revenues of approximately $300 million. "As we finalize our restructuring plans and restore the confidence of our associates and those vendors which supply the RoomStore, we firmly believe these stores will be well positioned to effectively compete in today's retail furniture industry. We are encouraged by the success of our RoomStore operations and the continued good prospects for the RoomStore format, and will work diligently to keep them operating at the highest level possible while we complete our restructuring," said Mr. Shaffer. He said that 16 traditional Heilig-Meyers stores were converted to RoomStores since the filing, and the Company is studying the conversion of additional stores in selected markets. The Company plans to maintain its regional offices in Dallas, Texas and Landover, Maryland to support RoomStore operations in those two markets. The Company is in the process of finalizing an arrangement with a third party to conduct going-out-of-business sales at the remaining Heilig-Meyers stores. Current Heilig-Meyers employees are expected to staff the stores during the process. The Company anticipates that the closing sales will be completed by mid to late summer. The Heilig-Meyers headquarters office in Richmond, Virginia will continue to provide various support functions for the ongoing RoomStore operations following the wind-down of tasks associated with the liquidation of the Heilig-Meyers stores. In connection with the restructuring, Mr. Shaffer said the Company is also involved in discussions with various interested parties for the sale of its three Homemakers stores. The Company filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond for Heilig-Meyers Company, Inc., on August 16, 2000. # # # -----END PRIVACY-ENHANCED MESSAGE-----