-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZWXIFV2ht9vlTSDzSdC959kSSsMQx6d9/tuMvxDNgYhowUW9djqOlbcaTDniRiBI SwDnWS1fPmyDBodeTsH1pA== 0000077808-94-000010.txt : 19941219 0000077808-94-000010.hdr.sgml : 19941219 ACCESSION NUMBER: 0000077808-94-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941029 FILED AS OF DATE: 19941215 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETRIE STORES CORP CENTRAL INDEX KEY: 0000077808 STANDARD INDUSTRIAL CLASSIFICATION: 5621 IRS NUMBER: 362137966 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06166 FILM NUMBER: 94564826 BUSINESS ADDRESS: STREET 1: 70 ENTERPRISE AVE CITY: SECAUCUS STATE: NJ ZIP: 07094 BUSINESS PHONE: 2018663600X1480 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended October 29, 1994 Commission File Number 1-6166 PETRIE STORES CORPORATION (Exact Name of Registrant as specified in its Charter) New York 36-2137966 (State of Incorporation) (I.R.S. Employer Identification No.) 70 Enterprise Avenue Secaucus, New Jersey (Address of principal 07094 executive offices) (Zip Code) (201) 866-3600 Registrant's Telephone Number) NONE ---- Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO _ - Number of shares outstanding at October 29, 1994, 46,848,848 shares, $1.00 par value, common stock. PETRIE STORES CORPORATION AND SUBSIDIARIES INDEX PAGE NO. -------- Part I - Financial Information (Unaudited): Consolidated Balance Sheets October 29, 1994 and January 29, 1994................... 3 & 4 of 12 Consolidated Operations - Three Months and Nine Months Ended October 29, 1994 and October 30, 1993............. 5 of 12 Consolidated Additional Paid-In Capital and Consolidated Retained Earnings - Nine Months Ended October 29, 1994. 6 of 12 Consolidated Cash Flows - Nine Months Ended October 29, 1994 and October 30, 1993............. 7 of 12 Notes.............................................. 8, 9 & 10 of 12 Management's Discussion and Analysis of Financial Condition and Results of Operations..................... 11 of 12 Part II - Other Information...................................... 12 of 12 Signature........................................................ 12 of 12 Exhibit: Exhibit 27 - Financial Data Schedule PETRIE STORES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS --------------------------- (In thousands of dollars) October 29, January 29, 1994 1994 ---- ---- ASSETS (Unaudited) Current Assets: Cash and short-term investment....................... $ 0 $ 39,290 Investments in common stock (Note 2 ).............. 0 35,740 Accounts receivable: Trade, less allowance for doubtful accounts of $2,450 0 49,999 Other................................................ 0 13,745 Merchandise inventories............................... 0 187,627 Prepaid expenses and sundry receivables.............. 0 6,887 Deferred income taxes................................. 0 7,456 Net assets of discontinued operations................. 177,500 0 ------- ------- TOTAL CURRENT ASSETS................................ 177,500 340,744 ------- ------- Investments: Investments in common stock (Note 2)..................1,529,374 1,481,937 Property and Equipment, at Cost: Land.................................................. 0 2,777 Buildings and improvements............................ 0 16,157 Leasehold costs, improvements, store fixtures and equipment............................................ 0 588,450 ----- ------- 0 607,384 Less accumulated depreciation and amortization......... 0 339,409 ----- ------- 0 267,975 ----- ------- Excess of Cost Over the Fair Value of Net Assets Acquired, Less accumulated amortization of $28,176................ 0 89,602 ----- ------- Other Assets: Debt issuance costs, less accumulated amortization of $626 at 10/29/94 and $574 at 1/29/94.................... 1,103 1,155 Other.................................................... 0 6,394 ----- ----- 1,103 7,549 ------ ----- $ 1,707,977 $ 2,187,807 ========= ========= See notes to consolidated financial statements. PETRIE STORES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS --------------------------- (In thousands of dollars) October 29, January 29, 1994 1994 ---- ---- (Unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Short-term borrowings............................ $ 0 $ 20,000 Accounts payable................................. 0 26,993 Accrued expenses and other liabilities........... 3,728 44,917 TOTAL CURRENT LIABILITIES................... 3,728 91,910 Long-Term Liabilities: Convertible subordinated debentures.............. 123,566 124,952 Deferred income taxes (Note 2)................... 601,015 600,678 Other............................................ 0 5,704 ------- ------- 724,581 731,334 Commitments and Contingencies (Note 5) Shareholders' Equity: Common stock, par value $1 per share: authorized 80,000,000 shares, issued 46,850,517 shares at 10/29/94 and 46,770,202 shares at 1/29/94..... 46,851 46,770 Additional paid-in capital...................... 95,730 93,973 Retained earnings............................... 47,544 462,079 Unrealized gain on investment in common stock, net (Note 2).................................. 789,579 761,777 ------- ------- 979,704 1,364,599 Less: Treasury stock - at cost (1,669 shares)......... 36 36 ------- --------- TOTAL SHAREHOLDERS' EQUITY.............. 979,668 1,364,563 ------- --------- $ 1,707,977 $ 2,187,807 ========= ========= PETRIE STORES CORPORATION AND SUBSIDIARIES CONSOLIDATED OPERATIONS (UNAUDITED) ----------- (In thousands except per share amounts) Three Months Ended Nine Months Ended ------------------ ----------------- October 29, October 30, October 29, October 30, 1994 1993 1994 1993 Interest Expense: $ (2,492) $ (2,516) $ (7,524) $ (7,549) ------ ------ ------- -------- Loss from continuing operations before income taxes........... (2,492) (2,516) (7,524) (7,549) Income taxes.................. 0 581 2,013 2,994 Loss from continuing operations (2,492) (1,935) (5,511) (4,555) Loss from discontinued operations, net of income taxes............ (32,083) (3,216) (43,007) (39,469) Loss on disposal of discontinued operations..................... (358,996) 0 (358,996) 0 -------- ----- --------- ------ (391,079) (3,216) (402,003) (39,469) Cumulative effect of accounting change for income taxes........ 0 0 0 2,800 ------- ----- ------ ----- Net Loss............. $(393,571) $ (5,151) $(407,514) $(41,224) ========= ======= ======== ======= Earnings Loss per share: Loss from continuing operations $ (0.05) $ (0.04) $ (0.12) $ (0.10) Loss from discontinued operations..................... (0.69) (0.07) (0.92) (0.84) Loss on disposal of discontinued operations..................... (7.67) 0.00 (7.67) 0.00 Cumulative effect of accounting change for income taxes........ 0.00 0.00 0.00 0.06 Net loss........................ $ (8.41) $ (0.11) $ (8.71) $ (0.88) ===== ===== ===== ===== Dividends Per Share.............. $ 0.05 $ 0.05 $ 0.15 $ 0.15 ==== ==== ==== ==== Weighted Average Number of Shares 46,792 46,768 46,792 46,768 ====== ====== ====== ======
PETRIE STORES CORPORATION AND SUBSIDIARIES CONSOLIDATED ADDITIONAL PAID-IN CAPITAL (Unaudited) --------- (In thousands of dollars) Balance January 30, 1994..................................... $ 93,973 Conversion of debentures..................................... 1,324 Common stock issued as compensation to officers (17,984 shares,cost - $450)......................................... 433 ------ Balance October 29, 1994..................................... $ 95,730 ====== PETRIE STORES CORPORATION AND SUBSIDIARIES CONSOLIDATED RETAINED EARNINGS (Unaudited) ---------- (In thousands of dollars) Balance January 30, 1994...................................... $ 462,079 Net loss for the nine months ended October 29, 1994........... (407,514) Cash dividends on common stock................................ (7,021) ------ Balance October 29, 1994...................................... $ 47,544 ====== PETRIE STORES CORPORATION AND SUBSIDIARIES CONSOLIDATED CASH FLOWS (Unaudited) ----------- (In thousands of dollars) Nine Months Ended ----------------- October 29, October 30, 1994 1993 ---- ---- Cash flows from operating activities: Net loss from continuing operations............. $ (5,511) $ (1,755) Net loss from discontinued operations........... (402,003) (39,469) Adjustments to reconcile net loss to net cash (used in) operating activities: Provision for loss on disposal of discontinued operations..................... 358,996 0 Depreciation and amortization of property and equipment................................... 41,076 44,440 Other amortization........................... 2,344 2,342 Loss on disposal of property and equipment... 0 23,625 Compensation in connection with stock options 0 339 Common stock issued as compensation.......... 451 0 Loss from investment in common stock......... 0 13,661 Deferred taxes............................... (2,176) (14,832) Cumulative effect of accounting change for income taxes................................ 0 (2,800) Changes in assets and liabilities: (Increase) in: Accounts receivable....................... (3,968) (19,057) Merchandise inventories................... (68,392) (115,790) Prepaid expenses and sundry receivables... (11,624) (7,796) Other assets.............................. (85) (3,726) Increase (decrease) in: Accounts payable.......................... 12,205 8,780 Accrued expenses and other liabilities.... (2,271) 3,498 Income taxes.............................. 0 (9,231) Other long-term liabilities............... (480) 3,702 Proceeds from sale of investment in common stock-trading securities.................... 36,076 0 ------ ------- Net cash (used in) operating activities.......... (45,362) (114,069) ------ ------- Cash flows (used in) investing activities: Additions to property and equipment............ (39,808) (50,189) Sale of investments............................ 0 5,272 ------ ------ Net cash (used in) investing activities.......... (39,808) (44,917) ------- ------- Cash flows from financing activities: Net short-term borrowings...................... 79,177 108,000 Cash dividends................................. (7,021) (7,015) ------ ------ Net cash provided by financing activities........ 72,156 100,985 ------ ------- Net (decrease) in cash and short-term investments (13,014) (58,001) Cash and short-term investments - beginning of period...................................... 39,290 82,270 ------ ------ Cash and short-term investments - end of period (Note 4)....................................... $ 26,276 $ 24,269 ====== ====== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest....................................... $ 6,471 $ 5,293 Income taxes................................... $ 1,571 $ 6,819 Supplemental disclosure of noncash investing and financing activities: $1,386,000 of Convertible Subordinated Debentures were exchanged for 62,621 shares of the Company's common stock during the nine months ended October 29, 1994. PETRIE STORES CORPORATION AND SUBSIDIARIES ------------------------------------------ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 - Basis of Presentation - - ------------------------------ The accompanying unaudited consolidated financial statements of Petrie Stores Corporation and its subsidiaries (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of October 29, 1994 and the results of operations for the three months and nine months ended October 29, 1994 and October 30, 1993 and cash flows for the nine months ended October 29, 1994 and October 30, 1993 have been included. The results of operations for the nine months ended October 29, 1994 are not necessarily indicative of the results to be expected for the year ended January 28, 1995. For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended January 29, 1994. Note 2 - Investments in Common Stock - - ------------------------------------ At October 29, 1994, the Company's investment in common stock consists of Toys "R" Us, Inc. ("Toys"), common stock, $.10 par value per share ("Toys Common Stock") (39,853,403 shares - 14.36%), a chain of toy specialty retail stores. Effective January 29, 1994, the Company adopted Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities". Accordingly, investments in common stock classified as available for sale securities are being carried at market value of $1,529,374,000 with the unrealized gain of $789,579,000 ($1,374,345,000 less deferred income taxes of $584,766,000) included in shareholders' equity at October 29, 1994. At January 29, 1994, the unrealized gain of $761,777,000 ($1,326,777,000 less deferred income taxes of $565,000,000) was credited to shareholders' equity. Note 3 - Earnings (Loss) Per Share - - ---------------------------------- Primary earnings (loss) per share has been computed based on the weighted average number of shares outstanding. Fully diluted earnings per share has been computed based on the weighted average number of common and common equivalent shares outstanding assuming exercise of dilutive stock options computed by the treasury stock method and the conversion of the 8% Convertible Subordinated Debentures after elimination of interest (net of taxes) on the convertible debentures. Fully diluted earnings per share are not presented for the three months and nine months ended October 29, 1994 and three months and nine months ended October 30, 1993 as the effect would be anti-dilutive. The weighted average number of shares for computing fully diluted earnings per share on such dates was as follows: Three Months Ended Nine Months Ended ------------------ ----------------- October 29, 1994 October 30, 1993 October 29, 1994 October 30, 1993 - - ---------------- ---------------- ---------------- ---------------- 52,410,000 52,416,000 52,431,000 52,447,000 Note 4 - Discontinued Operations - - -------------------------------- On December 9, 1994, the Company consummated the sale of its retail operations (the "Sale") pursuant to a Stock Purchase Agreement, dated as of August 23, 1994 and amended as of November 3, 1994, by and between the 2Company and WP Investors, Inc., a Delaware corporation. The purchase price was $190 million in cash plus the assumption of certain liabilities. Taking into effect the approximately $12.5 million in expenses incurred by the Company in connection with the consummation of the Sale, the net purchase price of the retail operations was $177.5 million. During the third quarter of 1994, the Company recorded a charge of $359 million for the estimated loss on disposal of the retail operations. The estimated loss represents the loss on the Sale, plus estimated transaction costs and expenses for the Sale and a provision for estimated operating losses through the disposal date. The results of the retail operations are accounted for as discontinued operations in the Consolidated Statements of Operations. Amounts in the accompanying Consolidated Statements of Operations and Notes to the Consolidated Financial Statements for the three months and nine months ended October 30, 1993 have been restated to conform to the 1994 discontinued operations presentation. Components of loss from discontinued operations are as follows: Three Months Ended Nine Months Ended ------------------ ----------------- Oct. 29, 1994 Oct. 30, 1993 Oct. 29, 1994 Oct. 30, 1994 ------------- ------------- ------------- ------------- Revenues $328,334 $350,449 $1,028,692 $1,048,054 Loss on disposal of investment 0 0 0 (13,661) Pretax loss (32,083) (4,182) (50,290) (51,715) Income Taxes 0 (966) (7,283) (25,907) Net Loss (32,083) (3,216) (43,007) (39,469) Earnings per share (.69) (.07) (.92) (.84) Net assets of discontinued operations consist of the following: Cash and short-term investments $ 26,276 Accounts receivable, net 67,712 Merchandise inventories 256,019 Prepaid expenses and other assets 24,903 Property and equipment, net 266,707 Intangible assets 87,397 Short term borrowings (99,177) Accounts payable (39,198) Accrued expenses and other liabilities (38,917) Deferred taxes, net (10,002) Other liabilities (5,224) Provision for loss on sale of the discontinued operations (358,996) -------- Net assets of discontinued operations $177,500 ======= Note 5 - Commitments and Contingencies - - -------------------------------------- The Company has entered into an Acquisition Agreement with Toys, dated as of April 20, 1994 and amended as of May 10, 1994 (the "Toys Agreement"). The Toys Agreement provides that the Company will exchange (the "Exchange") all of the shares of Toys common stock, par value $.10 per share ("Toys Common Stock"), held by the Company (currently, approximately 39.9 million shares) and cash (presently estimated to be $175 million) for a number of shares of Toys Common Stock equal to (i) the number of shares of Toys Common Stock held by the Company, less approximately 3.3. million shares of Toys Common Stock, plus (ii) such amount of cash divided by the market value of a share of Toys Common Stock on the ten trading days next preceding the second trading day prior to the closing date of the Exchange. The closing of the Exchange is conditioned upon, among other things; (i) the approval thereof by the holders of two-thirds of the Company's outstanding common stock; and (ii) the reasonable determination by Toys that it will not become responsible for any liabilities of the Company as a consequence of the consummation of the Exchange or the sale of the retail operations. The Exchange may be terminated if it is not consummated by January 28, 1995. After the closing of the Exchange, the Company will liquidate and distribute to its shareholders the shares of Toys Common Stock received in the Exchange, except an amount to be held in a liquidating trust established to provide for the Company's contingent liabilities as of the time of the liquidation and dissolution of the Company. The Company's shareholders will also receive pro-rata interests in the Liquidating Trust (the "Liquidating Trust"). The Company has received a favorable private letter ruling from the Internal Revenue Service (the "IRS Ruling") to the effect that the Exchange and the subsequent distribution of Toys Common Stock to the Company's shareholders will qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended. The IRS Ruling futher provides that neither the Company nor Toys will recognize any gain on the Exchange and that the Company and its shareholders will not recognize any gain on the subsequent distribution of Toys Common Stock to the Company's shareholders in connection with the liquidation and dissolution of the Company. The Company has guaranteed, or is contingently liable for, certain retail store leases which were transferred in connection with the Sale. The Company is presently seeking consents from lessors to (i) release the Company from its guarantee obligations and (ii) the transfer or assignment of leases in connection with the Sale. No assurances can be given that the Company will be able to receive such consents. In addition, the Company has contingent liabilities related to its participation in a multiemployer pension plan and on going tax audits. As of October 29, 1994, the Company believed that its contingent liabilities were approximately $225 million. In connection with the Sale, the Company set aside in escrow $67.5 million to provide for certain of these contingent liabilities. Note 6 - Long Term Debt - - ---------------------- Subsequent to October 29, 1994, $121,167,000 principal amount of the Company's outstanding 8% Convertible Subordinated Debentures due December 15, 2010 (the "Debentures") had been converted into approximately 5,476,000 shares of the Company's common stock. In addition, the remaining $2,399,000 principal amount of Debentures had been redeemed at a redemption price of $1,008 per $1,000 principal amount of Debentures, together with accrued and unpaid interest thereon of $39.333 per $1,000 principal amount of Debentures, from June 15, 1994 to December 12, 1994. As a result of the conversions, the number of shares of the Company's common stock outstanding increased to approximately 52.3 million shares. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ------------- Sale of Retail Operations - - ------------------------- On December 9, 1994, the Company sold all of its retail operations for approximately $177.5 million, net of expenses, plus the assumption of certain debt and other liabilities, and as a result recorded a $359 million estimated loss on its disposal. Net losses from the discontinued operations were approximately $43 million and $32 million for the nine months and three months ended October 29, 1994, respectively. The results of the retail operations are accounted for as discontinued operations in the accompanying financial statements, and the results of the corresponding periods ended October 30, 1993 have been restated to conform to that presentation. Subsequent to the sale of the retail operations,the Company's remaining assets and liabilities consist of its investment in Toys Common Stock and deferred tax liabilities associated with this investment. Net sales from discontinued operations decreased $21,876,000 (6.3%) and $18,077,000 (1.7%) for the three-month and nine-month periods ended October 29, 1994 as compared to the corresponding periods last year. The decrease for the three-month period was due to a decrease in comparable store sales of approximately $19,500,000 in addition to a decrease in non comparable store sales of approximately $2,400,000. The decrease for the nine-month period was due to a decrease in comparable store sales of approximately $27,000,000 offset by an increase in non comparable store sales of approximately $8,900,000. As a percentage of sales, Cost of Goods Sold, Buying and Occupancy (CGS) increased 5.4% for the three-month period ended October 29, 1994 as compared with the corresponding period last year primarily due to a 4.7% decrease in gross margin. As a percentage of sales, CGS increased 1.8% for the nine-month period ended October 29, 1994 as compared with the corresponding period last year primarily due to a 2.0% decrease in gross margin. Selling, General and Administrative Expenses (SG&A) as a percentage of sales increased 2.5% for the three-month period ended October 29, 1994 as compared to the corresponding period last year primarily due to an increase of 2.0% in payroll and employee related costs. SG&A as a percentage of sales increased .8% for the nine-month period ended October 29, 1994 as compared to the corresponding period last year primarily due to an increase of 1.0% in payroll and employee related costs. Nonrecurring expenses which relate primarily to legal and real estate consulting expenses in connection with the acquisition agreement with Toys (see below) amounted to approximately .7 % and .5% of sales for the three months and nine months ended October 29, 1994, respectively. The Company recognized no tax benefit for the three months ended October 29, 1994 due to the uncertainty of recognizing any future tax benefits as a result of the sale of the retail operations. Redemption of Convertible Subordinated Debentures - - ------------------------------------------------- As of December 13, 1994, $121,167,000 principal amount of the Company's outstanding 8% Convertible Subordinate Debentures due December 15, 2010 (the "Debentures") had been converted into approximately 5,476,000 shares of the Company's common stock. In addition, the remaining $2,399,000 principal amount of Debentures had been redeemed at a redemption price of $1,008 per $1,000 principal amount of Debentures, together with accrued and unpaid interest thereon of $39.333 per $1,000 principal amount of Debentures, from June 15, 1994 to December 12, 1994. As a result of the conversions, the number of shares of the Company's common stock outstanding increased to approximately 52.3 million shares. The loss from continuing operations in the accompanying financial statements represents interest expense associated with the Debentures. Exchange of Toys Common Stock with Toy" R" Us - - --------------------------------------------- The consummation of the transactions contemplated by the Toys Agreement will result in the complete liquidation and dissolution of the Company and the establishment of the Liquidating Trust to provide for the Company's contingent liabilities, primarily liabilities related to guarantees of store leases, taxes and the Company's participation in a multiemployer pension plan. In addition, in connection with the consummation of the Sale, the Company set aside in escrow $67.5 million to provide for certain of these contingent liabilities. These transactions will have the effect of reducing the Company's equity to zero. Liquidity - - --------- As discussed in the aforementioned analyses, after the transaction with Toys occurs, the Liquidating Trust will be established. The Liquidating Trust funds will be used to cover certain contingent liabilities as well as the costs of administering the Liquidating Trust. Any excess funds in the Liquidating Trust will be eventually distributed to the Company's shareholders. PART II - OTHER INFORMATION --------------------------- Item 6 - Exhibits and Reports on Form 8-K (a) Exhibits -- None (b) Reports on Form 8-K (i) Form 8-K, dated August 26, 1994, reporting that the Company had entered into a Stock Purchase Agreement, dated as of August 23, 1994 (the "Stock Purchase Agreement"), with WP Investors, Inc., a Delaware corporation ("WP Investors"). (ii) Form 8-K, dated as of November 17, 1994, reporting that (a) the Stock Purchase Agreement had been amended by Amendment No. 1, dated as of November 3, 1994, by and between the Company and WP, Investors; (b) the Company had announced on November 10, 1994 that it was calling for redemption on December 12, 1994 all of its outstanding 8% Convertible Subordinated Debentures due December 15, 2010; and (c) the receipt of a private letter ruling from the Internal Revenue Service. (iii) Form 8-K, dated as of November 17, 1994, reporting the change in the Company's independent auditors. SIGNATURE --------- 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 thereunto duly authorized. PETRIE STORES CORPORATION ------------------------- (registrant) /S/ Hilda Kirschbaum Gerstein -------------------------- BY Hilda Kirschbaum Gerstein President and Chief Executive Officer EX-27 2
5 1,000 9-MOS JAN-28-1995 OCT-29-1994 0 0 0 0 0 177,500 0 0 1,707,977 3,728 123,566 46,851 0 0 932,817 1,707,977 0 0 0 0 0 0 7,524 (7,524) (2,013) (5,511) (402,003) 0 0 (407,514) (8.71) 0
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