-----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, AEQP9quAhL+XeIqvRAlUl4iablS8UtiMaFW6q+fOoxn+DBwHOeFs2gxQt07CM0ce a2EC4iVj9u8wgt/I3KtRPQ== 0000906280-97-000109.txt : 19970620 0000906280-97-000109.hdr.sgml : 19970620 ACCESSION NUMBER: 0000906280-97-000109 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970604 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970619 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMPO ELECTRONICS APPLIANCES & COMPUTERS INC CENTRAL INDEX KEY: 0000895693 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] IRS NUMBER: 720721367 STATE OF INCORPORATION: LA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21192 FILM NUMBER: 97626330 BUSINESS ADDRESS: STREET 1: 109 NORTHPARK BLVD SUITE 500 CITY: COVINGTON STATE: LA ZIP: 70433 BUSINESS PHONE: 5048765000 MAIL ADDRESS: STREET 1: 109 NORTH PARK BLVD STE 500 CITY: COVINGTON STATE: LA ZIP: 70433 8-K 1 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) JUNE 4, 1997 CAMPO ELECTRONICS, APPLIANCES AND COMPUTERS, INC. (Exact name of registrant as specified in its charter.) LOUISIANA 0-21192 72-0721367 (State of other (Commission File (IRS Employer jurisdiction of Number) Identification incorporation) Number) 109 NORTHPARK BLVD., COVINGTON, LOUISIANA 70433 (Address of Principal Executive Offices - Zip Code) Registrant's telephone number including area code (504)867-5000 N/A (Former name or former address, if changed since last report.) Item 3. Bankruptcy or Receivership On June 4, 1997, Campo Electronics, Appliances and Computers, Inc. (the "Company") filed a voluntary petition to reorganize under Chapter 11 of the Federal Bankruptcy Code. The filings were made in the U.S. Bankruptcy Court in New Orleans. The matters were assigned to Bankruptcy Judge T. M. Brahney, III, Case Number 97-13057. On June 5, 1997 the Company entered into a letter of intent with Whirlpool Financial Corporation and Deutsche Business Services Corporation, pursuant to which such lenders have agreed to provide a $3 million debtor-in-possession ("DIP") working capital facility and up to $36 million in DIP inventory financing subject to Bankruptcy Court approval. The Company plans to use the funds to meet immediate inventory needs and for general working capital purposes. In its filing, the Company listed total assets of $106.6 million and total liabilities of $75 million. Item 7. Exhibits Exhibit Index Exhibit Number Description 99.1 Press Release dated June 4, 1997 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. CAMPO ELECTRONICS, APPLIANCES AND COMPUTERS, INC. /s/ WAYNE J. USIE _________________________________ Wayne J. Usie (Chief Financial Officer and Secretary) Date: June 19, 1997 EX-99 2 C A M P O ELECTRONICS, APPLIANCES AND COMPUTERS, INC. EXHIBIT 99.1 N EW S R E L E A S E June 4, 1997 CONTACT: Ellie Rand, (504)581-7195, Ext. 212 Mark Romig, (504)581-7195, Ext. 211 FOR IMMEDIATE RELEASE CAMPO ELECTRONICS, APPLIANCES AND COMPUTERS, INC. ANNOUNCES SECOND PHASE OF TURNAROUND PLAN New Orleans (June 4, 1997) - Campo Electronics, Appliances and Computers, Inc. (NASDAQ/NMS-CMPO) announced today that its Board of Directors has approved the second phase of its turnaround plan, which includes filing a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in Federal Bankruptcy Court in New Orleans, the closing of nine store locations in unprofitable markets, and the closing of one distribution center to consolidate distribution activities. Twenty stores, including all New Orleans area locations, and two distribution centers will remain in operation. The Company also announced that it has arranged for additional working capital to help finance the turnaround plan, which will ensure an adequate supply of inventory, provide for updates to store fixtures and layouts and the implementation of a new information system. The Company said that this phase of the turnaround plan is being implemented with full support from floor plan and bank creditors, which have agreed to provide certain financial assistance to the Company. The Company said that it elected to make the filing, which was made today, to enable it to implement store closings and other elements of the turnaround plan. The reorganization measures will not adversely affect the Company's ability to service its customers or provide extended warranty contracts. L. Ron Forman, a member of the Board of Directors, said, "This reorganization is the next step in the Company's turnaround plan" This turnaround plan began earlier this year when the Board of Directors accepted Anthony P. Campo's resignation as Chairman and Chief Executive Officer and, subsequently, appointed Campo President and Chief Operating Officer, Rex O. Corley, Jr., as acting Chairman and Chief Executive Officer while it began a national search for a new Chief Executive Officer. Last month, the Board announced the retention of financial advisor and turnaround specialist York Management to help restore the Company to profitability. "The Board, with the assistance of its financial advisors, has reviewed available strategic options and has determined that these actions afford the Company the best opportunity to return to profitability in the shortest amount of time," added Forman. "The strategy is to refocus our resources on our profitable core markets to leverage the Company's traditional strengths. We have also interviewed a number of excellent candidates for the CEO position and expect to make our selection within the next few weeks." Locations scheduled for closing are: Alexandria, LA, Lafayette, LA, Tuscaloosa, AL, Jackson, MS, Memphis, TN (2 locations), Chattanooga, TN, Longview, TX, Texarkana, TX, and a distribution center in Birmingham, AL. The Company said that employees affected by store closings would be relocated or provided severance packages and outplacement assistance. In addition, the Company said that employees would be paid in the normal course of business during the reorganization proceeding and that the Company will seek immediate court approval to pay employee pre-petition wages, salaries and benefits. Campo Electronics, Appliances and Computers, Inc. (NASDAQ/NMS-CMPO), headquartered in the New Orleans metropolitan area, is a specialty retailer of name brand electronics, major appliances, computers and home office products which will have 20 stores in the southern United States after closing nine stores mentioned above. *** 109 NORTHPARK BLVD. 5TH FLOOR COVINGTON, LA 70433 504-867-5000 -----END PRIVACY-ENHANCED MESSAGE-----