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): February 4, 1999
CROWLEY MILNER AND COMPANY
(Exact name of registrant as specified in its charter)
Michigan 1-1594 38-0454910
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
Number)
2301 West Lafayette Boulevard, Detroit, Michigan 48216
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (313) 962-2400
Not applicable
(Former name or former address, if changed since last report)
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INFORMATION TO BE INCLUDED IN REPORT
Item 3. Bankruptcy or Receivership.
Crowley, Milner and Company (the "Company") issued a press release
on February 5, 1999 (the "Press Release"), announcing that it and its
wholly-owned subsidiary, Steinbach Stores, Inc. ("Steinbach" and, together
with the Company, the "Debtors"), filed voluntary petitions for relief under
Chapter 11 of the Federal Bankruptcy Code in the United Stated Bankruptcy
Court for the Eastern District of Michigan, Southern Division (the "Court").
Separate Chapter 11 pleadings were filed under the names "In Re Crowley,
Milner and Company", case number 99-41767(S) and "In Re Steinbach Stores,
Inc.", case number 99-41770(S), but the cases are being administered jointly
as case number 99-4167(S).
The Debtors are continuing to operate as debtors-in-possession
subject to the supervision of the Court.
Item 5. Other
The Press Release further announced that, subject to Court approval,
the Debtors will commence and/or continue clearance sales at the stores
operated by both Crowley's and Steinbach as debtors-in-possession pending an
orderly wind-down of operations under the protection of the Court. Pending
approval by the Court and subject to higher and better bids at a sale of
certain of its assets, the Company has agreed to accept an offer from Value
City Department Stores, Inc. to acquire five Crowley's stores and three
Steinbach stores and related assets necessary to operate such stores.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Press Release issued by Crowley, Milner and Company on
February 5, 1999.
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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.
CROWLEY, MILNER AND COMPANY
By: /S/ LANCE P. WIMMER
Lance P. Wimmer, President
and Chief Executive Officer
February 16, 1999
EXHIBIT INDEX
Exhibit
No. Description
99.1 Press Release issued by Crowley, Milner and Company on February 5,
1999.
EXHIBIT 99.1
CROWLEY, MILNER AND COMPANY Contact: Lance P. Wimmer
2301 West Lafayette Boulevard (313) 962-2537
Detroit, Michigan 48216-1891 (972) 776-0009
FOR IMMEDIATE RELEASE
CROWLEY'S ANNOUNCES VOLUNTARY CHAPTER 11
FILING AND SALE OF SEVERAL STORE LOCATIONS
TO VALUE CITY DEPARTMENT STORES
DETROIT, February 5, 1998 -- Crowley's announced today that it and its
wholly-owned subsidiary, Steinbach Stores, Inc. (collectively, the "Debtors"),
filed voluntary petitions for relief under Chapter 11 of the Federal Bankruptcy
Code in the U.S. Bankruptcy Court for the Eastern District of Michigan.
Under Chapter 11, subject to Bankruptcy Court approval, the Debtors
will commence and/or continue the clearance sales at both Crowley's and
Steinbach Stores and will continue to operate the stores as debtors-in-
possession pending an orderly wind-down of operations under the protection of
the Bankruptcy Court. The Debtors are optimistic that Congress Financial
Corporation (Central) will agree to the Debtors' use of cash for an interim
period pursuant to the terms of a consensual order submitted to the Bankruptcy
Court by the Debtors and Congress Financial Corporation (Central).
Crowley's also announced that, pending approval by the Bankruptcy Court
and subject to higher and better bids at a sale of certain of its other assets,
it has agreed to accept an offer from Value City Department Stores, Inc. to
acquire five Crowley's stores and three Steinbach stores and the store-related
assets deemed necessary by Value City to operate these locations for a purchase
price of $5.335 million.
Founded in 1914, Crowley's is the only Detroit-based specialty retail
department store operator.
