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): DECEMBER 17, 1996
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L. LURIA & SON, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA
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(State or other jurisdiction of incorporation
1-8057 59-0620505
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(Commission File Number) (IRS Employer Identification No.)
5770 MIAMI LAKES DRIVE
MIAMI LAKES, FLORIDA 33014
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 557-9000
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
EARNINGS AND STRATEGIC DIRECTION ANNOUNCEMENT. In conjunction with the filing of
its Form 10-Q for the thirteen weeks ended November 2, 1996, the Company stated
that it anticipates comparative period percentage sales decreases experienced in
the third quarter will not improve in the fourth quarter. The Company also
disclosed a Recovery Plan to address its working capital needs.
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS. The provisions of the Private
Securities Litigation Reform Act of 1995 (the "Act"), which became law in late
December 1995, provide companies with a "safe harbor" when making
forward-looking statements. This "safe harbor" encourages companies to provide
prospective information about their companies without fear of litigation. The
Company wishes to take advantage of the new "safe harbor" provisions of the Act
and is including this section in this Form 8-K in order to do so. Company
statements made herein or in other filings with the Securities and Exchange
Commission, in press releases, letters to vendors or oral public discussions
that are not historical facts, including statements about anticipations and
expectations for portions of the current fiscal year and beyond, are
forward-looking statements and involve various risks and uncertainties. Factors
that could cause the Company's actual results to differ materially from
projections, forecasts, estimates, anticipations and expectations of the Company
and its management include, but are not limited to, the following:
(a) The Company's ability to sell its corporate headquarters on a
timely and profitable basis;
(b) The Company's ability to return inventory to its vendors;
(c) The successful liquidation and closing of unprofitable stores;
(d) Changes in the availability of working capital and capital
expenditure financing, including the availability of the
Company's existing working capital credit facility and the
Company's ability to comply with the financial covenants of such
facility;
(e) Customer reaction to the Company's newly remodeled store
merchandise strategy;
(f) The effect, if any, of the Company's redirection of its
marketing program;
(g) Adverse changes in the credit terms and limits from the
Company's numerous providers of goods and services;
(h) Lack of availability/access to sources of supply for appropriate
inventory;
(i) Changes in general U.S. economic conditions including, but not
limited to, consumer credit availability, interest rates,
inflations, and consumer sentiment about the economy in general;
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(j) The ability of the Company to timely implement its strategic
plans and whether the plans are successful in achieving its
objectives of repositioning the Company and improving its
financial performance;
(k) The Company's ability to successfully achieve its cost-cutting
objectives;
(l) The presence or absence of new products or product features in
the merchandise categories the Company sells and changes in the
Company's actual merchandise sales mix;
(m) The ability to maintain an effective leadership team in a
dynamic environment or changes in the cost or availability of a
suitable work force at acceptable compensation levels to manage
and support the Company's operating strategy, including the
Company's increased emphasis on customer service;
(n) The imposition of new restrictions or regulations regarding the
sale of products or services the Company sells or changes in tax
rules and regulations applicable to the Company; and
(o) The Company's ability to anticipate and successfully respond to
continuing challenges of a specialty retail industry that is
dynamic by nature and has undergone significant changes in
recent years.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
None.
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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 thereunto duly authorized.
L. LURIA & SON, INC.
Dated: December 17, 1996 By: /s/ RACHMIL LEKACH
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Rachmil Lekach
Chief Executive Officer
