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): JANUARY 7, 1997
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 reort)
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ITEM 5. OTHER EVENTS
The Company has entered into an agency agreement with Gordon Brothers
Partners, Inc. with respect to liquidation sales to be conducted within
the next several weeks at 17 stores. Under the agreement with Gordon
Brothers, Luria's will receive an up-front cash payment of approximately
$10 million for the merchandise located at the stores and will be
entitled to receive an additional 70% of the net proceeds from the sale,
after deducting the up-front payment, expenses and a 1.5% fee to Gordon
Brothers. The liquidation sales are part of the Company's strategy to
consolidate and focus its efforts on performing stores, while addressing
its working capital needs as previously announced in a Form 8-K, dated
December 17, 1996. After the sales are completed, the Company will
operate 28 stores in Florida and will take a restructuring charge for
the closed stores.
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: January 7, 1997 By: /s/ Rachmil Lekach
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Rachmil Lekach
Chief Executive Officer
