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): AUGUST 13, 1997
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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 3. BANKRUPTCY OR RECEIVERSHIP
On August 13, 1997, the Company filed for relief under Chapter 11 of
the United States Bankruptcy Code (the "Bankruptcy Code"). The petition
was filed in the United States Bankruptcy Court for the Southern
District of Florida and was assigned case number 97-16731-BKC-RAM. The
Company is a debtor-in-possession under the Bankruptcy Code. A copy of
the press release issued by the Company on August 13, 1997 reporting
the filing is attached as an exhibit hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits
99.1 Press Release of the Company dated August 13, 1997.
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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.
L. LURIA & SON, INC.
Dated: August 18, 1997 By: /S/RACHMIL LEKACH
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Rachmil Lekach, Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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99.1 Press Release of the Company dated August 13, 1997.
**IMMEDIATE RELEASE**
L. LURIA & SON, INC.
Miami, Florida, August 13, 1997 - L. Luria & Son, Inc. (Luria's) (NYSE:LUR)
L. Luria & Son, Inc. announced today that it has filed a case under Chapter 11
of the United States Bankruptcy Code in the United States Bankruptcy Court for
the Southern District of Florida.
Rachmil Lekach, Chief Executive Officer, said, "The decision to file was a very
difficult one. The members of the new management team that have joined the
Company since August 1996, at which time a change in control of the Company
occurred, have not been able to reverse the losses and declining sales trends
experienced by the Company prior to such time. Although the new management team
has taken many of the steps set forth in a recovery plan previously announced,
the Company has continued to experience difficulty meeting its debts as they
become due. The filing was precipitated by the Company's continuing sales
decline, reduced borrowing capacity and deterioration of vendor support, which
has made the process of implementing the recovery plan increasingly difficult.
It was determined that in the overall interests of Luria's customers, vendors,
employees and shareholders, this action was required. As the case goes forward,
Luria's will continue to evaluate and take actions that serve the best interests
of all parties."
The Company believes that the filing should allow Luria's to (i) relieve the
Company of burdensome obligations under unfavorable store leases, (ii) realize
significant value in other below market long-term store leases, and (iii)
maximize the ultimate return to its creditors.
For more information contact:
Paul Steven Singerman, Esq.
Berger Davis & Singerman
(305) 755-9500
