SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 1-7927
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K and Form 10-KSB [ ] Form 20-F
[ ] Form 11-K [ X ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: October 31, 1994
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended: _____________________________________
Read Attached Instruction Sheet Before Preparing Form. Please Print
or Type.
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
__________________________________________________________________________
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: ________________
_________________________________________________________________________
PART I. REGISTRANT INFORMATION
Full Name of Registrant: House of Fabrics, Inc.
Former Name if Applicable:
Address of Principal Executive Office (Street and Number):
13400 Riverside Drive
City, State and Zip Code: Sherman Oaks, California 91423
PART II. RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
[ X ] (a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable effort or
expense;
[ X ] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof
will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report or
transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
[ ] (c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
PART III. NARRATIVE
State below in reasonable detail the reasons why Form 10-K and Form
10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report
or portion thereof could not be filed within the prescribed time period.
(Attach Extra Sheets if Needed.) See Attachment A.
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Marvin S. Maltzman (818) 385-2303
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13 or 15(d)
of the Securities Exchange Act of 1934 or section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such shorter
period that the registrant was required to file such report(s) been filed?
If the answer is no, identify report(s).
[ X ] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report
or portion thereof?
[ X ] Yes [ ] No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why
a reasonable estimate of the results cannot be made. See Attachment B
HOUSE OF FABRICS, INC.
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date December 15, 1994 By /s/ MARVIN S. MALTZMAN
______________________________________
Name: Marvin S. Maltzman
Title: Vice President, Secretary
and General Counsel
<PAGE>
ATTACHMENT A
On November 2, 1994, House of Fabrics, Inc. (the "Company") filed
a voluntary petition under Chapter 11 of the United States Bankruptcy Code.
Due to its current financial position, the Company's resources are
extremely limited and have been focused on the Chapter 11 proceedings.
This is especially true of the financial department of the Company. The
Company's financial personnel have been required to produce a wealth of
information to be filed with the Bankruptcy Court. In addition, the
Company's personnel and its independent auditors have been attempting
to establish the exact amount of the restructuring charge and
inventory valuation which will be reflected in the Company's
financial statements as described in Attachment B hereto. This
effort has severely taxed the resources of the Company's financial
personnel, which in turn caused this delay in filing.
<PAGE>
ATTACHMENT B
Sales for the quarter ended October 31, 1994, decreased 36.1%
to $90,575,000 from $141,798,000 for the quarter ended October 31, 1993.
The decrease in sales of $51,232,000 was primarily due to the elimination
of sales for the 188 super stores totaling $24,842,000 under the
Company's 1994 Restructuring Plan and a 19.4% decrease in store for
store sales. During the quarter ended october 31, 1994, the Company
opened 1 new super store and closed 10 super stores and 32 mall
stores.
Sales for the nine months ended October 31, 1994, decreased
21.0% to $315,384,000 from $399,019,000 for the nine months ended
October 31, 1993. The decrease in sales of $83,635,000 was primarily
due to the elimination of sales of 110 mall stores totaling
$21,118,000 under the Company's 1993 Restructuring Plan and for the
188 super stores totaling $24,842,000 under the Company's 1994
Restructuring Plan and a 8.9% decrease in store for store sales.
During the nine months ended October 31, 1994, the Company opened 1
new super store and closed 18 super stores and 47 mall stores.
As a result of the Company's plan to close 188 super
stores, the Company will record a pretax restructuring charge
during the quarter ended October 31, 1994 estimated not to exceed
$50,000,000. In addition, as a result of a new marketing and
merchandising strategy, which includes plans to narrow the
Company's fabric offerings, the Company will record in the
quarter ended October 31, 1994 a provision of $19,000,000 to
aggressively markdown and liquidate certain slow moving fabric
inventories that no longer fit the Company's merchandising model.
