<PAGE> 1
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 13, 1999
Edison Brothers Stores, Inc.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as specified in Charter)
Delaware 1-1394 43-0254900
- -------------------------- ------------------------- -------------------------
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
501 North Broadway
St. Louis, Missouri 63102
- --------------------------------------------------------------------------------
(Address of principal executive offices including zip code)
(314) 331-6000
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On March 9, 1999, Edison Brothers Stores, Inc. and seven affiliated
companies (the "Company") filed in the United States Bankruptcy Court for the
District of Delaware a voluntary petition for reorganization under Chapter 11 of
title 11 of United States Code, case number 99-529 (the "Chapter 11 Filing").
The Company continues in possession of its properties and is operating and
managing its business as debtor-in-possession subject to Court approval for
certain actions of the Company.
Monthly Operating Reports are filed with the Office of the United States
Trustee. A copy of the Operating Report of Edison Brothers Stores, Inc. and its
subsidiaries for the period October 3, 1999 through October 30, 1999 as issued
on November 30, 1999 is filed as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- ------------------------------------------------------
Exhibit 99.1 Operating Report for period October 3, 1999 through
October 30, 1999.
<PAGE> 3
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.
EDISON BROTHERS STORES, INC.
Date: December 13, 1999 By: /S/ Judith M. Abrams
-----------------------------
Judith M. Abrams
Vice President, Controller
<PAGE> 1
EXHIBIT 99.1
OFFICE OF THE U.S. TRUSTEE - REGION 3 EXHIBIT 2
MONTHLY REPORTING REQUIREMENTS
All Chapter 11 debtors must serve the U.S. Trustee with the documents and
reports identified below no later than the 15th of the month following the end
of the month covered by the report.
Debtor Name: Edison Brothers Stores, Inc. et al.
Case Number: 99-529 (MFW) through 99-536 (MFW)
For the month of October 1999 (Fiscal Month Ending October 30, 1999)
--------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Document Previously Explanatio
Required Documents Attached Submitted Attached
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Income Statement. ( X ) ( ) ( )
2. Balance Sheet. ( X ) ( ) ( )
3. Statement of Cash Receipts ( X ) ( ) ( X )
and Disbursements.
4. Statement of Aged Receivables. ( ) ( ) ( X )
5. Statement of Aged Payables. ( X ) ( ) ( X )
6. Statement of Operations, Taxes, ( ) ( ) ( X )
Insurance and Personnel.
7. Tax Receipts. ( ) ( ) ( X )
8. Other documents/reports as ( X ) ( ) ( )
required by the U.S. Trustee:
Summary of Cash Disbursements by Category
-----------------------------------------
Taxes Payable Rollforward
-----------------------------------------
</TABLE>
The undersigned individual certifies under penalty of perjury (28 U.S.C. Section
1746) that to the best of the individual's knowledge, the documents appended are
true and correct.
By: /s/ Judith M. Abrams Dated: November 30, 1999
-------------------------------- ------------
Judith M. Abrams
Vice President, Controller
--------------------------------
Title of Debtor Representative
<PAGE> 2
EDISON BROTHERS STORES, INC., ET AL.
CASE NO. 99-529 (MFW) THROUGH 99-536 (MFW)
EXPLANATION TO MONTHLY OPERATING REPORT
The Debtors and the United States Trustee have agreed to the following
modifications to the Debtors' Monthly Operating Report:
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS:
The Debtor utilizes numerous bank accounts for its store deposits and uses a
centralized cash management account for the majority of its disbursements. To
provide the detail of each of these accounts and all of the disbursements would
cause an undue burden on the Debtor and generate a voluminous amount of paper to
be distributed on a monthly basis. In lieu of submitting the Statement of Cash
Receipts and Disbursements, the Debtor is submitting a rollforward of its major
bank accounts that would include the amounts received through all of its bank
accounts. In lieu of providing the detail of all disbursements for a month, the
Debtor is submitting a Summary of Cash Disbursements by Category.
STATEMENT OF AGED RECEIVABLES
This Statement will not be submitted, as the Debtor does not generate a
significant amount of receivables through its operations. The Debtor's sales
occur primarily through cash and credit card transactions and as such this
statement is not applicable to its business and would not provide relevant
information to the users of the Monthly Report.
STATEMENT OF AGED PAYABLES
This statement requires the Debtor to provide detail on all accounts payable
over 30 days past due. This requirement would cause an undue burden on the
Debtor. The Debtor is unable to generate a detailed report for items only over
30 days past due and to generate a report for all of its accounts payable would
result in a voluminous amount of paper to be generated and distributed on a
monthly basis. In lieu of providing this level of detail for this Statement, the
Debtor is submitting a summary of its monthly accounts payable aging.
STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL AND STATEMENT OF TAX
RECEIPTS
These two reporting requirements are combined into a rollforward of tax
accounts.
OTHER
The Debtor maintains its books and records on a fiscal month basis and is
reporting on that basis rather than on a calendar month basis.
Page 1 of 2
<PAGE> 3
EDISON BROTHERS STORES, INC., ET AL.
CASE NO. 99-529 (MFW) THROUGH 99-536 (MFW)
EXPLANATION TO MONTHLY OPERATING REPORT
Through the Debtor's ordinary course of business, it prepares its financial
reporting on a consolidated basis which includes debtor and non-debtor
affiliates. As the Debtor's case is being jointly administered with its
subsidiaries (as identified below), it is filing one consolidated Monthly Report
for the jointly administered cases:
Edison Brothers Apparel Stores, Inc. (Case No. 99-530 (MFW))
Edison Paymaster, Inc. (Case No. 99-531 (MFW))
Edbro Missouri Realty Co. Inc. (Case No. 99-532 (MFW))
Edison Indiana LLC (Case No. 99-533 MFW))
Edison Puerto Rico Stores, Inc. (Case No. 99-534 MFW))
Tofac of Puerto Rico, Inc. (Case No. 99-535 MFW))
Edison Brothers Stores International (Case No. 99-536 (MFW))
Page 2 of 2
<PAGE> 4
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED BALANCE SHEETS - Unaudited
(Dollars in millions)
<TABLE>
<CAPTION>
ASSETS October 30, 1999 March 8, 1999
============================================================ ================ =============
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 56.8 $ 13.0
Merchandise inventories 0.0 155.7
Prepaid expenses 0.0 2.8
Other current assets 5.0 4.7
- ------------------------------------------------------------ ------------ ------------
TOTAL CURRENT ASSETS 61.8 176.2
Assets Held for Sale 9.8 8.2
Property and Equipment, net 0.0 109.4
Intangible Assets, net 0.0 1.8
Reorganization Value in Excess of Identifiable Assets, net 0.0 25.2
Prepaid Pension Expense 16.9 18.1
Other Assets 1.6 4.2
- ------------------------------------------------------------ ------------ ------------
TOTAL ASSETS $ 90.1 $ 343.1
============================================================ ============ ============
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ - $ 51.1
Accounts payable 1.6 48.2
Payroll and vacations 0.4 6.9
Other taxes 0.6 13.0
Other current liabilities 9.9 22.8
- ------------------------------------------------------------ ------------ ------------
TOTAL CURRENT LIABILITIES 12.5 142.0
Liabilities Subject to Compromise 171.5 126.9
Long-Term Debt 0.0 0.0
Postretirement and Other Employee Benefits 38.5 44.5
Other Liabilities 0.5 3.9
COMMON STOCKHOLDERS' EQUITY
Common stock 0.1 0.1
Capital in excess of par value 130.5 130.5
Common stock warrants 7.0 7.0
Accumulated deficit (268.9) (110.2)
Foreign currency translation adjustment (1.6) (1.6)
- ------------------------------------------------------------ ------------ ------------
TOTAL COMMON STOCKHOLDERS' EQUITY (132.9) 25.8
- ------------------------------------------------------------ ------------ ------------
TOTAL LIABILITIES AND EQUITY $ 90.1 $ 343.1
============================================================ ============ ============
</TABLE>
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF
THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS.
<PAGE> 5
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited
(Dollars in millions)
<TABLE>
<CAPTION>
4 Weeks Ended 33.8 Weeks Ended
October 30, 1999 October 30, 1999
- -------------------------------------------- ---------------- ----------------
<S> <C> <C>
NET SALES $ - $ 227.0
- -------------------------------------------- ---------------- ----------------
Cost of goods sold, occupancy,
and buying expenses 1.0 170.2
Store operating and administrative expenses 1.9 88.3
Depreciation and amortization 0.0 11.1
Interest (income )/expense, net (0.2) (0.1)
(Gain)/Loss on Disposition of Assets (0.1) 113.4
Other (0.3) 2.5
- -------------------------------------------- ---------------- ----------------
TOTAL EXPENSES 2.3 385.4
- -------------------------------------------- ---------------- ----------------
LOSS BEFORE INCOME TAXES (2.3) (158.4)
Income tax provision 0.0 0.3
- -------------------------------------------- ---------------- ----------------
NET INCOME (LOSS) $ (2.3) $ (158.7)
============================================ ================ ================
</TABLE>
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF
THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS.
<PAGE> 6
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited
(Dollars in millions)
<TABLE>
<CAPTION>
4 Weeks Ended 33.8 Weeks Ended
October 30, 1999 October 30, 1999
- ------------------------------------------------------------ ---------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (2.3) $ (158.7)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 0.0 11.1
(Gain)/Loss on disposal of property and equipment (0.1) 88.2
Restructuring and reorganization expenses,
Working capital changes 1.1 122.5
Other (0.2) 0.5
Activity in connection with the Chapter 11 proceedings,
noncash portion 0.9 23.3
- ------------------------------------------------------------ -------------- --------------
Total Operating Activities (0.6) 86.9
- ------------------------------------------------------------ -------------- --------------
CASH FLOWS FROM INVESTING ACTIVITES:
Disposal of assets held for sale 2.2 7.8
Other (0.0) 0.5
- ------------------------------------------------------------ -------------- --------------
Total Investing Activities 2.2 8.3
- ------------------------------------------------------------ -------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on capital lease obligation (0.0) (0.3)
Decrease in short-term borrowings ---- (51.1)
- ------------------------------------------------------------ -------------- --------------
Total Financing Activities (0.0) (51.4)
- ------------------------------------------------------------ -------------- --------------
Effect of exchange rate changes on cash ---- ----
- ------------------------------------------------------------ -------------- --------------
CASH PROVIDED (USED) 1.6 43.8
Beginning cash and cash equivalents 55.2 13.0
- ------------------------------------------------------------ -------------- --------------
ENDING CASH AND CASH EQUIVALENTS $ 56.8 $ 56.8
============================================================ ============== ==============
</TABLE>
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF
THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS.
<PAGE> 7
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
CASE # 99-529(MFW)
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
STATEMENT FOR THE PERIOD:
FROM: 10/03/99
THROUGH: 10/30/99
BANK TRANSACTIONS...
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
FIRST UNION MERCANTILE FEDERATED BANK OF TOTAL
NATIONAL BANK NATIONAL BANK MERRILL LYNCH INVESTORS NOVA SCOTIA
(a) OF ST. LOUIS (c) (d) (e)
(b)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BEGINNING BANK LEDGER BALANCE $59,306.28 $64,655.08 $0.00 $27,325,573.94 $15,957.69 $27,465,492.99
- ---------------------------------------------------------------------------------------------------------------------------
RECEIPTS FOR PERIOD (1) 1,944,738.87 201,715.49 0.00 875,000.00 0.00 $3,021,454.36
- ---------------------------------------------------------------------------------------------------------------------------
CASH CLEARINGS FOR PERIOD (2,003,412.06) 0.00 0.00 0.00 (0.62) ($2,003,412.68)
- ---------------------------------------------------------------------------------------------------------------------------
ENDING BANK LEDGER BALANCE $633.09 $266,370.57 $0.00 $28,200,573.94 $15,957.07 $28,483,534.67
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------
CONGRESS
FINANCIAL NET POSITION
REVOLVING CREDIT
LINE (f)
- -----------------------------------------------------------------------
<S> <C> <C>
BEGINNING BANK LEDGER BALANCE $13,235,391.05 $40,700,884.04
- -----------------------------------------------------------------------
RECEIPTS FOR PERIOD (1) 0.00 $3,021,454.36
- -----------------------------------------------------------------------
CASH CLEARINGS FOR PERIOD (505.00) ($2,003,917.68)
- -----------------------------------------------------------------------
ENDING BANK LEDGER BALANCE $13,234,886.05 $41,718,420.72
- -----------------------------------------------------------------------
(1) Includes transfers between accounts which net to zero.
BALANCES PER GENERAL LEDGER...
----------------------------------------------------------------------------------------
Non-store depository accounts $56,083,483.08
----------------------------------------------------------------------------------------
Store depository accounts, cash in transit, and petty cash in stores 223,788.67
----------------------------------------------------------------------------------------
Credit card receivables 477,758.66
----------------------------------------------------------------------------------------
Total $56,785,030.41
----------------------------------------------------------------------------------------
- ------------------------------------------------------- ----------------------------------------------------
(a) 201 South College Street, Charlotte, NC 28288 (d) Prime Value Obligations Fund #853
Account Number 2014201943442 PO Box 8602, Boston, MA 02266-8602
Account Numbers 4486001, 4500673, and 4375733
- ------------------------------------------------------- ----------------------------------------------------
- ------------------------------------------------------- ----------------------------------------------------
(b) 8th and Locust Street, St. Louis, MO 63166 (e) 44 King Street West, Toronto, Ontario M5H 1H1
Account Number 1001014677 Account Number 80002 2237-19
- ------------------------------------------------------- ----------------------------------------------------
- ------------------------------------------------------- ----------------------------------------------------
(c) 800 Market Street, 24th Floor, St. Louis, MO 63166 (f) 1133 Avenue of the Americas, New York, NY 10036
Account Number 70M-07J96 Loan Numbers 4639, 4659, 4661 and 4683
- ------------------------------------------------------- ----------------------------------------------------
</TABLE>
<PAGE> 8
EDISON BROTHERS STORES, INC. ET AL.
CASE NO. 99-529 THROUGH 99-536
SUMMARY OF CASH DISBURSMENTS
FOR THE MONTH ENDING OCTOBER 30, 1999
<TABLE>
<CAPTION>
--------------------------- First Union ---------------------------
Accounts Payable Payments via
----------------------------- Foreign Mercandise All Other Wires
Checks ACHs Wires and ACH Payments
------ ---- ----- ----------------
<S> <C> <C> <C> <C>
Rent 248,281.11
Freight 11,201.87
Merchandise 1,858.50
Utilities & Services 148,599.43
Bankruptcy Related
Payroll 25,827.65 239,323.34
Payroll Taxes 662.04 158,227.45
General Taxes 67,284.73
Customs Brokers
Other 1,209,806.89 283,847.81
Total Disbursments 1,713,522.22 0.00 0.00 681,398.60
Reconciliation back to
Statement of Cash Receipts &
Disbursments:
Delete Total from above (1,713,522.22)
Add back in Payroll Clearing 25,827.65
Add back all other check clearing 1,296,185.81
Total Disbursments 1,322,013.46 0.00 0.00 681,398.60
Total First Union 2,003,412.06
Total Disbursments Per Summary 2,003,412.06
Difference 0.00
<CAPTION>
Cashier's Checks
From Mercantile Nova Scotia Congress Total
<S> <C> <C> <C> <C>
Rent 248,281.11
Freight 11,201.87
Merchandise 1,858.50
Utilities & Services 148,599.43
Bankruptcy Related 0.00
Payroll 265,150.99
Payroll Taxes 158,889.49
General Taxes 67,284.73
Customs Brokers 0.00
Other 0.62 505.00 1,494,160.32
Total Disbursments 0.00 0.62 505.00 2,395,426.49
Reconciliation back to
Statement of Cash Receipts &
Disbursments:
Delete Total from above (1,713,522.22)
Add back in Payroll Clearing 25,827.65
Add back all other check clearing 1,296,185.81
Total Disbursments 0.00 0.62 505.00 2,003,917.68
Total Disbursments Per Summary 0.00 0.62 505.00 2,003,917.68
Difference 0.00 0.00 0.00 0.00
</TABLE>
<PAGE> 9
EXHIBIT-7
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
For the Month Ending October 30, 1999
Debtor Name: Edison Brothers Stores, Inc. et al.
Case Number: 99-529 (MFW) through 99-536 (MFW)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Account Total Current Past Due Past Due Past Due
Name Description Due (0-30 days) (31-60) (61-90) (91 & Over)
- -----------------------------------------------------------------------------------------------------------------
A/P Domestic Merchandise Mdse. Inventor $ 0.1 0.1
A/P Foreign Merchandise Mdse. Inventor 0.3 0.3
A/P Expense Misc Expenses 1.2 1.2
TOTALS $ 1.6 1.6 -- -- --
</TABLE>
<TABLE>
<CAPTION>
Note: Please include only post-petition debts and explain why accounts over 30 days past due have not been paid.
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
ACCOUNTS PAYABLE RECONCILIATION:
<S> <C> <C>
1. Opening Balance (total from prior report) $ --
------------
2. New Accounts this Month 1.6
------------
3. Balance (add lines 1 and 2) 1.6
------------
4. Amount Collected on Prior Accounts --
------------
5. Closing Balance (subtract line 4 from line 3) $ 1.6
------------
</TABLE>
<PAGE> 10
Debtor Name: Edison Brothers Stores, Inc. Date: 12/14/99
Case No.: 99-073 (MFW)
<TABLE>
<CAPTION>
=======================================================================================================================
10/2/99 10/30/99
Ending Accrued/ Payments/ Ending
Balance Withheld Deposits Balance
=============================================================================
<S> <C> <C> <C> <C>
PAYROLL TAXES WITHHELD:
Federal/FICA (77,281) 131,883 121,982 (67,380)
State 0 30,712 30,712 0
Local/Occup W/H 0 5,432 5,432 0
UNEMPLOYMENT TAX:
Federal 0 102 102 0
State 0 0 0 0
SDI 0 0 0 0
SALES & LOCAL USE TAXES: * 499,842 0 23 499,819
PROPERTY TAXES: 0 0 0 0
REAL ESTATE TAXES: ** 0 0 0 0
</TABLE>
* Includes pre-petition amounts. Pursuant to bankruptcy court order dated March
9, 1999, the Debtor has been authorized to remit these amounts.
**Corporate properties only.
