<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): May 28, 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 March 9, 1999 through April 3, 1999 as
issued on May 6, 1999 is filed as Exhibit 99.1 hereto.
The Company has recently announced and is seeking Bankruptcy Court
approval for the sale of all or a part of the following chains it currently
operates:
-------------------------------- ---------------------------------------------
CHAIN ACQUIRER
-------------------------------- ---------------------------------------------
Repp, Repp By Mail J. Baker Inc.
-------------------------------- ---------------------------------------------
JW/Coda Coda Acquisition Group
-------------------------------- ---------------------------------------------
5-7-9 A.I.J.J. Enterprises, Inc.
-------------------------------- ---------------------------------------------
Bakers Weiss & Neuman Shoe Company
-------------------------------- ---------------------------------------------
Puerto Rico Footwear Stores Novus, Inc.
-------------------------------- ---------------------------------------------
The sale of Repp and Repp By Mail closed on May 21, 1999.
The Company previously sought and has received Bankruptcy Court
approval to conduct inventory liquidation sales at most of its Wild Pair stores
and Riggings menswear chain.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- ------------------------------------------------------
Exhibit 99.1 Operating Report for period March 9, 1999 through April 3, 1999.
Exhibit 99.2 Press Release dated April 22, 1999.
Exhibit 99.3 Press Release dated May 17, 1999.
Exhibit 99.4 Press Release dated May 20, 1999.
Exhibit 99.5 Press Release dated May 27, 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: May 28, 1999 By: /S/ John F. Burtelow
-----------------------------
John F. Burtelow
Chief Financial Officer
<PAGE> 1
EXHIBIT 99.1
OFFICE OF THE U.S. TRUSTEE - REGION 3
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 MARCH 1999 (FISCAL MONTH ENDING APRIL 3, 1999)
----------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
DOCUMENT PREVIOUSLY EXPLANATION
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 ROLLFOWARD
------------------------------------------
</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/ John F. Burtelow Dated: May 6 , 1999
----------------------------------------------- --------
John F. Burtelow
Executive Vice President, Chief Administrative
Officer and Chief Financial Officer
-----------------------------------------------
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 April 03, 1999 March 8, 1999
- ---------------------------------------------------------- -------------- -------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 15.8 $ 13.0
Merchandise inventories 132.6 155.7
Prepaid expenses 13.2 2.8
Other current assets 2.9 4.7
- ---------------------------------------------------------- -------- --------
TOTAL CURRENT ASSETS 164.5 176.2
Assets Held for Senior-Note Interest Escrow 8.2 8.2
Property and Equipment, net 106.1 109.4
Intangible Assets, net 1.7 1.8
Reorganization Value in Excess of Identifiable Assets, net 25.0 25.2
Prepaid Pension Expense 18.0 18.1
Other Assets 4.1 4.2
- ---------------------------------------------------------- -------- --------
TOTAL ASSETS $ 327.6 $ 343.1
========================================================== ======== ========
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ 27.9 $ 51.1
Accounts payable 30.9 48.2
Payroll and vacations 6.8 6.9
Other taxes 4.2 13.0
Other current liabilities 6.9 22.8
- ---------------------------------------------------------- -------- --------
TOTAL CURRENT LIABILITIES 76.7 142.0
Liabilities Subject to Compromise 178.4 0.0
Long-Term Debt 0.0 126.9
Postretirement and Other Employee Benefits 39.9 44.5
Other Liabilities 3.1 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 (106.5) (110.2)
Foreign currency translation adjustment (1.6) (1.6)
- ---------------------------------------------------------- -------- --------
TOTAL COMMON STOCKHOLDERS' EQUITY 29.5 25.8
- ---------------------------------------------------------- -------- --------
TOTAL LIABILITIES AND EQUITY $ 327.6 $ 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.
1
<PAGE> 5
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Dollars in millions)
<TABLE>
<CAPTION>
3.8 Weeks Ended 9 Weeks Ended
April 3, 1999 April 3, 1999
- ------------------------------------------------ ---------------- --------------
<S> <C> <C>
NET SALES $ 57.0 $ 124.7
- ------------------------------------------------ ---------------- --------------
Cost of goods sold, occupancy,
and buying expenses 37.5 93.2
Store operating and administrative expenses 13.1 36.4
Depreciation and amortization 2.4 5.8
Interest expense, net 0.3 4.3
Year 2000 expenses 0.0 0.6
Other 0.1 1.8
- ------------------------------------------------ ---------------- --------------
TOTAL EXPENSES 53.4 142.1
- ------------------------------------------------ ---------------- --------------
INCOME/(LOSS) BEFORE INCOME TAXES 3.6 (17.4)
Income tax provision (0.1) 0.0
- ------------------------------------------------ ---------------- --------------
NET INCOME (LOSS) $ 3.7 $ (17.4)
================================================ ================ ==============
</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
(Dollars in millions)
<TABLE>
<CAPTION>
3.8 Weeks Ended 9 Weeks Ended
April 03, 1999 April 03, 1999
================================================================== =============== ==============
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss) $ 3.7 $ (17.4)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 2.4 5.8
Loss on disposal of property and equipment 0.7 0.9
Working capital changes 16.7 8.2
Other (0.8) (0.3)
Activity in connection with the Chapter 11 proceedings,
noncash portion 3.2 3.2
- ------------------------------------------------------------------ --------------- --------------
Total Operating Activities 25.9 0.4
- ------------------------------------------------------------------ --------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures 0.0 (2.7)
Other 0.1 (0.0)
- ------------------------------------------------------------------ --------------- --------------
Total Investing Activities 0.1 (2.7)
- ------------------------------------------------------------------ --------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase/(Decrease) in short-term borrowings (23.2) 1.8
Decrease in senior-note interest escrow -- 6.0
Other -- 1.1
- ------------------------------------------------------------------ --------------- --------------
Total Financing Activities (23.2) 8.9
- ------------------------------------------------------------------ --------------- --------------
Effect of exchange rate changes on cash -- (1.2)
- ------------------------------------------------------------------ --------------- --------------
CASH PROVIDED (USED) 2.8 5.4
Beginning cash and cash equivalents 13.0 10.4
- ------------------------------------------------------------------ --------------- --------------
ENDING CASH AND CASH EQUIVALENTS $ 15.8 $ 15.8
================================================================== =============== ==============
</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: 03/08/99
THROUGH: 04/03/99
<TABLE>
<CAPTION>
BANK TRANSACTIONS... FIRST UNION MERCANTILE CONGRESS FINANCIAL
NATIONAL BANK NATIONAL BANK BANK OF NOVA TOTAL REVOLVING CREDIT LINE NET POSITION
(a) OF ST. LOUIS(b) SCOTIA(c) (d)(2) (2)
<S> <C> <C> <C> <C> <C> <C>
BEGINNING BANK LEDGER BALANCE $1,791,512.96 $603,408.40 $305,380.52 $2,700,301.88 ($51,054,774.91) ($48,354,473.03)
RECEIPTS FOR PERIOD (1) 20,299,163.48 511,610.55 263,651.04 $21,074,425.07 35,800,000.00 $56,874,425.07
CASH CLEARINGS FOR PERIOD (22,075,808.38) (984,828.87) (254,731.10) ($23,315,368.35) (12,619,045.39) ($35,934,413.74)
ENDING BANK LEDGER BALANCE $14,868.06 $130,190.08 $314,300.46 $459,358.60 ($27,873,820.30) ($27,414,461.70)
</TABLE>
(1) Includes transfers between accounts which net to zero.
(2) Includes a $29,010.63 adjustment to Beginning Balance for Professional
Services not recorded in previous month.
<TABLE>
<S> <C>
BALANCES PER GENERAL LEDGER...
Non-store depository accounts $615,499.29
Store depository accounts, cash in transit, and petty cash in stores 10,280,533.67
Credit card receivables 4,916,821.55
Investments
Total $15,812,854.51
</TABLE>
<TABLE>
<S> <C>
(a) 201 South College Street, Charlotte, NC 28288 (c) 44 King Street West, Toronto, Ontario M5H 1H1
Account Number 2014201943442 Account Number 80002 2237-19
(b) 8th and Locust Street, St. Louis, MO 63166 (d) 1133 Avenue of the Americas, New York, NY 10036
Account Number 1001014677 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 DISBURSEMENTS
FOR THE MONTH ENDING APRIL 3, 1999
<TABLE>
<CAPTION>
FIRST UNION
Accounts Payable Payments via: Foreign Merchandise All Other Wires Cashier's Checks
Checks ACHs Wires and ACH Payments From MERCANTILE NOVA SCOTIA
------ ---- ----- ---------------- --------------- -----------
<S> <C> <C> <C> <C> <C> <C>
RENT 17,129,594.80 17,420.00
FREIGHT 231,135.03 365,964.61 612,818.97
MERCHANDISE 1,023,954.34 114,073.50 3,147,032.48
UTILITIES & SERVICES 19,188.36 71,702.72
BANKRUPTCY RELATED
PAYROLL 4,262,027.22 3,164,774.91 2,258.44 123,386.87
PAYROLL TAXES 10,519.73 4,548,981.58 66,305.24
GENERAL TAXES 474,674.29 209,542.48
CUSTOMS BROKERS 2,538,493.39 65,929.77
OTHER 484,061.27 364,262.08 1,421,648.75 165,813.73 131,344.23
TOTAL DISBURSEMENTS 23,635,155.04 861,720.19 3,147,032.48 11,883,441.11 984,828.87 254,731.10
RECONCILIATION BACK
TO STATEMENT OF
CASH RECEIPTS &
DISBURSEMENTS:
Delete Total from above (23,635,155.04)
Add back in Payroll
Clearings 4,262,027.22
Add back all other check
clearing 1,921,587.38
Subtotal 6,183,614.60 861,720.19 3,147,032.48 11,883,441.11 984,828.87 254,731.10
22,075,808.38
Total Disbursements Per
Summary 22,075,808.38 984,828.87 254,731.10
Difference 0.00 0.00 0.00
</TABLE>
<TABLE>
CONGRESS TOTAL
-------- -----
<S> <C> <C>
RENT 17,147,014.80
FREIGHT 1,209,918.61
MERCHANDISE 10,484,623.14 14,769,683.46
UTILITIES & SERVICES 90,891.08
BANKRUPTCY RELATED 1,775,000.00 1,775,000.00
PAYROLL 7,552,447.44
PAYROLL TAXES 4,625,806.55
GENERAL TAXES 684,216.77
CUSTOMS BROKERS 2,604,423.16
OTHER 359,422.25 2,926,552.31
TOTAL DISBURSEMENTS 12,619,045.39 53,385,954.18
RECONCILIATION BACK
TO STATEMENT OF
CASH RECEIPTS &
DISBURSEMENTS:
Delete Total from above (23,635,155.04)
Add back in Payroll
Clearings 4,262,027.22
Add back all other check 1,921,587.38
clearing
Subtotal 12,619,045.39 35,934,413.74
Total Disbursements Per
Summary 12,619,045.39 35,934,413.74
Difference 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: APRIL 3, 1999
---------------
<TABLE>
<S><C>
DEBTOR NAME: Edison Brothers Stores, Inc. et al.
CASE NUMBER: 99-529 (MFW) through 99-536 (MFW)
- ------------------------------------------------------------------------------------------------------------------------------
ACCOUNT TOTAL CURRENT PAST DUE PAST DUE PAST DUE
NAME DESCRIPTION DUE (0-30 DAYS) (31-60) (61-90) (91 & OVER)
- -----------------------------------------------------------------------------------------------------------------------------
YOU MAY COMBINE ALL PAYABLES LESS THAN 30 DAYS PAST DUE AND SHOW ON ONE LINE.
TOTALS $ 30.9 $ 30.9 -- -- --
NOTE: PLEASE INCLUDE ONLY POST-PETITION DEBTS AND EXPLAIN WHY ACCOUNTS OVER 30 DAYS PAST DUE HAVE NOT BEEN PAID.
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
ACCOUNTS PAYABLE RECONCILIATION:
1. OPENING BALANCE (TOTAL FROM PRIOR REPORT) $ --
------------------
2. NEW ACCOUNTS THIS MONTH 30.9
------------------
3. BALANCE (ADD LINES 1 AND 2) 30.9
------------------
4. AMOUNT COLLECTED ON PRIOR ACCOUNTS --
------------------
5. CLOSING BALANCE (SUBTRACT LINE 4 FROM LINE 3) $ 30.9
------------------
</TABLE>
<PAGE> 10
Debtor Name: Edison Brothers Stores, Inc. Date: 05/28/99
Case No.: 99-529 (MFW)
<TABLE>
<CAPTION>
=========================================================================================================================
03/08/99 04/03/99
Ending Accrued/ Payments/ Ending
Balance Withheld Deposits Balance
=============================================================================
<S> <C> <C> <C> <C>
PAYROLL TAXES WITHHELD:
Federal/FICA 0 3,903,188 3,903,188 0
State 0 449,878 435,797 14,081
Local/Occup W/H 0 105,534 102,977 2,557
UNEMPLOYMENT TAX:
Federal 0 67,878 53,966 13,912
State 0 148,714 149,592 (878)
SDI 0 12,479 2,082 10,397
SALES & LOCAL USE TAXES: * 398,667 3,231,736 287,471 3,342,932
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.
<PAGE> 1
EXHIBIT 99.2
For further information, contact:
Beth Randolph at 314/552-6709 or
Tom Goyda at 314/552-6724, both of Shandwick
FOR IMMEDIATE RELEASE
EDISON BROTHERS SEEKS COURT APPROVAL TO
CLOSE THREE CHAINS AND SELL INDIANA DISTRIBUTION CENTER
RIGGINGS, JW/JEANS WEST AND WILD PAIR STORES WOULD BE AFFECTED
ST. LOUIS, April 22, 1999--Edison Brothers Stores, which filed for Chapter 11
bankruptcy protection on March 9, has filed a motion seeking bankruptcy court
approval to conduct store closing sales in approximately 675 of its Riggings and
JW/Jeans West menswear and Wild Pair footwear stores. The company is also asking
the court to approve the sale of its Princeton, Indiana distribution center to
DSL Transportation Services for $6.1 million.
Edison received no acceptable offers for the purchase of Riggings,
JW/Jeans West and Wild Pair by an April 9 deadline. As a result, the company is
seeking approval to close stores in the three chains and to accept a joint bid
from The Ozer Group LLC, Schottenstein Bernstein Capital Group LLC, Hilco/Great
American Group and the Nassi Group LLC to conduct the merchandise liquidation
sales. Under the terms of the joint bid, Edison would receive approximately 27.0
percent of the estimated $167.0 million retail value of the merchandise.
To enable Edison to obtain the highest and best price for its
inventory, competitive liquidation bids will be accepted on April 26. The
company expects the court to make a final ruling on the liquidation bids at a
hearing on April 29, with clearance sales to start the following day. Most
employees of the affected chains will have opportunities to continue to work
during the merchandise clearance sales, which will continue for approximately
six weeks to 10 weeks, depending on the chain.
The company is considering offers for its remaining chains--Coda, 5-7-9
Shops and Bakers--and expects to submit motions to sell or liquidate those units
for court approval in the near future. As previously announced, Edison has
already signed a letter of intent to sell its Repp Ltd Big & Tall menswear
stores and Repp By Mail catalog operations to J. Baker for approximately $33.0
million.
MORE
<PAGE> 2
ADD ONE EDISON
Edison Brothers Stores Inc. operates Bakers and Wild Pair footwear
stores; 5-7-9 junior apparel stores; Riggings, JW, Coda and Repp Ltd. Big & Tall
menswear stores; and Repp By Mail men's catalog. The company has more than 1,500
stores in the United States, Canada, Puerto Rico and the Virgin Islands.
###
<PAGE> 1
EXHIBIT 99.3
For further information, contact:
Tom Goyda, Shandwick
314/552-6724
FOR IMMEDIATE RELEASE
EDISON BROTHERS ANNOUNCES AGREEMENTS
TO SELL 485 JW/JEANS WEST, CODA AND 5-7-9 STORES
BAKERS LIQUIDATION POSTPONED PENDING EXPECTED SALE
ST. LOUIS, May 17, 1999--Edison Brothers Stores, which filed for Chapter 11
bankruptcy protection on March 9, has signed agreements and will request
bankruptcy court approval for two sales involving most of the stores in its
JW/Jeans West, Coda and 5-7-9 apparel chains. The company has also pulled its
Bakers footwear stores from a previously filed request for court approval to
liquidate the chain, based on the expectation that it will soon reach an
agreement to sell that chain.
Under the terms of an agreement signed today, Edison would sell a total
of 285 stores to Coda Acquisition Group, a private company, for $10.3 million.
The sale would include 263 of the more than 350 JW/Jeans West and Coda stores,
which target young, urban males, as well as 22 stores in Edison's Riggings
menswear chain, which began liquidation sales on April 30. The sale also
includes all of the merchandise inventory of JW/Jeans West and Coda stores.
Edison also signed an agreement to sell approximately 200 of the 250
stores in its 5-7-9 junior apparel chain for $13.7 million to The New 5-7-9 and
Beyond, Inc., a private company and subsidiary of A.I.J.J. Enterprises, Inc.,
commonly known as Rainbow Apparel, of Brooklyn, N.Y.
All arrangements are subject to court approval at a later date.
Edison also has amended a previous filing seeking approval to
liquidate the JW/Jeans West, Coda and 5-7-9 chains so as to include only the
approximately 40 stores now operating as 5-7-9 that are not part of the sales
agreements. If a liquidation bid for those stores from Gordon Brothers
Retail Partners LLC is approved by the bankruptcy court, clearance sales should
start later this week.
MORE
<PAGE> 2
ADD ONE EDISON
Edison had previously signed a definitive agreement to sell its Repp
Ltd Big & Tall menswear stores and Repp By Mail catalog operations to J. Baker
for approximately $31.7 million, and has announced plans to sell its Princeton,
Ind. distribution center for $6.1 million. A second distribution center in
Washington, Mo. will be closed by mid-July and is currently for sale. The
company is also in the process of liquidating most of its Wild Pair footwear
stores and Riggings menswear chain.
Edison Brothers Stores Inc. operates Bakers and Wild Pair footwear
stores; 5-7-9 junior apparel stores; Riggings, JW, Coda and Repp Ltd. Big & Tall
menswear stores; and Repp By Mail men's catalog. The company has nearly 1,500
stores in the United States, Canada, Puerto Rico and the Virgin Islands.
###
<PAGE> 1
EXHIBIT 99.4
FOR IMMEDIATE RELEASE CONTACT: TOM GOYDA, SHANDWICK
314-552-6724
PAGER 800-795-2304
EDISON BROTHERS ANNOUNCES AGREEMENT TO SELL
BAKERS SHOE CHAIN TO WEISS & NEUMAN
ST. LOUIS, May 20, 1999 -- Edison Brothers Stores, which filed for Chapter 11
bankruptcy protection on March 9, announced today that it has signed an
agreement to sell most of its Bakers women's footwear chain to Weiss & Neuman
Shoe Co. for $11.0 million. The sale is subject to bankruptcy court approval and
the ability of Weiss & Neuman to obtain suitable financing.
The agreement filed with the court today would result in the sale of 184 of the
253 Bakers stores and 10 Wild Pair locations, as well as all of the existing
Bakers inventory. Weiss & Neuman, which is controlled by former Edison Brothers
executive Peter Edison, currently operates approximately 75 footwear stores,
including the Hot Line chain, leased department store operations and two Toz
stores.
On May 18, Edison received bankruptcy court approval of a previously announced
agreement to sell its Repp Ltd. Big & Tall menswear stores and Repp By Mail
catalog operations to J. Baker for approximately $31.7 million. The company also
has signed agreements to sell its JW/Jeans West, Coda and 5-7-9 chains, and is
currently liquidating most of its Wild Pair footwear stores and the Riggings
menswear chain.
Edison Brothers Stores Inc. operates Bakers and Wild Pair footwear stores; 5-7-9
junior apparel stores; Riggings, JW, Coda and Repp Ltd. Big & Tall menswear
stores; and Repp By Mail men's catalog. The company has nearly 1,500 stores in
the United States, Canada, Puerto Rico and the Virgin Islands.
# # #
<PAGE> 1
EXHIBIT 99.5
FOR IMMEDIATE RELEASE CONTACT: TOM GOYDA, SHANDWICK
314-552-6724
EDISON TO SELL PUERTO RICO FOOTWEAR OPERATIONS
COMPANY ENLISTS REALTY FIRM TO DISPOSE OF REMAINING LEASES
ST. LOUIS, May 27, 1999 -- Edison Brothers Stores, which filed for Chapter 11
bankruptcy protection on March 9, announced today that it has signed an
agreement to sell its footwear operations in Puerto Rico to Novus, Inc. for $7.2
million. The planned sale of the Puerto Rico stores means that Edison has now
reached agreements to sell most of its retail operations and liquidate its
remaining chains.
The agreement with Novus involves the sale of 17 Bakers and nine Wild
Pair locations in Puerto Rico, as well as the inventory in those stores. Novus
currently operates 32 footwear stores in Puerto Rico, including 11 under the
Novus name and the rest under eight different divisions. Subject to bankruptcy
court approval, Edison expects the sale to Novus will be finalized in June.
Edison has also filed for court approval to retain Keen Realty
Consultants Inc. to coordinate the sale of lease rights that Edison holds on
approximately 500 retail locations that the company does not expect to sell to
buyers of its chains. The leases include stores in all of Edison's chains, but
the majority of the locations involved are currently occupied by Riggings and
Wild Pair stores, both of which are now liquidating.
The bankruptcy court has approved the sale of Edison's Repp Ltd. big
and tall menswear stores and Repp-by-Mail catalog division to J. Baker, and is
expected to rule in June on agreements for the sale of most of its Bakers,
5-7-9, JW/Jeans West and Coda chains to various buyers. Gruppo Levey handled the
Repp sale, while Houlihan Lokey Howard and Zukin managed the sales of the other
chains.
Edison Brothers Stores Inc. operates Bakers and Wild Pair footwear
stores; 5-7-9 junior apparel stores; Riggings, JW, Coda and Repp Ltd. Big & Tall
menswear stores; and Repp By Mail men's catalog. The company has nearly 1,500
stores in the United States, Canada, Puerto Rico and the Virgin Islands.
# # #
