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) June 28, 1999
Delaware 0-1500 36-1050870
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
36 South State Street, Chicago, Illinois 60603
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(Address of principal executive offices (Zip Code)
Registrant's telephone number
including area code: (312) 855-2160
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(Former name or former address, if changed
since last report)
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Item 5. Other Events
As reported by a press release dated June 28, 1999 a copy of which is
attached hereto as Exhibit 99, Registrant announced that it intends to
seek a buyer for its six Chicago stores which offer both fur and
women's apparel. Evans intends to concentrate on its core fur business
consisting of three fur stores in the Washington, D. C. area, two
stores in Texas and forty-nine fur departments in department stores
across the United States.
Evans' lender has indicated that it generally supports the company's
plan and is willing to work with the company to modify provisions of
the existing credit facility. Evans has begun negotiations with the
lender concerning a modified loan agreement.
Registrant's annual meeting of shareholders originally scheduled to be
held on July 27, 1999 has been postponed until such time as Registrant
and and its lender have modified Registrant's loan agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
EVANS, INC.
(Registrant)
By_____________________
Robert K. Meltzer
President and
Chief Executive Officer
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EVANS, INC. ANNOUNCES SALE OF ITS CHICAGO STORES
CHICAGO, IL June 28, 1999 Evans, Inc. (NASDAQ:EVAN) today announced that it
intends to seek a buyer to continue the business at its six Chicago fur and
apparel stores.
Robert K. Meltzer, President and Chief Executive Officer, said, "The sale of
our Chicago stores will enable us to focus our efforts on our core fur
business." Outside of the six Chicago stores, Evans operates five company
stores - two in Texas and three in the Washington D.C. area - which sell
only fur as do its 49 fur departments in major department stores across the
country.
By disposing of the Chicago stores, the company expects to significantly
decrease expenses. "Evans recognizes that operating leased fur departments
in department stores is its core business and is streamlining its structure
to take advantage of this expertise," Meltzer added.
Evans' lender has indicated that it generally supports the company's plan and
is willing to work with the company to modify provisions of the existing
credit facility. Evans has begun negotiations with the lender concerning a
modified loan agreement.
