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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
Securities Exchange Act of 1934
Date of Report: (Date of Earliest Event Reported):
December 17, 1997 December 9, 1997
GROSSMAN'S INC
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State of Other Jurisdiction or Incorporation)
1-542 38-0524830
(Commission File No.) I.R.S. Employer
Identification No.)
45 Dan Road
Canton, Massachusetts 02021
(Address of Principal Executive Offices) (Zip code)
Registrant's telephone number, including area code:
(617) 830-4000
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Item 5 Other Events
The Chapter 11 Plan of Reorganization sponsored by Registrant,
certain subsidiaries of registrant and JELD WEN, inc. was
confirmed by the United States Bankruptcy Court for the District
of Delaware on December 9, 1997. See attached public release.
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Item 7 Financial Statements and Exhibits
Exhibits
99.1 Public release announcing confirmation of Plan of
Reorganization.
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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 thereunto duly authorized.
GROSSMAN'S INC.
By: /s/ Richard E. Kent
-------------------------------
Richard E. Kent
Vice President, Secretary
and General Counsel
Dated: December 17, 1997
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EXHIBIT 99.1
[GROSSMAN'S INC. LETTERHEAD]
FOR IMMEDIATE RELEASE CONTACT: Dirck K. Iacobelli
Interim Vice President and
Chief Financial Officer
(617) 830-4556
GROSSMAN'S INC. EMERGES FROM CHAPTER 11
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CANTON, MA (December 9, 1997) - Grossman's Inc., today announced that its
Chapter 11 Plan of Reorganization was confirmed by the United States Bankruptcy
Court for the District of Delaware. JELD-WEN, inc., a leading manufacturer of
window and door products, is the co-sponsor of the Plan and is making a fund of
$8.65 million available for distribution to unsecured creditors of Grossman's.
JELD-WEN will also provide necessary financing for the reorganized Grossman's.
Thomas E. Arnold, Jr., Chief Executive Officer of Grossman's, stated that the
Plan will enable Grossman's to successfully emerge from Chapter 11 by the end
of this year and to continue its current operations.
Under the Plan, unsecured creditor claims of $25,000 or less will receive 23
cents on the dollar. Qualified unsecured creditor claims in excess of $25,000
will receive their pro rata share of an "unsecured recovery pool" and 50
percent of the common stock in reorganized Grossman's. Grossman's, JELD-WEN and
the Official Committee of Unsecured Creditors have filed a motion with the
Bankruptcy Court seeking authority to make a 14 cent initial distribution from
the unsecured recovery pool to qualified unsecured creditors. Based upon claims
processing results to date, subsequent distributions may be made to such
qualified unsecured creditors from the unsecured recovery pool.
Statements contained in this release that are not based on historical fact are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Important factors, beyond the company's control,
that could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the need for
approvals by the Bankruptcy Court, competition, stability of customer demand,
the sufficiency of its capital resources and the claims processing process.
Undue reliance should not be placed on these forward-looking statements, which
speak only as of the date hereof. The company undertakes no obligations to
publicly release revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Grossman's Inc. operates 15 stores under the name Contractors' Warehouse in
California, Indiana, Kentucky and Ohio and 29 stores under the name Grossman's
Bargain Outlet in Massachusetts, New York and Rhode Island.
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