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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
THE SECURITIES EXCHANGE ACT OF 1934
Three D Departments, Inc.
(Exact name of registrant as specified in its charter)
Date of Report: June 6, 1998
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Delaware 1-5967 06-0733200
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(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) Identification No.)
3535 Hyland Avenue, Suite 200 92626
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(Address of principal executive offices)
Registrant's telephone number, including area code 714-662-0818
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N/A
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(Former name or former address, if changed since last report).
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Item 4. Other Events
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(a) Unofficial Creditors Committee
(i) Beginning in February 1998 merchandise shipments to the
Company constricted due to a tightening of bank and trade
credit. From the beginning of February 1998 to the end of
March 1998 merchandise inventory declined 8.7%.
(ii) On April 15, 1998 the Company met with its trade creditors to
discuss a forecast of a downturn in business the Company was
projecting for the months of May, June, and July, 1998. The
Company asked its trade creditors to temporarily place all
demands for collection on trade credit on hold dated April 15,
1998 and prior, while the Company sought alternative financing
and strategic proposals. On April 15, 1998 the trade creditors
formed an Unofficial Creditors Committee to consult with the
Company. The Company asked the trade creditors to continue the
moratorium until July 15, 1998. The Company is currently in
discussions regarding financing and strategic alternatives.
(b) Appointment of new Executive Officer
(i) On May 6, 1998, the Board of Directors asked Mr. Donald Abrams
to return to the Company, after an absence of 20 months and
assume the role as President and Chief Executive Officer. Mr.
Abrams accepted and was appointed to the above named
positions by the Board of Directors. Mr. Bernard Abrams, the
former Chairman and Chief Executive Officer remained as a
Director.
(ii) On May 22, 1998, the Board of Directors elected Mr. Donald
Abrams as Chairman of the Board of Directors.
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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 hereunto duly authorized.
THREE D DEPARTMENTS, INC.
By:/S/ Steven Kerkstra
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Steven R. Kerkstra
Chief Financial Officer
Date: June 6, 1998
