SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Numbers 1-12046
1-5787
NOTIFICATION OF LATE FILING
(Check One): [ x] Form 10-K [ ] Form 11-K [ ] Form 20-F [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: March 31, 1998
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For the Transition Period Ended: Not Applicable
Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: Not Applicable
PART I. REGISTRANT INFORMATION
Full name of registrants: Levitz Furniture Incorporated; Levitz Furniture
Corporation
Former name if applicable:
Address of principal executive office (Street and Number): 7887 North
Federal Highway
City, State and Zip Code: Boca Raton, Florida 33487
PART II. RULE 12b-25 (b) AND (c)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
[x ] (a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or expense;
[x ] (b) The subject annual report, semi-annual report, transition report
on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
filed on or before the 15th calendar day following the prescribed due
date; or the subject quarterly report or transition report on Form 10-
Q, or portion thereof will be filed on or before the fifth calendar
day following the prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III. NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-
F, 10-Q, N-SAR or the transition report portion thereof could not be filed
within the prescribed time period. (Attach extra sheets if needed.)
As previously disclosed, Levitz Furniture Incorporated (the
"Company") and its wholly-owned subsidiary, Levitz Furniture Corporation
("Levitz"), filed voluntary petitions for relief under Chapter 11, Title 11
of the United States Code with the United States Bankruptcy Court for the
District of Delaware, Wilmington, Delaware 19801 (the "Court") and entered
into a credit agreement (the "Credit Agreement") with a group of lenders
(the "Lenders"), with BT Commercial Corporation as agent, pursuant to
which, among other things, the Lenders have provided the Company and Levitz
with a financing facility in an aggregate principal amount not to exceed
$260 million. The Company and Levitz have agreed with the Lenders with
respect to the terms of an amendment to such facility, which would permit
the Company and Levitz to remain in compliance therewith. Such amendment
will be submitted to the Court for its approval. Although the Company and
Levitz believe that the Court will approve such amendment in the near
future, no assurances can be given as to the timing or outcome of the Court
proceedings. Failure to obtain such an amendment would significantly
impact the disclosures required by Form 10-K. Court approval cannot be
obtained in time for the Company and Levitz to file their Annual Reports on
Form 10-K on a timely basis.
For the reasons set forth above, the Company's and Levitz's
inability to timely file their Annual Reports on Form 10-K for their fiscal
years ended March 31, 1998 cannot be eliminated without unreasonable effort
or expense. The Company and Levitz intend to file their Annual Reports no
later than the fifteenth day after the due date of the Annual Report.
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Michael E. McCreery
Senior Vice President and Chief Financial Officer
of Levitz Furniture Incorporated and
Levitz Furniture Corporation (561) 994-6006
(Name) (Area code) (Telephone number)
(2) Have all other periodic reports required under Section 13 or
15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such report(s) been
filed? If the answer is no, identify report(s).
[ x ] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report
or portion thereof? If the answer is yes, attach an explanation of the
anticipated change, both narratively and quantitatively, and, if
appropriate, state the reasons why a reasonable estimate of the results
cannot be made.
[ x ] Yes [ ] No
Net sales for the fiscal year ended March 31, 1998 were $836,802,000,
compared to $966,855,000 for the comparable prior year period. The Company
incurred a net loss of $93,387,000, or $3.12 per share, for the fiscal year
ended March 31, 1998, compared to a net loss of $27,586,000 or $.93 per
share, for the prior year. Levitz incurred a net loss of $92,972,000 for
the fiscal year ended March 31, 1998, compared to a net loss of $26,453,000
for the prior year.
Levitz Furniture Incorporated
Levitz Furniture Corporation
Name of registrants as specified in charter
Has caused this notification to be signed on their behalf by the
undersigned thereunto duly authorized.
Date: June 30, 1998 By /s/ Edward P. Zimmer
----------------------------------------
Edward P. Zimmer
Vice President, Secretary and
General Counsel
of Levitz Furniture Incorporated and
Levitz Furniture Corporation
