FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: April 7, 2000
(Date of earliest event reported)
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LEVITZ FURNITURE INCORPORATED LEVITZ FURNITURE CORPORATION
(Exact name of registrant as (Exact name of registrant as
specified in its charter) specified in its charter)
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DELAWARE 1-12046 23-2351830 FLORIDA 1-5787 23-1657490
(State or other (Commission (IRS Employer (State or other (Commission (IRS Employer
jurisdiction of File Number) Identification jurisdiction of File Number) Identification
incorporation) No.) incorporation) No.)
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7887 NORTH FEDERAL HIGHWAY
BOCA RATON, FLORIDA 33487
(561) 994-6006
(Address including zip code, and telephone
number including area code of
registrants' principal executive offices)
Item 5. Other Events.
Attached hereto as Exhibit 99.1 is a press release issued on
April 7, 2000 by Levitz Furniture Incorporated, a Delaware corporation (the
"Company").
As set forth in the Company's previous public filings with the
Securities Exchange Commission and the United States Bankruptcy Court for
the District of Delaware, the Company believes that no distribution will be
made to equity holders in connection with the Company's Plan of
Reorganization.
Item 7. Financial Statements and Exhibits.
(a) Not Applicable
(b) Not Applicable
(c) Exhibits:
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99.1 Press release dated April 7, 2000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
LEVITZ FURNITURE INCORPORATED
By: /s/ Edward P. Zimmer
--------------------------
Edward P. Zimmer
Vice President
Date: April 7, 2000
EXHIBIT 99.1
LEVITZ AND SEAMAN
ANNOUNCE MANAGEMENT AND SHARED SERVICES AGREEMENTS
HIGH POINT, NC--APRIL 7--Levitz Furniture Incorporated and Seaman Furniture
Company, Inc. announced today that they are entering into a management
agreement and a shared services agreement that are expected to create
efficiencies in advertising, merchandising, warehousing, distribution and
administration. The announcement was made jointly by Ed Grund and Alan
Rosenberg, the Chief Executive Officers of Levitz and Seaman, respectively,
at a presentation to vendors during the furniture industry's market week
here at America's furniture capital.
These agreements are being entered into in contemplation of a plan of
reorganization to be filed by Levitz in its bankruptcy proceedings. The
agreements are subject to bankruptcy court approval, which Levitz
anticipates receiving by late summer, and other conditions. As part of the
plan of reorganization, it is anticipated that a new holding company will
be formed, Levitz Home Furnishing, Inc., which would own all of Levitz an
a majority of Seaman. Except as provided in these agreements, Levitz an
Seaman would continue to be operated separately.
Under the management agreement, upon approval of the plan of
reorganization, Seaman's management will add to their responsibilities the
management of the Levitz stores on the east coast. Marketing, merchandise
selection and replenishment for Seaman's 51 stores and for 20 of Levitz'
stores will be integrated in an effort to enhance synergies and increase
cash flow for both companies. Seaman will also provide certain
administrative services for the combined companies' 115 stores, including
MIS, accounting and human resources.
Levitz will continue to direct all aspects of operations for its 44 stores
on the west coast and Minneapolis/St. Paul from a new regional headquarters
to be located in Pleasanton, CA. Levitz's administrative offices in Boca
Raton, FL and Pottstown, PA will be phased out over an 18-month period
after approval of the Levitz' plan of reorganization, with some personnel
from those offices transferring to Seaman's headquarters in Woodbury, NY or
to the new California office. Rosenberg and Grund emphasized that there
are no planned reductions in store or field personnel. If the plan
reorganization is approved, Resurgence Asset Management, L.L.C. and it
affiliated entities are expected to become the largest shareholder of
new company by contributing their claims in the Levitz bankruptcy to the
new company and exchanging their majority ownership of Seaman for equity in
the new company. James B. Rubin, Co-Chairman and Chief Investment Office
of Resurgence said, "We are extremely excited about the opportunities in
the U.S. furniture retailing industry. Through its ownership interests in
Levitz and Seaman, the new company hopes to benefit from the increased
store density in existing regions, reductions in fixed expenses and
strengthened vendor relationships. Importantly, we hope that the customers
of both Levitz and Seaman will be better served." Mr. Rubin is expected to
become the Chairman of the new holding company, while Messrs. Grund and
Rosenberg will each remain Chairman and Chief Executive Officer of Levitz
and Seaman, respectively.
Levitz and Seaman will continue to operate as separate and distinct
companies with separate and distinct brands.
