SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
Commission File Number: 1-12046
1-5787
NOTIFICATION OF LATE FILING
|X| Form 10-K |_| Form 11-K |_| Form 20-F |_| Form 10-Q |_| Form N-SAR
For Period Ended: March 31, 2000
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|_| 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 Transition Period Ended: Not applicable.
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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 registrant: Levitz Furniture Incorporated; Levitz Furniture
Corporation
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Former name, if applicable: Not Applicable
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Address of principal executive office: 7887 North Federal Highway
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City, state and zip code: Boca Raton, Florida 33487
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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 box if appropriate.)
(a) The reason described in detail in Part III of this form could
not be eliminated without unreasonable effort or expense;
(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 day following the
|X| 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.
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 (the "Code") with the United States Bankruptcy
Court for the District of Delaware, Wilmington, Delaware 19801 (the
"Court"). In connection with the petitions for relief under the Code, the
Company and Levitz filed a Disclosure Statement and Second Amended Plan of
Reorganization (the "Plan") on May 25, 2000. The Plan is subject to the
approval of the Court.
An integral part of the Plan involves implementation of a Management
Agreement and a Shared Services Agreement (collectively, the "Agreements")
with Seaman Furniture Company, Inc. ("Seaman"). Pursuant to a memorandum
opinion issued by the Chancery Court of the State of Delaware on June 23,
2000, Seaman is preliminarily enjoined from taking any further action with
respect to the performance of the Agreements. As a result of this court
action, the Company and Levitz are currently evaluating other options,
including potentially amending the Plan to pursue a stand-alone plan of
reorganization. Due to the uncertainties with respect to the course of
action that may be taken by the Company and Levitz and the impact of such
determination on the Plan and on the disclosure required by the Company and
Levitz in their Annual Reports on Form 10-K, the Company and Levitz are not
in a position to finalize 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, 2000 cannot be eliminated without unreasonable effort
or expense. Nevertheless, the Company and Levitz presently intend to file
their Annual Reports on Form 10-K no later than the fifteenth day following
the prescribed due date, as contemplated by Rule 12b- 25(b)(2) promulgated
under the Securities Exchange Act of 1934, as amended.
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) 994-5151
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(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?
|_| Yes |X| No
If so: 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.
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, 2000 By: /s/ Michael E. McCreery
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Michael E. McCreery
Senior Vice President and Chief
Financial Officer of Levitz Furniture
Incorporated and Levitz Furniture
Corporation
