SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-12375
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 30, 1996
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-K [ ] 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 registrant Peaches Entertainment Corporation
Former name if applicable not applicable
Address of principal executive office (street and number)
1180 East Hallandale Beach Boulevard
City, State and Zip Code Hallandale, Florida 33009
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;
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[ 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.
The registrant filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code on January 16, 1996 and is
operating its business as a debtor-in- possession. The registrant is
scheduled to file its Plan of Reorganization with the Bankruptcy Court
on July 15, 1996. The volume of filings and other work required in
connection with such Plan of Reorganization and other matters relating
to the bankruptcy proceeding prevent the registrant from completing
the Form 10-K on a timely basis.
Part IV. Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Jason Wolk 954 454-5555
(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?
[ x ] Yes [ ] 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.
A significant change in results of operations from the corresponding
period for the last fiscal year will be reflected by the earnings
statement to be included in the subject report due, among other
considerations, to: the closing of 6 of the registrant's 19 stores
during the period covered by the subject filing; the filing by the
registrant for relief under Chapter 11
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of the U.S. Bankruptcy Code on January 16, 1996; a change in the
credit and other terms of the registrant's arrangements with its
suppliers, as a result of such bankruptcy filing; the termination of
certain executory agreements as a result of such bankruptcy filing;
and other circumstances pertaining to the bankruptcy filing and its
effect on the registrant's business. As a result of such developments,
management estimates that from the one year period ended April 1, 1995
to the one year period ended March 30, 1996, the financial statements
to be incorporated in the subject filing will reflect, among other
changes, a decrease in net sales from approximately $31.9 million to
approximately $15.2 million, an increase in net loss from
approximately $2 million to approximately $2.5 million, and a decrease
in working capital from approximately $2 million to approximately
$500,000.
Peaches Entertainment Corporation
(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: June 28, 1996 By s/Jason Wolk
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Treasurer
