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
Date of Report (Date of earliest event reported): March 30, 1996
PEACHES ENTERTAINMENT CORPORATION
(Exact Name of Registrant as specified in its charter)
Florida 0-12375 59-2166041
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
1180 East Hallandale Beach Blvd., Hallandale, Florida 33009
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code: (954) 454-5554
Not Applicable
(Former name or former address, if changed since last report)
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Item 5
The registrant's Annual Report on Form 10-K for the fiscal year ended March
30, 1996 had been scheduled to be filed on or before June 28, 1996. The
registrant filed a Form 12b-25 (Notification of Late Filing) on June 27, 1996 in
which it indicated, among other matters, (i) that the registrant was prevented
from completing and filing such Form 10-K on a timely basis by reason of the
volume of filings and other work required in connection with the registrant's
voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code and
the Plan of Reorganization which was scheduled to be filed on July 15, 1996; and
(ii) that the registrant intended to make such Form 10-K filing within the 15
calendar days contemplated by such Form 12b-25 and Rule 12b-25 of the Securities
Exchange Act of 1934. The registrant has since determined that it will not be
able to file such Form 10-K within such 15 day period because such Plan of
Reorganization will not be completed by July 15, 1996. Management presently
anticipates that such Plan of Reorganization will be finalized by August 5, 1996
and that the certified financial statements and Form 10-K for the fiscal year
ended March 30, 1996 will be filed by July 30, 1996.
As indicated in the Form 12b-25 filed on June 27, 1996, a significant
adverse change in results of operations from the previous fiscal year will be
reflected by the earnings statement which will be included in the Form 10-K for
the fiscal year ended March 30, 1996, when filed. Such change is the result of
various factors including the decline in sales associated with the closing of 6
of the registrant's 19 stores during such fiscal year, the filing by the
registrant for relief under Chapter 11 of the U.S. Bankruptcy Code on January
16, 1996 and other
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circumstances pertaining to such bankruptcy filing and its effect on the
registrant's business. As a result of such developments, management estimates
that compared to the registrant's previous fiscal year, the financial statements
for the fiscal year ended March 30, 1996 which will be incorporated in the
subject filing will reflect, among other changes, an approximately 27% decrease
in net sales, an approximately 40% increase in net loss and an approximately 74%
reduction of shareholders' equity. However, because of the relief which
management expects the registrant to receive under Chapter 11 of the U.S.
Bankruptcy Code including, without limitation, the termination of certain
unfavorable leases and other executory agreements with which the registrant was
encumbered, management expects that the registrant will be able to emerge from
bankruptcy and thereafter continue operations without such burdensome
obligations.
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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.
PEACHES ENTERTAINMENT CORPORATION
---------------------------------
Registrant
By: /s/ Allan Wolk
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Chairman and President
Date: July 10, 1996
