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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) December 16, 1998
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LADD FURNITURE, INC.
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(Exact name of registrant as specified in its charter)
North Carolina 0-11577 56-1311320
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
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4620 Grandover Parkway, P.O. Box 26777, Greensboro, North Carolina 27417-6777
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(Address of principal executive offices) (Zip Code)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (336) 294-5233
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(Former name or former address, if changed since last report.)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable.
ITEM 5. OTHER EVENTS.
The Registrant's Board of Directors authorized the repurchase of
up to 600,000 shares of the Company's common stock over the next
24 months. All stock purchases will be made in the form of open
market purchases, and will be funded by the Company's existing
credit arrangements. The press release is attached hereto as
Exhibit 99.1.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
a) Exhibits
99.1 Press Release dated December 16, 1998.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
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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.
LADD FURNITURE, INC.
Date: March 24, 1999 By: /s/ William S. Creekmuir
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William S. Creekmuir
Title: Executive Vice President, Chief Financial
Officer, Treasurer and Secretary
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EXHIBIT 99.1
[LADD FURNITURE Letterhead]
NEWS RELEASE
For Immediate Release
Dec. 16, 1998
Contact: John J. Ong
(336) 315-4049
E-mail:[email protected]
LADD DIRECTORS AUTHORIZE STOCK REPURCHASE
Greensboro, NC - The directors of LADD Furniture, Inc. have authorized
the repurchase of up to 600,000 shares of the company's common stock over the
next 24 months. Any such transactions will be made in the form of open market
purchases, and will be funded by the company's existing credit arrangements.
Commenting on this board action, LADD chairman, president and CEO Fred
L. Schuermann said, "We feel it is prudent that we have in place the capability
to repurchase our common stock from time to time at attractive prices for the
purpose of reducing dilution to our shareholders resulting from the exercise of
employee and director stock options and from stock grant awards."
Headquartered in Greensboro, NC, LADD is one of the largest North
American residential furniture manufacturers. The company markets its wide
range of wood and upholstered furniture domestically under the major brand
names American Drew, Barclay, Clayton Marcus, Lea, Pennsylvania House and
Pilliod, and exports these products worldwide through LADD International.
LADD's contract sales group, doing business as American of Martinsville, is one
of the world's leading suppliers of guest room furniture to the hotel industry,
as well as to assisted-living (retirement) facilities and governmental markets.
LADD also owns and operates LADD Transportation, a support company. LADD's
stock is traded on the Nasdaq National Market under the symbol LADF. Additional
information on the company can be found on the Internet at
www.laddfurniture.com.
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