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): August 25, 1994
DAIRY MART CONVENIENCE STORES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12497 04-2497894
(State or Other (Commission File (IRS Employer Identification
Jurisdiction of Number) Number)
Incorporation)
One Vision Drive, Enfield, Connecticut 06082
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (203) 741-4444
N/A
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
On August 25, 1994, the Board of Directors of Dairy Mart
Convenience Stores, Inc. (the "Company") removed Frank Colaccino as
Chief Executive Officer and President. Mr. Colaccino remains a
director of the Company.
Robert B. Stein, Jr., Executive Vice President/Store
Operations since April 1992, was named Chief Operating Officer. A
special committee of the Board of Directors has been appointed to
review various governance matters, and to make a recommendation to
the full Board of Directors in the near term regarding the
selection of a new Chief Executive Officer and President.
The Company issued a press release on August 25, 1994
regarding the removal of Mr. Colaccino as Chief Executive Officer
and President. In addition, in the press release the Company noted
that the results for the second fiscal quarter ended July 30, 1994,
are anticipated to be disappointing.
Item 7. Exhibits
The following exhibits are field as part of this report
pursuant to Item 601 of Regulation S-K:
Exhibit 99.1 - Press release dated August 25, 1994.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, Dairy Mart Convenience Stores, Inc. has duly caused this
report to be signed on its behalf by the undersigned thereunto duly
authorized.
Date: September 7, 1994 DAIRY MART CONVENIENCE
STORES, INC.
By: /s/ Gregory G. Landry
Gregory G. Landry
Its Executive Vice
President and Chief
Financial Officer
<PAGE>
EXHIBIT 99.1
Press Release dated August 25, 1994
<PAGE>
DAIRY MART NEWS RELEASE
FOR IMMEDIATE RELEASE
August 25, 1994
TOP MANAGEMENT CHANGE AT DAIRY MART
Enfield, CT - Dairy Mart Convenience Stores, Inc. (NASDAQ: DMCVA
and DMCVB) announced today that its Board of Directors has removed
Frank Colaccino as Chief Executive Officer and President. Mr.
Colaccino will remain a director of the Company.
Robert B. Stein, Jr., Executive Vice President/Store
Operations since April 1992, was named Chief Operating Officer. A
special committee of the Board of Directors has been appointed to
review various governance matters, and expects to make a
recommendation to the full Board of Directors in the near term
regarding the selection of a new Chief Executive Officer and
President.
"Over time, the directors concluded that it would be in Dairy
Mart's best interest to make a change in leadership at the CEO
level," said Frank W. Barrett, a non-management director of the
Company and a member of the special committee. "Dairy Mart is in
sound financial condition, with an intact management team that the
directors fully support, and we are confident that the Company will
continue to move forward and prosper during this time of
transition," said Mr. Barrett.
Mr. Stein commented, "The Company will continue to focus on
its previously announced strategic objectives, and I am confident
that we have the necessary talent and resources in place to
accomplish our objectives." Mr. Stein continued, "We anticipate,
however, that the results for our second fiscal quarter ended July
30, 1994, will be very disappointing."
Dairy Mart Convenience Stores, Inc. owns or operates
approximately 1,000 stores in 11 states. Headquartered in Enfield,
Connecticut, Dairy Mart owns two dairy processing plants and a
distribution center, and has regional offices located in Cuyahoga
Falls and Toledo, Ohio and Louisville, KY.
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For further information, contact:
Gregory G. Landry
Executive Vice President and Chief Financial Officer
(203) 741-4522
