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 13, 1995
SBARRO, INC.
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
1-8881 11-2501939
(Commission File Number) (IRS Employer Identification No.)
763 Larkfield Road, Commack, New York 11725
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 864-0200
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
On December 13, 1995, the Company issued a press release (the "Press
Release") reporting that it is planning to close approximately 40
underperforming restaurants by March 31, 1996. The Company expects to record a
pre-tax charge to earnings of approximately $16 million which will reduce net
income by approximately $10 million, or $.50 per share, for the fourth quarter
of its 1995 fiscal year, which ends on December 31, 1995. The charge relates
principally to the write-off of the fixed assets, lease termination costs and
other costs associated with the restaurants being closed.
A copy of the Press Release is attached to this report as Exhibit 99.01.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial statements of business acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
99.01: Sbarro, Inc. Press Release dated December 13, 1995.
SIGNATURE
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 thereunto duly authorized.
SBARRO, INC.
Date: December 13, 1995 By: /s/ Robert S. Koebele
--------------------------
Robert S. Koebele,
Vice President-Finance
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EXHIBIT INDEX
Exhibit
Number Description
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99.01 Sbarro, Inc. Press Release dated December 13, 1995.
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Exhibit 99.01
PRESS RELEASE
CONTACT: Robert S. Koebele
Vice President, Finance
SBARRO, INC.
(516) 864-0203
SUMMARY: SBARRO, INC.
announces plans to close
underperforming restaurants
FOR IMMEDIATE RELEASE
Commack, L.I., New York . . . . . . . . . . . . . . . . . December 13, 1995
Sbarro, Inc. (listed New York Stock Exchange "SBA") announced that
it is planning to close approximately 40 under-performing restaurants by March
31, 1996. As a result of its decision, the Company expects to record a pre-tax
charge to earnings of approximately $16 million which will reduce net income by
approximately $10 million, or $.50 per share, for the fourth quarter of its 1995
fiscal year which ends on December 31, 1995. The charge relates principally to
the write-off of the fixed assets, lease termination costs and other costs
associated with the restaurants being closed.
In reporting the decision, Mario Sbarro, Chairman of the Board of
Directors, stated that "the determination to close these units is part of the
Company's efforts toward improving ongoing performance by focusing its
considerable resources on those opportunities that best support future financial
performance and growth opportunities".
Sbarro develops and operates a national chain of family-style,
cafeteria-type Italian restaurants under the Sbarro name. At October 8, 1995,
there were 788 Sbarro restaurants in operation, 598 of which were Company-owned,
including the units slated for closing, and 190 of which were franchised.
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