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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): July 9, 1998
Lamonts Apparel, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-15542 #75-2076160
(State of (Commission File (I.R.S. Employer
Incorporation) Number) Identification Number)
12413 Willows Road N.E., Kirkland, Washington 98034
(Address of Principal Executive Offices)
(425) 814-5700
(Registrant's Telephone Number, including Area Code)
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ITEM 4 - CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
(a)(i) On July 9, 1998, Lamonts Apparel, Inc. (the "Company" or
"Lamonts") dismissed PricewaterhouseCoopers LLP ("PwC") as
its independent accountants.
(ii) For the fiscal year ended January 31, 1998, PwC's report on
the consolidated financial statements contained an unqualified
opinion which included the following explanatory paragraph:
"On January 31, 1998, the Company emerged from bankruptcy. As
discussed in Note 2 to the consolidated financial statements,
the Company adopted "Fresh-Start Reporting" principles in
accordance with the American Institute of Certified Public
Accountant's Statement of Position 90-7, "Financial Reporting
by Entities in Reorganization under the Bankruptcy Code." As
a result of the reorganization and the adoption of Fresh-Start
Reporting, the Company's January 31, 1998 consolidated balance
sheet is not comparable to the Company's February 1, 1997
consolidated balance sheet since it presents the consolidated
financial position of the reorganized entity."
For the fiscal year ended February 1, 1997, PwC's report on
the consolidated financial statements contained an unqualified
opinion which included the following explanatory paragraph:
"The accompanying consolidated financial statements have been
prepared assuming that the Company will continue as a going
concern. The Company has suffered recurring losses from
operations. As discussed in Note 1 of the notes to the
consolidated financial statements, on January 6, 1995, the
Company filed a voluntary petition for relief under Chapter 11
of Title 11 of the United States Code. Further, as more fully
described in Note 1, claims substantially in excess of amounts
reflected as liabilities in the consolidated financial
statements have been asserted against the Company as a result
of the reorganization proceedings. The validity of these
claims, as well as the amount and manner of payment of all
valid claims, will ultimately be determined by the Bankruptcy
Court. As a result of the reorganization proceedings, the
Company may sell or otherwise realize assets and liquidate or
settle liabilities for amounts other than those reflected in
the consolidated financial statements. Further, the
confirmation of a Plan or Reorganization could materially
change the amounts currently recorded in the consolidated
financial statements. These matters raise substantial doubt
about the Company's ability to continue as a going concern and
recover the carrying amounts of its assets. Management's
plans in regard to these matters are also discussed in Note 1.
The consolidated financial statements do not include any
adjustments that might result from the outcome of these
uncertainties."
(iii) The dismissal of PwC was approved by unanimous written consent of
the Board of Directors on July 1, 1998.
(iv) During the quarter ended May 2, 1998 and the fiscal years ended
January 31, 1998 and February 1, 1997, there were no
disagreements with PwC on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope
or procedures which disagreement, if not resolved to the
satisfaction of PwC, would have caused it to make reference to
the subject matter of the disagreement in connection with its
report.
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ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
<TABLE>
<CAPTION>
Exhibit No. Description of Exhibit
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<S> <C>
16.1 Letter from PricewaterhouseCoopers LLP required pursuant to
Rule 304(a)(3) of Regulation S-K.
</TABLE>
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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.
Registrant: LAMONTS APPAREL, INC.
Date: July 10, 1998 By: /s/ Debbie A. Brownfield
-----------------------------------
Debbie A. Brownfield
Executive Vice President,
Chief Financial Officer, Treasurer,
and Secretary
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Exhibit 16.1
PricewaterhouseCoopers
PricewaterhouseCoopers LLP
First Interstate Center
999 Third Avenue, Suite 1800
Seattle, WA 98104-4098
Telephone (206) 622-8700
Facsimile (206) 628-8147
July 10, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Lamonts Apparel, Inc. (copy attached), which
we understand will be filed with the Commission, pursuant to Item 4 of Form 8-K,
as part of the Company's Form 8-K for the month of July, 1998. We agree with
the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
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