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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): March 28, 2000
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GANTOS, INC.
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(Exact name of registrant as specified in its charter)
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Michigan 0-14577 38-1414122
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification
incorporation) No.)
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1266 E. Main Street, Fifth Floor, Stamford, Connecticut 06902
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 358-0294
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ITEM 5. OTHER EVENTS.
Gantos, Inc. received notice from The Nasdaq Stock Market, Inc. on March
28, 2000 that Gantos's common shares have been de-listed from The Nasdaq
SmallCap Market. Stock trading had been suspended by The Nasdaq Stock Market
since the day after Gantos's bankruptcy filing on December 28, 1999. Gantos
currently knows of no other markets for trading of Gantos's common shares.
Kahn Consulting, Inc., who was appointed by the Bankruptcy Court as the
Responsible Officer for the Company on March 8, 2000, stated that, "currently
the debtor does not expect shareholders of Gantos to receive anything from the
proceeds of Gantos's liquidation."
On March 14, 2000, Gantos, Inc. issued the press release attached as
Exhibit 99.1 to this report and incorporated in this report by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS.
99.1 Press Release of Gantos, Inc. dated March 14, 2000.
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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.
GANTOS, INC.
(Registrant)
Dated: March 31, 2000 By: KAHN CONSULTING, INC.
Its: Responsible Officer
By: /s/ Robert Rosenfeld
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Robert Rosenfeld, Director
Kahn Consulting, Inc.
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INDEX TO EXHIBITS
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Exhibit No. Description
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99.1 Press Release of Gantos, Inc. dated March 14, 2000.
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Exhibit 99.1
FOR IMMEDIATE RELEASE Contact: Robert Rosenfeld
203-462-3702
GANTOS, INC. RECEIVES APPROVAL FROM THE BANKRUPTCY COURT TO
CONDUCT STORE CLOSING SALES AND TO APPOINT KAHN CONSULTING, INC.
Stamford, CT, March 14, 2000 -Gantos, Inc. today announced that it has
received approval from the Bankruptcy Court to sell all of its store inventories
and other store assets and to enter into an agreement with Gordon Brothers
Retail Partners, LLC and Ozer Group, LLC to conduct the store closing sales.
Despite its efforts to reorganize, the Company was unable to satisfy the terms
and conditions of its debtor-in-possession (DIP) credit facility. As a result,
the Company held an auction to appoint agents to conduct store-closing sales as
part of their proposed liquidation of the Company. The joint venture composed of
Gordon Brothers Retail Partners, LLC and the Ozer Group LLC was the successful
bidder at the auction.
The store closing sales have begun and are expected to continue for
approximately eight weeks. As the sales conclude in each store, the Company
expects to close the store. The Company expects to wind up its business under
the supervision of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy
Code with the assistance of various professionals approved by the bankruptcy
court.
Effective March 9, 2000, the Bankruptcy Court approved the retention of
Kahn Consulting, Inc. (KCI) as Responsible Officer for the Company. The existing
Gantos Senior Officers and most of the Board of Directors have resigned. KCI is
highly experienced in reorganization matters and the obligations of a
debtor-in-possession. KCI's duties include winding down the debtor, coordinating
and managing the liquidating process, and administering of the estate and day to
day operations.
This News release contains forward-looking statements which are based on
Gantos' expectations and are subject to a number of risks and uncertainties,
certain of which are beyond Gantos' control. Actual results could vary
materially from expected results due to a variety of factors, including but not
limited to the success of Gantos' store closing sales, Gantos' ability to sell
its other assets, the time and costs required to complete the liquidation of the
Company, the claims made against Gantos, the general performance of the economy,
specifically as it affects the retail apparel industry, and other factors
applicable to Gantos and its business referred to in the Securities and Exchange
Commission filings of Gantos, particularly Gantos' Annual Report on Form 10-K
for the year ended January 30, 1999 and Gantos' Quarterly Reports on Form 10-Q
for the periods ended May 1, 1999, July 31, 1999 and October 30, 1999.
Gantos, Inc. is a specialty retailer of women's wear and accessories. The
Company currently operates 114 stores in 24 states.
