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) August 12, 1997
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THE VILLAGE GREEN BOOKSTORE, INC.
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(Exact Name of Registrant as Specified in Charter)
New York 0-16007 16-1181167
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1357 Monroe Avenue, Rochester, New York 14618
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (716) 442-1151
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. PRESS RELEASE
On August 12, 1996, the Registrant issued the following press release:
ROCHESTER, N.Y. (8/12/97) - An Upstate New York-area icon, Village Green
Bookstores, has announced that two of its locations will host an inventory
reduction sale beginning August 14. Proceeds from the sale will be used to
strengthen the Rochester-based retailer's cash flow and to pay-down a portion of
its obligations.
Village Green president Raymond Sparks noted that minimum discounts of 20%
will be offered on $2 million worth of books and related products in the
company's Elmwood Ave. Buffalo store, and at its Wegman's Plaza store in
Perinton, N.Y.
He added that although the underperforming Buffalo and Perinton locations
are expected to close after the sale, Village Green's Rochester, N.Y. store,
located on Monroe Ave, and Doyleston, Pa. store at 16 South Main Street, will
remain open.
Sparks noted that operations at the 25-year-old company's Buffalo and
Perinton locations have lagged, "primarily due to competition from the
'category-killer' superstores, as well as tightened payment terms imposed by
publishers . . . We're taking this action with a great deal of regret after
considering all of our options."
The company has retained Cranford, N.J.-based Fox Productions as
consultants to manage the sale.
During this one-time sale, which will run until all the inventory is sold,
both stores will accept cash and all major credit cards, but not personal
checks. Store hours during the sale will be 9 a.m. to 8 p.m. from Monday through
Friday, 9 a.m. to 9 p.m. on Saturday, and 10 a.m. to 6 p.m. on Sunday.
The Buffalo store is located at 765A Elmwood Avenue. The Perinton store is
located at the corner of Routes 31 and 250, in Wegman's Plaza.
Boston Stock Exchange Symbols: Common Stock-VGB; Warrants-VGBW
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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.
The Village Green Bookstore, Inc.
Date: August 18, 1997 By: /s/ Raymond C. Sparks
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Name: Raymond C. Sparks
Title: President and Chief Executive Officer
