SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For quarterly period ended April 29, 2000
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-17870
LECHTERS, INC.
(Exact Name Of Registrant As Specified In Its Charter)
New Jersey No. 13-2821526
(State or Other Jurisdiction of Incorporation) (I.R.S. Employer
Identification No.)
1 Cape May Street, Harrison, New Jersey 07029-2404
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (973) 481-1100
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
------
The number of shares of the Registrant's common stock, without par value,
outstanding at June 6, 2000: 15,426,586:
<PAGE>
LECHTERS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR QUARTER ENDED APRIL 29, 2000
INDEX
Page No.
PART I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets at 1
April 29, 2000 and January 29, 2000
Consolidated Statements of Operations 2
for the Thirteen Weeks Ended
April 29, 2000 and May 1,1999
Consolidated Statements of Cash Flows 3
for the Thirteen Weeks Ended
April 29, 2000 and May 1,1999
Consolidated Statement of Shareholders' 4
Equity for the Thirteen Weeks Ended
April 29, 2000
Notes to Consolidated Financial Statements 5-7
Item 2. Management's Discussion and Analysis of 8-9
Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About 9-10
Market Risk
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 10
<PAGE>
SAFE HARBOR STATEMENT
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
In connection with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 ("Reform Act"), the Company is hereby filing
cautionary statements identifying important factors that could cause the
Company's actual results to differ materially from those projected in
forward-looking statements (as such term is defined in the Reform Act) made by
or on behalf of the Company in this quarterly report on Form 10-Q, in
presentations, in response to questions or otherwise. Any statements that
express, or involve discussions as to expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always, through the
use of words or phrases such as "anticipates", "believes", "estimates",
"expects", "intends", "plans", "predicts", "projects", "will likely result",
"will continue", or similar expressions) are not statements of historical facts
and may be forward-looking.
Forward-looking statements involve estimates, assumptions, and uncertainties and
are qualified in their entirety by reference to, and are accompanied by, the
following important factors, which are difficult to predict, contain
uncertainties, are beyond the control of the Company and may cause actual
results to differ materially from those contained in forward-looking statements:
- economic and geographic factors including political and economic risks;
- changes in and compliance with environmental and safety laws and policies;
- weather conditions;
- population growth rates and demographic patterns;
- competition for retail customers;
- market demand, including structural market changes;
- changes in tax rates or policies or in rates of inflation;
- changes in project costs;
- unanticipated changes in operating expenses and capital expenditures;
- capital market conditions;
- legal and administrative proceedings (whether civil or criminal) and
settlements that influence the business and profitability of the Company.
Any forward-looking statement speaks only as of the date on which such statement
is made, and the Company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events. New
factors emerge from time to time and it is not possible for management to
predict all of such factors, nor can it assess the impact of any such factor on
the business or the extent to which any factor, or combination of factors, may
cause results to differ materially from those contained in any forward-looking
statement.
<PAGE>
Part I. Financial Information
Item 1. Financial Statements
LECHTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
<TABLE>
<CAPTION>
April 29, 2000 January 29, 2000
-------------- ----------------
(unaudited)
ASSETS
<S> <C> <C>
Current Assets:
Cash and Cash Equivalents $4,742 $9,917
Marketable Securities 27,696 65,301
Accounts Receivable 6,793 2,881
Merchandise Inventories 115,122 103,100
Prepaid Expenses 4,265 2,043
-------------- ----------------
Total Current Assets 158,618 183,242
Property and Equipment:
Fixtures and Equipment 56,349 56,194
Leasehold Improvements 92,587 92,368
-------------- ----------------
148,936 148,562
Less Accumulated Depreciation
and Amortization 96,678 93,780
-------------- ----------------
Net Property and Equipment 52,258 54,782
Other Assets 11,591 11,497
-------------- ----------------
Total Assets $222,467 $249,521
============== ================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts Payable $14,553 $16,305
Dividends Payable-Preferred Stock - - 1,010
Salaries, Wages and Other Accrued
Expenses 14,059 15,662
Taxes, Other Than Income Taxes 1,959 2,041
-------------- ----------------
Total Current Liabilities 30,571 35,018
Long-Term Debt
5% Convertible Subordinated Debentures
due September 27, 2001 (Net of
Unamortized Discount of $1,399
and $2,251, respectively) 41,906 57,804
-------------- ----------------
Total Long-Term Debt 41,906 57,804
Deferred Income Taxes and Other Deferred
Credits 12,729 12,538
Shareholders' Equity:
Convertible Preferred Stock, $100
Par Value
Authorized 1,000,000 Shares,
Issued and Outstanding Series
A-149,999 Shares and Series
B-50,001 Shares 20,000 20,000
Common Stock, No Par Value,
Authorized-50,000,000
Shares, Issued 17,176,286 and
17,176,286, respectively 58 58
Accumulated Other Comprehensive Loss (94) (65)
Additional Paid-in-Capital 62,380 62,380
Retained Earnings 57,128 63,129
-------------- ----------------
139,472 145,502
Less: Treasury Stock at Cost
Common Stock: 1,219,700 shares
and 684,000 shares, respectively (2,211) (1,341)
-------------- ----------------
Total Shareholders' Equity 137,261 144,161
-------------- ----------------
Total Liabilities and Shareholders' Equity $222,467 $249,521
============== ================
</TABLE>
See accompanying notes to consolidated financial statements.
-1-
<PAGE>
LECHTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
--------------------
April 29, 2000 May 1, 1999
-------------- -------------
(unaudited)
<S> <C> <C>
Net Sales $83,743 $83,407
Cost of Goods Sold
(including occupancy and indirect costs) 63,822 61,837
-------------- ------------
Gross Profit 19,921 21,570
Selling, General and Administrative Expenses 30,285 28,734
-------------- ------------
Operating Loss (10,364) (7,164)
Other Expenses (Income):
Interest Expense 977 1,133
Interest Income (693) (807)
Net Investment Gain/Income (63) (240)
-------------- ------------
Total Other Expenses (Income) 221 86
-------------- ------------
Loss Before Tax Benefit and Extraordinary Item (10,585) (7,250)
Income Tax Benefit (3,705) (2,973)
-------------- ------------
Net Loss Before Extraordinary Item (6,880) (4,277)
Extraordinary Item - Gain on Early
Extinguishment
of Debentures (net of income tax of $474) 879 - -
-------------- ------------
Net Loss (6,001) (4,277)
Preferred Stock Dividend Requirement 252 252
-------------- ------------
Net Loss Available to Common Shareholders ($6,253) ($4,529)
============== ============
Net Loss Per Common Share
Basic
Loss Before Extraordinary Item ($0.43) ($0.26)
Extraordinary Item 0.05 - -
-------------- -------------
Net Loss ($0.38) ($0.26)
============== =============
Diluted
Loss Before Extraordinary Item ($0.43) ($0.26)
Extraordinary Item 0.05 - -
-------------- -------------
Net Loss ($0.38) ($0.26)
============== =============
Weighted Average Common Shares Outstanding
Basic and Diluted 16,401,000 17,176,000
============== =============
</TABLE>
See accompanying notes to consolidated financial statements.
-2-
<PAGE>
LECHTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
--------------------
April 29, 2000 May 1,1999
--------------- -----------
(unaudited)
<S> <C> <C>
Cash Flows from Operating Activities:
Net Loss ($6,001) ($4,277)
Adjustments to Reconcile Net Loss to Net Cash
Used in Operating Activities:
Depreciation and Amortization 3,888 3,960
Gain on Repurchase of Debentures (1,353) - -
Other 261 364
Changes in Operating Assets and Liabilities:
Increase in Accounts Receivable (3,912) (3,617)
Increase in Merchandise Inventories (12,022) (18,744)
Increase in Prepaid Expenses (2,222) (2,656)
(Decrease)/Increase in Accounts Payable,
Accrued Salaries, Wages and Other
Accrued
Expenses and Taxes, Other than Income
Taxes (3,437) 6,358
Increase in Other Assets (741) (1,783)
--------------- -------------
Net Cash Used in Operating Activities (25,539) (20,395)
Cash Flows from Investing Activities:
Capital Expenditures (567) (1,672)
Decrease/(Increase) in Available for
Sales Securities 37,572 (270)
--------------- -------------
Net Cash Provided by (Used in) Investing
Activities 37,005 (1,942)
--------------- -------------
Cash Flows from Financing Activities:
Payment of Preferred Stock Dividend (1,010) (1,010)
Purchase of Treasury Stock (870) - -
Repurchase of Debentures (14,761) - -
--------------- -------------
Net Cash Used in Financing Activities (16,641) (1,010)
--------------- -------------
Net Decrease in Cash and Cash Equivalents (5,175) (23,347)
Cash and Cash Equivalents, Beginning of Period 9,917 35,503
--------------- -------------
Cash and Cash Equivalents, End of Period $4,742 $12,156
=============== =============
Supplemental Disclosures of Cash Flow
Information:
Cash Paid During the Period for:
Interest $437 $- -
=============== =============
Income Taxes $31 $15
=============== =============
</TABLE>
See accompanying notes to consolidated financial statements.
-3-
<PAGE>
LECHTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
(Amounts in thousands)
<TABLE>
<CAPTION>
Convertible Additional Accumulated
Common Preferred Paid-In Retained Other Comprehensive Treasury Comprehensive
Stock Stock Capital Earnings Loss Stock Total Loss
-------- ----------- ----------- ---------- ------------------- --------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance,
January 29, 2000 $58 $20,000 $62,380 $63,129 ($65) ($1,341) $144,161
Net Loss - Thirteen
Weeks
Ended April 29, 2000 - - - - - - (6,001) - - - - (6,001) (6,001)
Other Comprehensive
Loss
Net of Tax:
Unrealized Loss on
Available for Sale
Securities - - - - - - - - (29) - - (29) (29)
Purchase of Treasury
Stock - - - - - - - - - - (870) (870) - -
-------- ----------- ----------- ---------- ------------------- --------- --------- -------------
Balance,
April 29, 2000
(unaudited) $58 $20,000 $62,380 $57,128 ($94) ($2,211) $137,261 ($6,030)
======== =========== =========== ========== =================== ========= ========= =============
</TABLE>
See accompanying notes to consolidated financial statements.
-4-
<PAGE>
LECHTERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(UNAUDITED)
1. GENERAL
The accompanying unaudited Consolidated Financial Statements have been
prepared in accordance with the instructions for Form 10-Q and do not
include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation for interim periods have been
included.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed consolidated financial statements be read in conjunction with the
audited financial statements and the notes thereto included in the
Company's Annual Report on Form 10-K for the year ended January 29, 2000.
The Company's results of operations for the thirteen weeks ended April 29,
2000 are not necessarily indicative of the operating results for the full
year.
Certain reclassifications have been made to the financial statements of the
prior year to conform with the classifications used for Fiscal 2000.
2. NET LOSS PER SHARE
"Basic" net loss per share data were computed by dividing net loss, reduced
by the Convertible Preferred Stock Dividend requirement, by the weighted
average number of common shares outstanding during the thirteen weeks ended
April 29, 2000 and May 1, 1999. With respect to "diluted" net loss per
share, stock options, which are potential common shares, were excluded from
the weighted average of outstanding shares because inclusion would reduce
the loss per share. With respect to the Company's 5% Convertible
Subordinated Debentures and the Company's Convertible Preferred Stock, for
the purpose of computing diluted net loss per share, the assumed conversion
of such debentures and such preferred stock would each have an
anti-dilutive effect on diluted loss per share for the thirteen weeks ended
April 29, 2000 and May 1, 1999.
-5-
<PAGE>
3. SEGMENT INFORMATION
The Company defines its principal business into two segments, the
Specialty Housewares segment, which operates as Lechters Housewares(R)
and Lechters Kitchen Place(R), and the Off-Price Home Business
segment, which operates as Famous Brands Housewares Outlet(R) and Cost
Less Home Store(SM). The contribution of these segments, as well as
"corporate and other" for the thirteen weeks ended April 29, 2000 and
May 1, 1999 are summarized below. "Corporate and other" includes
general corporate expenses, principally service office expense and
distribution centers as well as interest income and expense.
The Company's segment disclosures are as follows:
<TABLE>
<CAPTION>
Thirteen Weeks Ended
--------------------
April 29, 2000 May 1, 1999
-------------- -----------
<S> <C> <C>
SALES
Specialty Housewares $63,755 $64,646
Off-Price Home Business 19,988 18,761
-------------- -----------
Total Sales $83,743 $83,407
============== ===========
LOSS BEFORE INCOME TAX BENEFIT
Specialty Housewares ($1,689) ($385)
Off-Price Home Business 640 378
Corporate and Other (9,315) (7,157)
-------------- -----------
Operating Loss (10,364) (7,164)
Other Expenses (Income) 221 86
-------------- -----------
Total Loss Before Income Tax Benefit ($10,585) ($7,250)
============== ===========
DEPRECIATION AND AMORTIZATION EXPENSE
Specialty Housewares $2,009 $2,250
Off-Price Home Business 415 369
Corporate and Other 1,464 1,341
-------------- -----------
Total Depreciation and Amortization Expense $3,888 $3,960
============== ===========
CAPITAL ADDITIONS
Specialty Housewares $189 $1,024
Off-Price Home Business 122 367
Corporate and Other 256 281
-------------- -----------
Total Capital Additions $567 $1,672
============== ===========
TOTAL ASSETS
Specialty Housewares $92,759 $102,762
Off-Price Home Business 23,007 23,617
Corporate and Other 106,701 142,684
-------------- -----------
Total Assets $222,467 $269,063
============== ===========
</TABLE>
-6-
<PAGE>
4. COMPREHENSIVE LOSS
The following is a summary of the Company's comprehensive loss:
<TABLE>
<CAPTION>
Thirteen Weeks Ended
--------------------
April 29, 2000 May 1, 1999
-------------- -----------
<S> <C> <C>
Net Loss ($6,001) ($4,277)
Components of
Comprehensive Loss:
Unrealized Loss on Available-For-Sale
Securities, Net of Applicable Income
Tax Benefit (29) (104)
-------------- -----------
Comprehensive Loss ($6,030) ($4,381)
============== ===========
</TABLE>
5. STOCK REPURCHASE PLAN
In May 1999, the Board of Directors authorized the Company to repurchase of
up to one million shares of the Company's common stock from time to time
when warranted by market conditions. In March 2000, the Board of Directors
authorized an additional repurchase of up to 3 million shares of the
Company's common stock. During Fiscal 1999, the Company purchased 684,000
shares at an average cost of $1.96. For the thirteen weeks ended April 29,
2000 an additional 535,700 shares were purchased at an average cost of
$1.625 per share. Subsequent to April 29, 2000, the Company has purchased
an additional 530,000 shares at an average cost of $1.47 per share,
bringing the total amount of treasury stock, as of June 7, 2000 to
1,749,700 shares at an average cost of $1.71 per share.
-7-
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
RESULTS OF OPERATIONS
THIRTEEN WEEKS ENDED APRIL 29, 2000 IN COMPARISON WITH THIRTEEN WEEKS ENDED MAY
1, 1999.
(Amounts in thousands, except share and per share amounts)
For the thirteen weeks ended April 29, 2000 ("First Quarter 2000") the Company's
total comparable store sales increased 3.8%. Comparable store sales for the
Specialty Housewares segment, which is comprised of Lechters Housewares(R) and
Lechters Kitchen Place(R), increased 3.5% while comparable store sales for the
Off-Price Home Business segment, comprised of Famous Brands Housewares Outlet(R)
and Cost Less Home Store(SM), increased 5.0%. On an overall basis, net sales for
First Quarter 2000 increased $336 to $83,743, a 0.4% increase from $83,407
reported for the comparable thirteen week period of the prior fiscal year
("First Quarter 1999"). The increase was primarily attributable to the
previously mentioned increase in comparable store sales and to increased
promotional activity, including accelerated price reductions as compared to
First Quarter 1999. For First Quarter 2000, sales for the Specialty Housewares
segment, which had 45 or 10.2% fewer locations, decreased 1.4%, while sales for
the Off-Price Home Business segment, which had 14 fewer locations, increased
6.5%. During First Quarter 2000, the Company opened one store and closed seven
stores, reducing the stores in operation at April 29, 2000 to 517 from the 523
open as of January 29, 2000. At the end of First Quarter 1999 there were 576
stores in operation.
Gross Profit for the quarter was $19,921, a decrease of $1,649 from $21,570 for
First Quarter 1999. The Gross Profit rate was 23.8% of net sales compared with
25.9% in the prior year. By operating segment, gross profit for Specialty
Housewares decreased $1,788 to $14,108 or 22.1% of net sales, while the
Off-Price Home Business gross profit increased $139 to $5,813 or 29.1% of net
sales. The reduction in gross profit, both in amount and rate, was due to a
change in the Company's inventory and promotional strategies for Fiscal Year
2000. The Company has adopted a strategy of accelerating price reductions. While
the price reductions reduced gross profit in the period compared to last year,
they stimulated sales and improved the Company's inventory position.
Selling, General and Administrative Expenses increased $1,551 to $30,285, which
constituted 36.2% of sales, an increase in the expense rate of 1.7% from First
Quarter 1999. The increase in expenses was due to the amortization of new
systems, additional outside warehousing expenses and administration expenses to
support the Company's new business initiatives including the e-commerce
strategy.
Other (Income)/Expense for the first quarter increased $135 to an expense of
$221, 0.3% of sales compared to $86, 0.1% of sales, for First Quarter 1999. The
increase was due to the reduction in the interest income and investment income
reflecting the lower balances of cash and marketable securities, partially
offset by a reduction in interest expense due to the repurchases of $21,695 face
value, of the Convertible Subordinated Debentures prior to their due date of
September 27, 2001.
By operating segment, Specialty Housewares incurred a loss before taxes of
$1,689 and the Off-Price Home Business contributed income before income taxes of
$640 for First Quarter 2000. "Corporate and other" expenses totaled a loss
before taxes of $9,315 for First Quarter 2000.
-8-
<PAGE>
The Company recognized an extraordinary gain of $879, net of tax, from the
repurchase of $16,750 of Convertible Subordinated Debentures prior to their due
date of September 27, 2001.
The net loss for First Quarter Fiscal 2000 was $6,001 compared to a net loss for
Fiscal 1999 of $4,277. The increased loss was primarily the result of reduced
gross profit, and the net effect of other contributing factors noted above.
LIQUIDITY AND CAPITAL RESOURCES
Cash flow during the thirteen weeks ended April 29, 2000 as reflected on the
Consolidated Statements of Cash Flows, was a net decrease in cash and cash
equivalents of $5,175. Operating activities, comprised of the operating loss of
$6,001 adjusted for non-cash expenses such as depreciation and amortization and
by changes in operating assets, utilized $25,539 of cash during First Quarter
2000. Significant components of operating activities for the first quarter
included depreciation and amortization which is a non-cash expense of $3,888,
merchandise inventories which increased using $12,022 of cash. Accounts
receivable and prepaid expenses increased $3,912 and $2,222, respectively.
Accounts payable, accrued expenses and taxes other than income taxes decreased
and utilized cash of $3,437.
Investing activities provided net cash of $37,005 compared to a net use of cash
of $1,942 during the thirteen weeks ended May 1, 1999, due to the decrease in
Marketable Securities of $37,572.
Capital expenditures were primarily for construction of and fixtures for new
stores, renovations and remodels of existing stores. Capital expenditures were
$567 compared to $1,672 for First Quarter 1999.
Cash flows from financing activities utilized $16,641 of cash. The repurchase of
$16,750 face value of the Company's Convertible Subordinated Debentures utilized
$14,761 of cash. The Company paid $1,010 in dividends on the Convertible
Preferred Stock and purchased 535,700 shares of treasury stock at a cost of
$870. Subsequent to April 29, 2000, the Company purchased an additional 530,000
shares at an average cost of $1.47 per share.
On November 30, 1999, the Company entered into a new $120 million senior secured
revolving credit facility with BankBoston Retail Finance Inc. and other
financial institutions, replacing the Company's credit agreement which was to
expire on March 26, 2001. The proceeds of the credit facility may be used for:
(i) on-going working capital requirements; (ii) the replacement, refinancing or
retirement of certain of the Company's securities, and/or (iii) other general
corporate purposes. The credit facility is scheduled to mature on December 1,
2003.
The credit facility permits the Company to repurchase its 5% convertible
subordinated debentures and/or up to $10 million of its capital stock, provided
that the Company can show excess availability under the credit facility of not
less than $25 million, after giving effect to the repurchases.
As of April 29, 2000 there were no outstanding borrowings under the facility.
The credit facility is secured by a security interest in substantially all of
the Company's assets.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company imports about 20% of its merchandise from the Far East, which
subjects it to the market risk of currency fluctuations. However, the Company
uniformly utilizes purchase contracts and letters of credit denominated in US
dollars to mitigate this risk. Additionally, there are multiple suppliers, both
foreign and
-9-
<PAGE>
domestic, for its products. With respect to marketable securities, the Company
is subject to the variations in the investment markets. It mitigates this risk
by employing the services of an investment management firm, which with the
Company's oversight, invests solely in the highest quality securities and
spreads the market risk among various types of securities with varying
maturities.
Although the Company has not had to borrow funds under the Credit Agreement
during First Quarter 2000 and First Quarter 1999, should it need to utilize the
line of credit for direct borrowings, the interest rate is subject to market
conditions at the time of the borrowing.
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits.
3.1 Restated Certificate of Incorporation of the Company (Incorporated
herein by reference to Exhibit 3.2 to the Company's Registration
Statement on Form S-1 File No. 33-29465 (the "Registration
Statement")).
3.2 By-laws of the Company (Incorporated herein by reference to Exhibit
3.2 to the Company's Registration Statement on Form S-1 File No.
33-40372).
4.1 Preferred Stock Purchase Agreement dated April 5, 1996 (Incorporated
herein by reference to the Company's Annual Report on Form 10-K for
the year ended February 1, 1997).
4.2 Indenture, dated as of September 27, 1991, between the Company and
Chemical Bank, as Trustee (Incorporated herein by reference to the
Company's Annual Report on Form 10-K for the year ended January 25,
1992).
27 Financial Data Schedule*
b. Reports on Form 8-K.
1. No reports on Form 8-K were filed for the quarter for which this report is
filed.
*Filed herewith.
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 thereunto duly authorized.
LECHTERS, INC.
By: /s/ Daniel L. Anderton /s/ John D. Sullivan
---------------------- --------------------
Principal Financial Officer, Principal Accounting Officer, and
and Vice President-Finance Vice President and Corporate Controller
Date: June 13, 2000
-10-
