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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) JANUARY 20, 1997
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AMRE, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-9632 75-2041737
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
8585 N. STEMMONS FREEWAY, SOUTH TOWER, DALLAS, TX 75247
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including are code: (214) 658-6300
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N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On January 20, 1997 an involuntary petition of reorganization was
filed by I Rent America, Telequestion, Inc. and Good Design against AMRE, Inc.
under Chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections
101-1330 (hereinafter the "BANKRUPTCY CODE"), as amended. On January 22, 1997,
AMRE, Inc. consented to an order for relief under Chapter 11 of the Bankruptcy
Code. The entry of the order for relief under Chapter 11 of the Bankruptcy
Code was entered on January 23, 1997.
Four subsidiaries of AMRE, Inc., American Remodeling, Inc.,
Facelifters Home Systems, Inc., Century 21 Home Improvements, Inc. and
Congressional Construction Corporation, filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code on January 22, 1997.
These filings acted as an order for relief under Chapter 11 of the Bankruptcy
Code.
All of the above proceedings were filed in the United States Bankruptcy Court
for the Northern District of Texas, Dallas Division and have been
administratively consolidated under case number 397-30567-SAF-11.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
The following information is incorporated herein by reference.
(C) EXHIBITS
*99.1 Press Release issued by AMRE on January 17, 1997.
* Filed herewith.
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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.
AMRE, INC.
Date: February 3, 1997 By: /s/ J. Gregg Pritchard
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J. Gregg Pritchard
President
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EXHIBIT INDEX
EXHIBIT
NO. DESCRIPTION
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*99.1 Press Release issued by AMRE on January 17, 1997.
* Filed herewith.
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EXHIBIT 99.1
AMRE, INC. PRESS RELEASE
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Contact: AMM: John Vanecko FOR IMMEDIATE RELEASE
(214) 658-6338
AMRE, INC. CEASES OPERATIONS AND
FILES FOR BANKRUPTCY PROTECTION
DALLAS, January 17, 1997 - AMRE, Inc. (NYSE:AMM) today announced that
it has been unable to obtain additional working capital necessary, as
previously disclosed, to fund operating losses incurred in the fourth quarter
ended Dec. 31, 1996 and anticipated operating losses during the first quarter
of 1997. As a result, AMRE, Inc. has immediately ceased operations and plans
to seek protection under Chapter 11 of the United States Bankruptcy code.
Effective immediately Ronald L. Bliwas, Dennis S. Bookshester, Murray
Gross and Robert M. Swartz have resigned as directors of the Company.
The Company intends to complete all work in progress over the next few
weeks and then execute an administrative liquidation of its assets. The
Company is currently in discussions with a number of parties regarding a
possible sale of certain assets under Section 363 of Chapter 11 of the
Bankruptcy code, in an effort to maximize the value of the assets for the
benefit of creditors. The Company does not anticipate that these discussions
and any resulting transaction, should it occur, would yield any residual value
for distribution to the stockholders of the Company.
