SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): January 21, 1997
ONE PRICE CLOTHING STORES, INC.
(Exact name of registrant as specified in its charter)
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Delaware 0-15385 57-0779028
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
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Highway 290
Commerce Park
Duncan, SC 29334
(Address of principal executive offices; zip code)
Registrant's telephone number, including area code: (864) 433-8888
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On January 21 , 1997, One Price Clothing Stores, Inc., issued the
attached Press Release, which press release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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( c ) Exhibits
20. Press release dated January 21, 1997
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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 hereunto duly authorized.
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ONE PRICE CLOTHING STORES, INC.
(Registrant)
By: /s/ Stephen A. Feldman
Name: Stephen A. Feldman
Title: Executive Vice President and
Chief Financial Officer
Dated: January 21, 1997
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FOR IMMEDIATE RELEASE Contact: Stephen A. Feldman
Executive V.P. & CFO
Telephone: 864/486-6489
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Duncan, S.C., January 21, 1997 -- One Price Clothing Stores, Inc. (NASDAQ:ONPR)
Henry D. Jacobs, Jr., Chairman and Chief Executive Officer of One Price Clothing
Stores, Inc., announced today that the Company will expand its merchandise
offering to include other retail price points. This will enable the Company to
offer its customers additional categories and styles of merchandise while
continuing to price its core inventory at $7 retail. This strategic change
improves the Company's ability to address its customers' needs as they are today
and compete for additional market share.
Mr. Jacobs further stated that One Price Clothing Stores, Inc. has been testing
this expanded retail price range over the last two months in over 60 of its
stores. The test results and accompanying customer surveys strongly indicate
that adding these additional categories and styles of merchandise chainwide
should improve the Company's ability to increase average store sales, comparable
store sales and gross margin dollars. Based on all the information gathered,
management believes that its customers now desire this expansion of merchandise
selection and have overwhelmingly viewed this as an enhancement to their
shopping experience. The Company cannot presently provide this diversity in its
offerings because of the $7 retail price limitation.
The Company plans to roll out this new variation in its concept by groups of
stores starting in February 1997, with approximately half the chain converted by
May 1997 and all stores converted by the end of August 1997. As with the test,
the core of the inventory will be maintained at the present retail price of $7
and the balance of the assortment will be offered at the expanded price points.
Management at One Price Clothing Stores, Inc. is dedicated to continuing its
strong commitment to offering merchandise at high value so that its customers
will continue to be provided with the outstanding value they are presently
accustomed to receiving in the stores.
One Price Clothing Stores, Inc. offers for sale first quality, in-season women's
and children's apparel and accessories. The Company presently operates 652
stores in 28 states and Puerto Rico.
Safe harbor statement under the Private Securities Litigation Reform Act of
1995: All forward-looking statements made by the Company involve material risks
and uncertainties and are subject to change based on various important factors
which may be beyond the Company's control. Accordingly, the Company's future
performance and financial results may differ materially from those expressed or
implied in any such forward- looking statements. Such factors include, but are
not limited to, those described in the Company's filings with the Securities and
Exchange Commission. The Company does not undertake to publicly update or revise
its forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied therein will not be
realized.
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