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):April 1, 1997
ONE PRICE CLOTHING STORES, INC.
(Exact name of registrant as specified in
its charter)
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Delaware 0-15385 57-0779028
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(State or other Commission (IRS Employer
jurisdiction 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
(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 1, 1997, One Price Clothing Stores, Inc., issued the attached
Press Release, which press release is incorporated herein by reference.
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Item 7. Financial Statements and Exhibits.
(c) Exhibits
20. Press release dated April 1, 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.
ONE PRICE CLOTHING STORES, INC.
(Registrant)
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By: /s/ Stephen A. Feldman
Name: Stephen A. Feldman
Title: Executive Vice President &
Chief Financial Officer
Date: April 1, 1997
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Exhibit 20
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FOR IMMEDIATE RELEASE Contact: Henry D. Jacobs, Jr.
Chairman of the Board,
President and
Chief Executive Officer
Telephone: 864/486-6220
Stephen A. Feldman
Executive Vice President
And Chief Financial Officer
Telephone: 864/486-6489
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Duncan, SC, April 1, 1997 -- One Price Clothing Stores, Inc. (NASDAQ:ONPR) --
Mr. Henry D. Jacobs, Jr., Chairman, President and Chief Executive Officer of the
Company, today announced that he is resigning his positions as President and
Chief Executive Officer, but will continue in his position as Chairman of the
Board of Directors of the Company. Mr. Larry I. Kelley has accepted the
positions of President and Chief Executive Officer. Mr. Kelley will also
serve as a member of the Board of Directors of the Company.
Mr. Jacobs stated that prior to joining the Company, Mr. Kelley was the
President and Chief Executive Officer of Casual Male Big and Tall, a division of
J. Baker, Inc. This chain is located principally in strip shopping centers and
dedicated to large size men's apparel. Casual Male Big and Tall was a chain of
170 stores when Mr. Kelley joined it as President and Chief Executive Officer in
1991 and it has grown successfully to 450 stores under his leadership. Prior to
Casual Male Big and Tall, he had over 25 years of experience in a variety of
positions in women's apparel retailing. Mr. Jacobs stated that Mr. Kelley's
varied background and outstanding personal skills coupled with his prior
successes resulted in his selection as the person to lead One Price Clothing
Stores into the future.
One Price Clothing Stores has in place important strategic plans and goals for
the future. Some of these key strategies include expanded retail prices in
addition to its core $7.00 price; accelerated growth of new stores; plans to
maximize parts of its business such as expansion of plus sizes and kids
selection and adding items not historically carried; experimentation with larger
sized stores; and added focus on quality, value and sizing of its merchandise.
Mr. Jacobs stated, "I am confident that Larry Kelley as President and Chief
Executive Officer will provide the leadership to execute these as well as future
strategic development to increase profitability, growth and shareholder value."
Mr. Jacobs further stated, "It has long been my desire to have more time to
devote to my family and personal interests. This succession will give me the
opportunity to do this. I continue to have a large personal investment in the
Company and my interest in its continuing success is paramount."
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995 (the "Act"): All statements in this press release as to future
performance and financial results should be considered forward-looking
statements under this Act. In addition to the factors discussed above, other
factors that could cause actual results to differ materially include, but
are not limited to, the following: general economic conditions and
consumer demand and consumer preferences and weather patterns, competitive
factors, including pressure from pricing and promotional activities of
competitors; impact of excess retail capacity and the availability of
desirable store locations on suitable terms; the availability, selection
and purchasing of attractive merchandise on
favorable terms; import risks, including potential disruptions and duties,
tariffs and quotas on imported merchandise; and other factors that may be
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.
