FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 and 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 1998
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 Number)
incorporation
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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 April 29, 1998, One Price Clothing Stores, Inc. issued the attached
Press Release, which press release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99. Press release dated April 29, 1998
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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
Stephen A. Feldman
Title: Executive Vice President and
Chief Financial Officer
Date: April 29, 1998
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FOR IMMEDIATE RELEASE
Contact:
Larry Kelley
President and CEO
One Price Clothing Stores, Inc.
(864)-486-6220
ONE PRICE CLOTHING FOUNDER AND CHAIRMAN TO RETIRE
Two Prominent Apparel Industry Executives to Join Board
DUNCAN, S.C., April 29, 1998 - One Price Clothing Stores, Inc. (NASDAQ: ONPR)
today announced that Henry D. Jacobs, Jr., 64, founder and Chairman of the Board
of the Company, plans to retire from the Board following the Company's annual
meeting of shareholders, scheduled for June 10, 1998. Leonard M. Snyder, former
Chairman and Chief Executive Officer of Lamonts Apparel, Inc. and a former
senior executive of Allied Stores, has been appointed to the Board with the
intention of appointing him Chairman following the annual meeting. The Company
also announced that Warren Flick, who recently retired as President and Chief
Operating Officer of U.S. Kmart's more than 2,100 traditional discount retail
stores, has agreed to be a nominee for election to the Board at the upcoming
meeting of shareholders.
After growing One Price Clothing to more than 600 stores and $300 million in
sales, Jacobs, who founded One Price Clothing in 1984, is retiring in order to
fulfill his longstanding desire to spend more time with family and a variety of
other outside interests. These priorities contributed to Jacobs' decision to
retire as President and Chief Executive Officer of the Company one year ago and
to the appointment of Larry I. Kelley to these positions following an extensive
search.
In announcing his retirement, Jacobs, who owns 20 percent of the Company's
stock, voiced his confidence that "the Company's niche in the marketplace,
coupled with its current strategy, should lead to continued growth for the
Company in the future. As the Company's largest shareholder, I continue to have
a vested interest in its success."
Regarding the Company's current position, Jacobs stated, "It is clear from
recent results that Larry Kelley and his team have worked very hard to
reposition One Price Clothing's merchandise mix and reemphasize its core
pricing. We also are fortunate to have a strong and dedicated board of directors
representing the shareholders, and the addition of Leonard Snyder and Warren
Flick, both outstanding individuals with extensive retail apparel background,
will further enhance it."
Leonard Snyder, 50, has more than 25 years of diversified retail experience.
From April 1987 until October 1994, Snyder was Chairman and Chief Executive
Officer of Lamonts Apparel, Inc., a family apparel retailer in the Pacific
Northwest with annual sales of $265 million. Since 1994, Snyder has served as a
marketing and management consultant to the retail industry. Prior to his tenure
at Lamonts, Snyder held executive positions at Allied Stores, including
corporate vice president, where he oversaw all of Allied's Midwest department
stores, and President and Chief Executive Officer of Donaldsons, a division of
Allied Stores. He currently serves as a director of Monaco Finance, a leading
automobile lender.
Warren Flick, 54, retired in December 1997 as President and COO of U.S. Kmart
Stores, where he also served as a member of the board of directors of Kmart
Corporation, the parent company. In his position as President and COO, Flick was
responsible for merchandising, marketing, logistics and store
operations. Prior to joining Kmart in 1995, Flick spent the majority of his
career at Sears Roebuck and Co., including the last two years as Chairman,
President and Chief Executive Officer of Sears de Mexico, an affiliate of Sears
Roebuck and Co. Flick also serves on the board of Stride Rite Corp., a leading
marketer of children's and family footwear.
Commenting on Mr. Jacobs' retirement, Larry I. Kelley, President and CEO of the
Company, said, "Henry's vision and understanding of the off-price business has
been the driving force that established One Price Clothing as a leader in the
industry. Everyone at One Price Clothing would like to extend our sincere
appreciation for his efforts and wish him well in his retirement."
Kelley added, "In recent months, we have taken aggressive actions to return One
Price Clothing to profitability by enhancing our merchandising team with several
key individuals who have strong off-price backgrounds, closing under-performing
stores, tightening control of expenses, improving core operations and
simplifying our pricing structure to drive a stronger price/value relationship.
I look forward to continuing my collaboration with the Board, and to working
together with my management team and all of our One Price Clothing associates as
we continue to strengthen the Company as a leader in the low-cost apparel sector
and improve our financial performance."
One Price Clothing Stores, Inc. offers first quality, in-season women's and
children's apparel and accessories. The Company currently operates 648 stores
in 27 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
Private Securities Litigation Reform Act of 1995:
All statements contained in this press release as to future expectations and
financial results, including but not limited to, statements containing the words
"believe," "anticipates," "expects," and similar expressions, should be
considered forward-looking statements subject to the safe harbor created by the
Private Securities Litigation Reform Act of 1995. The Company cautions readers
of this release that a number of important factors could cause the Company's
actual results in 1998 and beyond to differ materially from those expressed in
such forward-looking statements. These factors include, but are not limited to,
the general economic conditions and consumer demand; consumer preferences;
weather patterns; competitive factors, including pressure from pricing and
promotional activities of competitors; the impact of excess retail capacity and
the availability of desirable store locations on suitable terms; whether or not
the Company's merchandising strategy to offer alternative categories of
merchandise at alternative price points will increase sales and operating
results or increase and attract new customers; the availability, selection and
purchasing of attractive merchandise on favorable terms; credit availability,
including adequate levels of credit support provided to certain of the Company's
vendors by factors and insurance companies; 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 from time to time. 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.
