SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) April 24, 1995
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STACEY'S BUFFET, INC.
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(Exact Name of Registrant as Specified in its Charter)
FLORIDA
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(State or Other Jurisdiction of Incorporation)
59-2736736
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(Commission File Number) (IRS Employer Identification No.)
801 West Bay Drive, Suite #704, Largo, Florida 34640
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(Address of Principal Executive Offices) (Zip Code)
(813) 581-4492
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN FORM 8-K
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
See Press Release attached as Exhibit EX-99.PR.
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Item 6. Resignation of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
Not Applicable.
Item 8. Change in Fiscal Year.
Not Applicable.
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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 duly authorized.
Stacey's Buffet, Inc., a Florida Corporation
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Date: April 28,1995 Stephen J. Marrier, CEO
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Stephen J. Marrier, CEO
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FOR IMMEDIATE RELEASE SYMBOL: SBUF
APRIL 24, 1995 TRADED: NASDAQ
STACEY'S BUFFET ANNOUNCES SETTLEMENTS ON TWELVE NORTHERN STORES
Largo, FL, April 24, 1995 -- Stacey's Buffet, Inc. announced
today that it has executed or agreed in principle to settlements
with landlords representing twelve stores that Stacey's Buffet has
closed or intends to close in the states of Virginia, Maryland,
Pennsylvania and New York.
Mr. Stephen Marrier, Vice-Chairman and Chief Executive
Officer, stated that " It is always difficult to permanently close
stores. However, the poor sales and substantial operating losses
associated with these stores have been a drag on Stacey's Buffet
for the past several years."
"In an earlier press release we said that it was necessary to
close or sell most of the Northern stores in order for the company
to move forward. To that end we have permanently closed twelve
stores and intend to close one more store in the near future. We
have executed or agreed in principle to settlements with landlords
that allows us to be released from the remainder of the leases on
favorable terms. The anticipated write-offs associated with these
store closures and lease settlements will be charged against our
reserve for store closings. We view these closures and lease
termination settlements as a positive step forward for the
company."
Stacey's Buffet, Inc. continues to operate 31 restaurants in
Florida, New York, New Jersey, Maryland and Pennsylvania.
For more information contact:
Maureen Jack
Stacey's Buffet, Inc.
(813) 581-4492, ext. #12
