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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) July 28, 1997
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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)
000-16791 59-2736736
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(Commission File Number) (IRS Employer Identification No.)
801 West Bay Drive, Suite #704, Largo, Florida 33770
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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. Change 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 the press release dated July 28, 1997 attached
as EXHIBIT "EX-99 Press Release 7/28/97" that describes
the letter of intent to form a strategic alliance.
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
Date: July 28, 1997 /s/ Daniel J. Sullivan
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Daniel J. Sullivan
Chief Financial Officer
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FOR IMMEDIATE RELEASE SYMBOL: SBUF
JULY 28, 1997 TRADED: NASDAQ
STACEY'S BUFFET, INC. ANNOUNCES "STRATEGIC ALLIANCE"
WITH STAR BUFFET, INC., A WHOLLY OWNED SUBSIDIARY OF
CKE RESTAURANTS, INC.
Largo, Florida, July 28, 1997 -- Stacey's Buffet, Inc.
announced today that it has signed a Letter of Intent entering into
a "strategic alliance" with Star Buffet, Inc., a wholly owned
subsidiary of CKE Restaurants, Inc. (NYSE: "CKR").
Under the terms of the agreement, which is subject to the
satisfactory completion of due diligence by Star Buffet, Star
Buffet will lend Stacey's Buffet $2,000,000 at a rate not to exceed
prime plus 2%. In addition, Stacey's Buffet will grant Star Buffet
warrants priced at $1.00 per share equal to 30% of the fully
diluted outstanding shares of Stacey's Buffet. The capital will be
used for reconcepting and remodeling several of Stacey's
restaurants.
In addition, Star Buffet will provide Stacey's with certain
administrative and managerial services, including access to
operations, marketing and human resource personnel. Also, Star
Buffet will provide Stacey's with certain purchasing economies it
now receives. Star Buffet will appoint two new members to Stacey's
Board of Directors.
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Commenting on the "strategic alliance," Stephen J. Marrier,
Chairman and Chief Executive Officer stated; "We are pleased to be
able to align ourselves with companies the size and caliber of Star
Buffet and CKE Restaurants and look forward to working together
with the people at these organizations. Their financial and
managerial resources should prove quite valuable and we expect to
take full advantage of significant operating synergies that can be
derived from an alliance of this type, including increased buying
power. In addition, we expect to reduce our costs through the use
of Star Buffet's and CKE's technology and vast administration
capabilities. Over the past several months CKE Restaurants has
invested resources in a number of different restaurant companies
and the results for those companies has been quite positive."
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Stacey's Buffet, Inc. currently operates 24 family-style
buffet restaurants in Florida, New York, New Jersey and
Pennsylvania and licenses one additional store in the State of
Florida.
For additional information contact:
Maureen Jack, Stacey's Buffet, Inc.
(813) 581-4492, ext. #12
