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) February 17, 1998
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.)
12812 60th Street North, Suite 200, Clearwater, Florida 33760
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(Address of Principal Executive Offices) (Zip Code)
(813) 507-0335
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(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
INFORMATION TO BE INCLUDED IN FORM 8-K
Item 1. Change in Control of Registrant: Not Applicable.
Item 2. Acquisition or Disposition of Assets: See attached press release
dated February 17, 1998 attached as EXHIBIT A.
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 February 17, 1998
attached as EXHIBIT A that describes the sale of three restaurants
and the termination of a strategic alliance.
Item 6. Resignation of Registrant's Directors: See the press release
dated February 17, 1998 attached as EXHIBIT A.
Item 7. Financial Statements and Exhibits: Not Applicable.
Item 8. Change in Fiscal Year: Not Applicable.
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.
Stacey's Buffet, Inc., a Florida Corporation
Dated: February 18, 1998 /s/ Peter J. Hurley
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Peter J. Hurley
Chief Executive Officer
EXHIBIT A
FOR IMMEDIATE RELEASE SYMBOL: SBUF
Tuesday, February 17, 1998 Traded: NASDAQ
STACEY'S BUFFET, INC. ANNOUNCES SALE OF THREE RESTAURANTS;
REPAYMENT OF DEBT; AND TERMINATION OF STRATEGIC ALLIANCE
CLEARWATER, FLORIDA, February 17, 1998 - Stacey's Buffet, Inc.
(Nasdaq:SBUF) today announced the sale to Star Buffet, Inc. of Salt Lake
City, Utah, of three Stacey's Buffet restaurants. Proceeds from the
$1,100,000 transaction were used to repay $710,000 of loans that Stacey's
had previously received from Star, and $390,000 of fees and expenses charged
to Stacey's by Star pursuant to the Stacey's/Star strategic alliance
announced in October 1997. In addition, Stacey's announced the termination
of that strategic alliance.
Stacey's also announced the resignation of Robert Wheaton and Theodore
Abajian from Stacey's Board of Directors, and Mr. Wheaton's resignation as
Chief Executive Officer of Stacey's. Messrs. Wheaton and Abajian are the
Chief Executive and Chief Financial Officer, respectively, of Star, and
their nominations to the Board of Directors of Stacey's had been part of the
Stacey's/Star strategic alliance.
Peter J. Hurley, a member of Stacey's Board of Directors, has been
elected the interim Chief Executive Officer of Stacey's while Stacey's
undertakes a search for a permanent successor. Mr. Hurley stated that;
"Stacey's Buffet is also undertaking steps to develop one or more
relationships with other companies to reposition Stacey's to maximize
shareholder value."
Stacey's Buffet currently operates 16 family-style buffet restaurants
in Florida, New Jersey and Pennsylvania and licenses one additional store in
the State of Florida.
For additional information, please contact:
Maureen Jack
Stacey's Buffet, Inc.
(813) 507-0335, ext. #12
