SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) December 17, 1997
Mercury Finance Company
(Exact name of registrant as specified in charter)
Delaware 1-10176 36-3627010
(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 Field Drive, Lake Forest, Illinois 60045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 295-8600
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events.
On December 17, 1997, the Registrant issued a press release, a copy of
which is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description of Document
99.1 Press release dated December 17, 1997 issued by the
Registrant.
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.
Mercury Finance Company
Date: December 18, 1997 By: Patrick J. O'Malley
Its: ASSISTANT SECRETARY
FOR IMMEDIATE RELEASE Contact:
Joe Kopec
The Dilenschneider Group
312-553-0700
MERCURY FINANCE CLOSES ABOUT 70 BRANCHES
CHICAGO, December 17, 1997 -- Mercury Finance Company (NYSE:MFN) today
announced that approximately 70 operating branches, out of a total of 262
branches, are being closed because they are either unprofitable or considered
redundant in view of the location of other nearby branches. The company
estimates that closing the branches will result in a $250 million decrease in
its outstanding portfolio over the next twelve to eighteen months, with
approximately one-half of the portfolio reduction taking place in the state of
Texas. About 300 employees, from Mercury's current total of 1,800 employees,
will be affected by the branch closings during the next twelve months. Efforts
are being made to offer many of these employees opportunities at other
locations.
"While I am certainly disappointed that we have to make this announcement
about the employee layoffs, particularly at this time of the year; the remaining
employees can take comfort that the continuing company will be a much stronger
entity as a result of this action, and that the branch closures are a necessary
step in our efforts to return Mercury to a level of profitability," said
William A. Brandt, president and chief executive officer.
This new release contains certain forward-looking statements pertaining to
branch closings, portfolio reduction, reduction in employees, expected operating
results and other matters. These statements are subject to uncertainties and
other factors. Should one or more of these uncertainties or other factors
materialize, or should underlying assumptions prove incorrect, actual events or
results may vary materially from those anticipated. Such risks and
uncertainties include the availability of financing, the outcome of the
company's negotiations with its lenders, the ability of the company to acquire
finance receivables on terms it deems acceptable, changes in the quality or
composition of finance receivables, trends in the automobile and finance
industries and general economic conditions. The company undertakes no
obligation to update any such factor or to publicly announce the results of any
revisions to any forward-looking statements contained herein to reflect future
events or developments.
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