<PAGE> 1
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: June 30, 1997
----------------------
SUN TELEVISION AND APPLIANCES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
----------------------
Ohio 0-19269 31-1178151
- ---------------- --------------------- ----------------------
(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
----------------------
6600 Port Road
Groveport, Ohio 43125
(614) 492-5600
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER
INCLUDING AREA CODE OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
----------------------
Not Applicable
(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)
----------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
On June 30, 1997, Sun Television and Appliances, Inc., an Ohio
corporation (the "Company"), announced that it had completed a sale leaseback
transaction for its 800,000 square foot warehouse, office and distribution
facility, located in suburban Columbus, Ohio. Under the terms of the agreement,
the Company sold the property to Duke Realty Limited Partnership for $20
million, less transaction costs, and signed an initial ten-year lease on the
property with renewal options.
The Company's press release issued June 30, 1997 regarding the sale
leaseback is attached as an exhibit to this report and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
99 Press release of Sun Television and Appliances,
Inc. issued June 30, 1997, regarding the sale
leaseback.
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.
SUN TELEVISION AND APPLIANCES, INC.
Date: July 8, 1997 By: /s/ John J. Lynch
--------------------
John J. Lynch, Chief Financial
Officer, Controller, and Treasurer
-2-
<PAGE> 3
EXHIBIT INDEX
Exhibit No. Description Page
99 Press release of Sun Television and Appliances,
Inc. issued June 30, 1997, regarding the sale
leaseback.
-3-
<PAGE> 1
SUN TELEVISION AND APPLIANCES, INC. NEWS
6600 PORT RD. FOR IMMEDIATE RELEASE
GROVEPORT, OHIO 43125
(614) 492-5600
SUN TELEVISION AND APPLIANCES, INC. COMPLETES DISTRIBUTION CENTER
SALE-LEASEBACK RAISES $20 MILLION IN CASH
COLUMBUS, OHIO, JUNE 30, 1997 . . . Sun Television and Appliances, Inc.
(NASDAQ-NMS:SNTV) announced today that it had completed a sale leaseback
transaction for its 800,000 square foot warehouse, office and distribution
facility, located in suburban Columbus, Ohio. Under the terms of the agreement,
Sun sold the property to Duke Realty Limited Partnership for $20 million, less
transaction costs, and signed an initial ten-year lease on the property with
renewal options.
Price Waterhouse's CFRD Division facilitated the sale and leaseback
negotiations. The Company said the proceeds would be used to fund store
remodeling and expansion initiatives and for general corporate purposes,
including implementation of its new marketing campaign in selected markets.
R. Carter Pate, Sun Chairman and CEO, commented, "We are elated to
complete this transaction, which is another positive step towards completing our
turnaround strategy. The sale frees up valuable capital to fund key elements of
our aggressive new business plan aimed at stemming declining same store sales,
maintaining our market share and increasing liquidity. The Company will continue
to selectively remodel and relocate stores to more desirable locations, and
implement its aggressive marketing campaign. In May, we unveiled the new
campaign, which we began testing in our Cincinnati, Ohio market. While it is
early for a trend to have been established, initial results have been promising.
Cincinnati consumers have favorably responded to key elements of the campaign,
including the new store format, an automatic price protection guarantee,
enhanced home delivery and much improved customer service. We look forward to
reporting further on results of the new campaign and our turnaround initiatives
later this summer."
Sun Television and Appliances, Inc. is a leading specialty retailer of
high-quality, brand name consumer electronics, home appliances and office
products. The Company operates 41 stores in Ohio, Pennsylvania, West Virginia
and Kentucky.
TO ACCESS THIS YEAR'S NEWS RELEASES FOR SUN VIA FACSIMILE TRANSMISSION, PLEASE
CALL COMPANY NEWS ON CALL AT 1-800-758-5804, COMPANY CODE 829172 OR ACCESS
THROUGH THE INTERNET AT HTTP://WWW.PRNEWSWIRE.COM/
INVESTOR RELATIONS CONTACTS: FOR FURTHER INFORMATION, PLEASE CONTACT OUR
INVESTOR RELATIONS CONSULTANT, MELODYE DEMASTUS, MELROSE CONSULTING (614)
771-0860.
-end-
