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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT: November 12, 1998
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SUN TELEVISION AND APPLIANCES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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Ohio 0-19269 31-1178151
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(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
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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)
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Not Applicable
(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 2. BANKRUPTCY OR RECEIVERSHIP
On November 12, 1998, Sun Television and Appliances, Inc. (the
"Company") announced that it had reached an agreement to sell nine store
locations to Gregg Appliances, Inc., for approximate cash consideration of $8.7
million, in addition to the assumption of certain liabilities.
A copy of the press release issued by the Company on November 12, 1998,
reporting the agreement to sell the store locations, is filed herewith as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
99.1 News Release of Sun Television and Appliances,
Inc. dated November 12, 1998.
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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.
SUN TELEVISION AND APPLIANCES, INC.
Date: November 24, 1998 By: /s/ Dennis L. May
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Dennis L. May, President
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EXHIBIT INDEX
SUN TELEVISION AND APPLIANCES, INC.
FORM 8-K
Exhibit No. Description
99.1 News Release of Sun Television and Appliances,
Inc. dated November 12, 1998.
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EXHIBIT 99.1
Company Press Release
SOURCE: Sun Television and Appliances, Inc.
Sun Television and Appliances, Inc. and Gregg
Appliances, Inc. Reach Agreement on Sale of Nine Stores
COLUMBUS, Ohio, Nov. 12, 1998 -- Sun Television and Appliances, Inc. (Nasdaq:
SNTV news) reported today that it had reached an agreement to sell nine store
locations to Gregg Appliances, Inc., for approximate cash consideration of $8.7
million, in addition to the assumption of certain liabilities. Company officials
said the transaction was subject to approval by the U.S. Bankruptcy Court and
the Company's creditors' committee. Gregg will close the existing Sun outlets
and reopen them as H. H. Gregg stores in the following markets: four outlets in
Cincinnati; three outlets in suburban Cincinnati including Florence and
Alexandria, Kentucky; and Hamilton, Ohio; and one location each in Aurora and
Richmond, Indiana.
Dennis L. May, Sun President and COO said, "We are very pleased to have reached
this agreement with Gregg Appliances. Our primary objective is to maximize the
recovery value of the company while working in the best interest of our
customers, employees and creditors."
Sun Television and Appliances, Inc. is a regional retailer of consumer
electronics, home appliance and office products.
Gregg Appliances is a leading specialty retailer of consumer electronics, major
appliances, computers and other consumer products. It is a privately held
Indianapolis-based company operating 18 stores in Indiana, Kentucky and
Tennessee under the name "H.H. Gregg Appliances & Electronics."
