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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):
February 17, 1998
MONRO MUFFLER BRAKE, INC.
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(Exact name of registrant as specified in its charter)
Commission File Number 0-19357
New York 16-0838627
(State of incorporation) (I.R.S. Employer Identification No.)
200 Holleder Parkway, Rochester, New York 14615
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code (716) 647-6400
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Item 5. Other Events.
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Lawrence C. Day, President, Chief Executive Officer and Director of the Company
has resigned from such positions with the Company and has been replaced by Jack
M. Gallagher, a current Director and former Chief Executive Officer of the
Company. The Company's press release describing such events is filed herewith.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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The following is a list of exhibits filed with this Current Report on Form 8-K
indexed to their location in the sequentially numbered copy.
Exhibit No. Description
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99.1 Press Release
dated February 17, 1998
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SIGNATURES
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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.
MONRO MUFFLER BRAKE, INC.
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(Registrant)
February 23, 1998 /s/ Catherine D'Amico
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Catherine D'Amico
Sr. Vice President-Finance & CFO
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APPROVED BY: Peter J. Solomon
Chairman of the Board
Lawrence C. Day
CONTACT: Jack Gallagher
Chief Executive Officer
Catherine D'Amico
Chief Financial Officer
(716) 647-6400
FOR IMMEDIATE RELEASE
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Investor Relations:
June Filingeri/Jonathan Schaffer
Media Contact: Stan Froelich
Morgen-Walke Associates
(212) 850-5600
MONRO MUFFLER BRAKE ANNOUNCES CEO RESIGNATION
--RETIRED CEO GALLAGHER ASSUMES POST ON INTERIM BASIS--
ROCHESTER, N.Y., February 17, 1998--Monro Muffler Brake, Inc. (NASDAQ:
MNRO) today announced that Lawrence C. Day, President and Chief Executive
Officer, has resigned to accept a position with another company.
Jack Gallagher, Board Member and former CEO, will replace Mr. Day
effective immediately and will continue in that capacity until a search for a
successor is completed.
Peter J. Solomon, Chairman of the Board, commented: "The Board of
Directors thanks Mr. Day for his many contributions to the Company over the past
five years. Under Larry's leadership, much has been accomplished and we wish him
every success in his future endeavors."
Mr. Solomon continued: "We are realizing improving performance
resulting from our new strategic initiatives. The Board of Directors is
extremely confident that the management team assembled by Mr. Gallagher and Mr.
Day will continue to implement and execute those strategies necessary to
position Monro Muffler Brake as the leading chain of automotive service stores
in terms of customer service, growth, profitability and innovation."
Mr. Day commented: "My 5-year association with Monro has been most
rewarding. Monro today is an outstanding organization. I leave with satisfaction
and pride."
Monro Muffler Brake operates a chain of stores providing automotive
undercar repair services in the United States. The Company currently operates
341 stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West
Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North
Carolina, South Carolina and Indiana. Monro's stores provide a full range of
services for mufflers and exhaust systems, brake systems, steering and
suspension systems and many vehicle maintenance services.
Certain statements made above may be forward-looking and are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve uncertainties which may cause the
Company's actual results in future periods to differ materially from those
expressed. These uncertainties include, but are not necessarily limited to,
uncertainties affecting retail generally (such as consumer confidence and demand
for auto repair); risks relating to leverage and debt service (including
sensitivity to fluctuations in interest rates); dependence on, and competition
within, the primary markets in which the Company's stores are located; the need
for, and costs associated with, store renovations and other capital
expenditures; and the risks described from time to time in the Company's SEC
reports which includes the report on Form 10K for the fiscal year ended March
31, 1997.
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