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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 and Exchange Act of 1934
Date of Report (Date of earliest event reported):
OCTOBER 16, 1998
COMPUSA INC.
(Exact name of registrant as specified in its charter)
Delaware 001-11566 752261497
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
14951 North Dallas Parkway, Dallas, Texas 75240
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(972) 982-4000
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Item 5. OTHER EVENTS.
On October 16, 1998, CompUSA Inc. (the "Company") announced that the
Company and its subsidiary, Computer City, Inc., had signed a definitive
agreement to sell to Future Shop Ltd. substantially all of the assets
associated with the seven Computer City, Inc. stores located in Canada. These
stores were acquired as part of the acquisition of Computer City, Inc. from
Tandy Corporation on August 31, 1998. This sale is subject to regulatory
approvals and customary closing conditions. A copy of the October 16, 1998
press release relating to the foregoing is filed as Exhibit 99.1 to this
Report on Form 8-K.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of business acquired: Not applicable
(b) Pro Forma financial information: Not Applicable
(c) Exhibits:
99.1 Press Release issued by CompUSA Inc. dated October 16, 1998.
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SIGNATURES
Pursuant to the requirement 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.
Date: October 19, 1998 CompUSA Inc.
By: /s/ Mark R. Walker
------------------------------------
Mark R. Walker
Senior Vice President -
General Counsel
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INDEX TO EXHIBITS
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<CAPTION>
Exhibit
Number Exhibit
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<S> <C>
99.1 Press Release issued by CompUSA Inc. dated October 16, 1998.
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[LOGO]
Corporate Headquarters
14951 North Dallas Parkway
Dallas, Texas 75240
www.compusa.com
NEWS RELEASE
------------
FOR IMMEDIATE RELEASE CONTACT: James E. Skinner
- --------------------- Executive Vice President & CFO
(972) 982-4000
J. Robert Gary
Vice President - Finance
(972) 982-4000
Stacie Shirley
Director - Investor Relations
(972) 982-5323
Media Relations Dept:
(972) 982-4181
COMPUSA INC. TO SELL COMPUTER CITY CANADIAN SUPERCENTERS
--------------------------------------------------------
DALLAS, OCTOBER 16, 1998 -- CompUSA Inc. (NYSE:CPU) announced today that
it has entered into a definitive agreement with Future Shop Ltd. (TSE:FSS) for
the sale of the seven Canadian supercenters acquired by CompUSA in its
purchase of Computer City from Tandy Corporation.
The purchase price of the transaction will be based on a formula
utilizing book value at the closing date. It is anticipated that the sale
will be completed within 30 days.
CompUSA is one of the nation's leading retailers and resellers of
personal computers and related products and services. The Company currently
operates over 200 CompUSA Computer Superstores-SM- in more that 75 major
metropolitan markets across the United States, and seven Computer City
Supercenters-Registered Trademark- in Canada, which serve retail, corporate,
government and education customers and include technical service departments
and classroom training facilities. CompUSA also offers it own build-to-order
line of personal computers, the CompUSA PC-TM- and operates an Internet web
site located at www.compusa.com.
-More-
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This news release contains forward-looking statements about the business
and prospects of the Company which statements involved risks and uncertainties
including, but not limited to, economic conditions, regulatory matters, and
other risks indicated in the Company's Securities and Exchange Commission
filings and reports. In many cases the Company cannot predict the risks and
uncertainties that could cause its actual results to differ materially from
those indicated by the forward-looking statements.
