UNITED STATES
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):Sept. 24, 1997
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(Sept. 24, 1997)
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Bradlees, Inc.
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(Exact Name of Registrant As Specified In Its Charter)
Massachusetts
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(State Or Other Jurisdiction of Incorporation)
1-11134 04-3156108
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(Commission File Number) (IRS Employer Identification No.)
One Bradlees Circle; Braintree, Massachusetts 02184
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(Address Of Principal Executive Offices) (Zip Code)
(781) 380-3000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4
Page 1 of 6
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Item 4: CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On September 24, 1997, the Audit Committee of the Board of
Directors of Bradlees, Inc. (the "Company") recommended the
appointment of Arthur Andersen LLP ("AA") as certifying
accountants for the Company replacing Deloitte & Touche LLP
("D&T"), who has been dismissed, effective on September 24, 1997
and the appointment along with the dismissal was approved by the
Board of Directors. Subject to the approval of the United
States Bankruptcy Court for the Southern District of New York,
the Company will engage AA to audit the Company's financial
statements for the fiscal year ending January 31, 1998 and to
conduct reviews of the Company's quarterly periods and income
tax returns.
There were no disagreements between D&T and the Company's
management at the decision-making level during the two most
recent fiscal years and the subsequent interim periods (the
"Reporting Period"), which disagreements, if not resolved to the
satisfaction of D&T, would have caused D&T to make reference to
the subject matter of the disagreements in connection with its
reports. In addition, there were no reportable events, as
defined in Item 304(a)(i)(v) of Regulation S-K, during the
Reporting Period.
D&T's reports on the consolidated financial statements for
the years ended February 1, 1997 and February 3, 1996 expressed
an unqualified opinion and included explanatory paragraphs
relating to the following:
February 1, 1997 report:
A) The Company's filing for reorganization protection
under chapter 11 of the Federal Bankruptcy Code
B) The Company's 1996 and 1995 losses from operations and
stockholders' deficiency which raise substantial doubt about the
Company's ability to continue as a going concern
C) The adoption of Statement of Financial Accounting
Standards (SFAS) No. 112 effective January 30, 1994.
February 3, 1996 report:
A) The Company's filing for reorganization protection
under chapter 11 of the Federal Bankruptcy Code.
B) The Company's 1995 loss from operations and
stockholders' deficiency which raise substantial doubt about the
Company's ability to continue as a going concern
C) The adoption of Statement of Financial Accounting
Standards (SFAS) No. 112 effective January 30, 1994, and the
adoption of SFAS No. 106, change in method of discounting
accrued workers compensation and general liability claims, and
change in
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method of calculating retail price indices used in valuing
inventories under the LIFO retail method effective January 31,
1993.
During the Reporting Period, neither the Company nor
anyone on its behalf has consulted AA regarding the application
of accounting principles to a specified transaction or the type
of audit opinion that might be rendered on the Company's
financial statements, and AA has not provided a written or oral
report or advice that Bradlees' management concluded was an
important factor considered by the registrant in reaching a
decision on the issue.
Item 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
Exhibit: 16 Letter of Deloitte & Touche LLP, dated October 1, 1997,
to the Securities and Exchange Commission.
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INDEX TO EXHIBITS
Exhibit No. Exhibit Page No.
16 Letter from Deloitte & Touche LLP 6
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BRADLEES, INC.
AND SUBSIDIARIES
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 thereunto duly authorized.
BRADLEES, INC.
Date: September 30, 1997 By /s/ PETER THORNER
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Peter Thorner
Chairman and
Chief Executive Officer
Date: September 30, 1997 By /s/ CORNELIUS F. MOSES III
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Cornelius F. Moses III
Senior Vice President,
Chief Financial Officer
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EXHIBIT 16
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110-1617
October 1, 1997
Securities and Exchange Commission
Mail Stop 8-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Mesdames:
We have read and agree with the comments in Item 4 of Form 8-K
of Bradlees, Inc. dated September 24, 1997.
Yours truly,
/s/ Deloitte & Touche LLP
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