FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 1, 1997
TOPS APPLIANCE CITY, INC.
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(Exact name of registrant as specified in its charter)
New Jersey 0-20498 22-3174554
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
45 Brunswick Avenue, Edison, New Jersey 08818
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code:(908) 248-2850
N/A
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(Former name or former address, if changed since last report)
Page 1 of 3 pages
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Item 1. Changes in Control of Registrant
Not Applicable
Item 2. Acquisition or Disposal of Assets
Not Applicable
Item 3. Bankruptcy or Receivership
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable
Item 5. Other Events
The exchange of $15,375,000 of Registrant's 6-1/2%
Convertible Subordinated Debentures due 2003 for $7,687,500 of
Registrant's 6-1/2% Convertible Subordinated Debentures due 2003
pursuant to that certain Debenture Exchange Agreement between
Registrant and BEA Associates, a New York partnership, was
completed effective September 1, 1997.
Item 6. Resignation of Registrant's Directors
Not Applicable.
Item 7. Financial Statements and Exhibits
(a) Financial statements of business acquired.
Not Applicable
(b) Pro forma financial information
See Pro Forma Balance Sheet of August 5, 1997 attached hereto
as Exhibit A.
(c) Exhibits
Not Applicable
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SIGNATURE
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.
TOPS APPLIANCE CITY, INC.
BY:/s/ Robert Gross
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ROBERT GROSS,
Chief Executive Officer
Dated: September 4, 1997
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Exhibit A
PROFORMA*
August 5, 1997
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ASSETS
Current Assets:
Cash and cash equivalents $ 3,440
Accounts receivable, net 1,257
Merchandise inventory 53,382
Prepaid expenses and other
current assets 1,704
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Total current assets 59,783
Property, equipment & leasehold
improvements, net 29,812
Deferred taxes 1,826
Other assets 4,666
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$ 96,087
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 8,534
Accrued liabilities and
income taxes 4,814
Sales tax payable 1,593
Customer deposits 3,847
Short-term borrowings 24,439
Current portion of long-term debt 140
Deferred taxes 1,826
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Total current liabilities 45,193
Long-term debt, net of current portion 41,173
Deferred rent 3,374
Other liabilities 831
Shareholders' equity 5,516
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$ 96,087
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*Proforma balance sheet reflects the exchange of debentures pursuant to that
certain debenture exchange agreement between registrant and BEA Associates.
