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): November 5, 1997
TOPS APPLIANCE CITY, INC.
(Exact name of registrant as specified in its charter)
New Jersey 0-20498 22-3174554
(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:(732) 248-2850
N/A
(Former name or former address, if changed since last report)
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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
On November 5, 1997, SSP, L.L.C., a New York limited liability
company, purchased all of the stock of Tops Appliance Realty, Inc. ("Realty"), a
wholly owned subsidiary of Tops Appliance City of New York, Inc., a New York
corporation ("TACNY"), which is a wholly owned subsidiary of the Registrant. The
stock of Realty was the sole asset of TACNY. Certain real property in Queens,
New York was owned, and certain other parcels were leased, by Realty. The
purchase price was $14.5 million, which was reduced by the outstanding balance
of a mortgage on the real property owned and leased by Realty (approximately
$8.96 million), the costs of the transaction and current rent payments,
resulting in a net payment to TACNY of approximately $5.4 million. An existing
lease between TAC and Realty, pursuant to which TAC occupies the Queens, New
York store, remains in effect, but was amended to provide for an initial term
expiring October 31, 2022, and also to provide for two 10 year renewal options,
all at pre-established monthly rates.
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
Not Applicable
(c) Exhibits
Not Applicable
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
------------------------
ROBERT GROSS,
Chief Executive Officer
Dated: December 29, 1997
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