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): March 31, 1998
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
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code:(908) 248-2850
N/A
(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 Registrant repurchased $2,000,000 face value of the Company's 6-1/2%
Subordinated Convertible Debentures due 2003 as set forth in the Press Release
attached hereto.
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
Press Release dated April 7, 1998.
<PAGE>
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: April 8, 1998
<PAGE>
EXHIBIT A
FOR IMMEDIATE RELEASE: CONTACT THOMAS L. ZAMBELLI
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
732-248-2918
TOPS APPLIANCE CITY, INC. ANNOUNCES BOND REPURCHASE
EDISON, NJ - April 7, 1998 - TOPS Appliance City, Inc. (NASDAQ - "Tops")
reported today the repurchase of $2,000,000 face value of the Company's 6 1/2%
Subordinated Convertible Debentures due 2003 at a purchase price of 55 cents per
face amount plus accrued interest. This purchase was completed on March 31, 1998
and generated an extraordinary gain of $900,000.
As part of the repurchase, the Company also obtained an exclusive right until
October 31, 1998 to repurchase an additional $6,495,000 face value of the
Company's 6 1/2% Subordinated Convertible Debentures due 2003.
