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) January 23, 1997
CAMPO ELECTRONICS, APPLIANCES AND COMPUTERS, INC.
(Exact name of registrant as specified in its charter)
LOUISIANA 0-21192 72-0721367
(State of other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
109 NORTHPARK BLVD., COVINGTON, LOUISIANA 70433
(Address of Principal Executive Offices - Zip Code)
Registrant's telephone number including area code (504)867-5000
(Former name or former address, if changed since last report)
Item 5. Other Events
On January 21, 1997, Campo Electronics, Appliances and Computers, Inc. issued
the following press release:
N E W S R E L E A S E
January 21, 1997
CONTACT: Anthony P. Campo
Chairman of the Board and
Chief Executive Officer
(504) 867-5000
FOR IMMEDIATE RELEASE
CAMPO ELECTRONICS, APPLIANCES AND COMPUTERS, INC.
ANNOUNCES PLANS TO CLOSE TWO LOCATIONS
New Orleans, Louisiana - January 21, 1997 - CAMPO ELECTRONICS, APPLIANCES AND
COMPUTERS, INC. (NASDAQ/NMS-CMPO) today announced that based on an on-going
review of company operations designed to improve the Company's performance and
restore its profitability, Campo has closed one store in Jackson, Mississippi,
located at 4125 Robinson Road and its Huntsville, Alabama store located at
4710 University Drive. The Company's other Jackson store located at 6366
Ridgewood Court near County Line Road in North Jackson will continue normal
business operations.
These two locations generated approximately 4.2% of Campo's total net sales
for fiscal 1996 and approximately 3.7% of total net sales for the first
quarter of fiscal 1997; however, losses from these two locations contributed
approximately 38% of the Company's net loss for the first quarter of fiscal
1997. The closure of these two stores will require the Company to take a non-
recurring restructuring charge in the second quarter of fiscal 1997.
"The decision to close these locations resulted from a thorough
analysis of the best course of action to help position Campo for
the future," says Rex O. Corley, Jr., President and COO of Campo.
"We are obviously disappointed that we have to close any location,
but we are committed to doing what it takes to restore
profitability."
The commitment to profitability includes continued reductions in corporate
overhead and selling costs, the on-going comprehensive review of the Company's
operations and several short and long range initiatives designed to increase
the gross margins of the chain's current merchandise mix while adding new
products which offer higher margin opportunities.
Campo Electronics, Appliances and Computers, Inc., headquartered in the New
Orleans metropolitan area, is a specialty retailer of name brand consumer
electronics, major appliances, computers and home office products with 29
stores in the southern United States.
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 thereunto duly authorized.
CAMPO ELECTRONICS, APPLIANCES AND COMPUTERS, INC.
/s/ Wayne J. Usie
_______________________________________
Wayne J. Usie
(Chief Financial Officer and Secretary)
Date: January 23, 1997
