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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) November 20, 1998
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D.I.Y. Home Warehouse, Inc.
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(Exact name of registrant as specified in charter)
Ohio 0-21768 38-2560752
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) I.D. No.)
Incorporation)
5811 Canal Road, Valley View, Ohio 44125
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 216 328-5100
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Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 2 - ACQUISITION OR DISPOSITION OF ASSETS
On November 20, 1998, the Company announced it will close its Bedford, Ohio and
Canton, Ohio store locations. These operations represent approximately 10% and
8% of the Company's total assets and revenues, respectively. The net proceeds
from the sale of the assets at these stores will be used to further strengthen
the Company's balance sheet by reducing the outstanding borrowings on the
Company's Revolving Credit Agreement.
ITEM 5 - OTHER EVENTS
On November 11, 1998, the Company received an unsolicited offer from a brokerage
firm on behalf of an existing shareholder to sell 357,800 shares of the
Company's stock (the "Shares") at $9/16 ($0.563). At that time, due to the
timing of the proposed transaction, the Company was unable to approve the
purchase of such shares and the shares were acquired by Mr. Fred A. Erb,
Chairman of the Board of Directors of the Company. On November 23, 1998, the
Company accepted Mr. Erb's offer to sell the Shares to the Company at the price
per share which Mr. Erb paid for them. The Company's decision to purchase the
Shares was based on the Company's conclusion that the purchase would enhance
shareholder value. The Company's lender approved the purchase of the Shares. The
Company also announced that it has no present intention to acquire additional
shares of its stock.
The Company's common stock does not satisfy the Nasdaq National Market
Maintenance Standards. Effective December 3, 1998, the Company's common stock
will be delisted and traded on the OTC Bulletin Board.
ITEM 7 - EXHIBITS
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.
D.I.Y. HOME WAREHOUSE, INC.
(Registrant)
DATED: November 30, 1998
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BY: Eric I. Glassman
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Vice President and Chief Financial
Officer
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ITEM 7
1.1 Press Release of Closing Two Stores dated November 20, 1998.
1.2 Press Release of Acquisition of Stock dated November 25, 1998.
1.3 Press Release of Nasdaq National Market Delisting dated November 27,
1998.
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DIY HOME WAREHOUSE, INC.
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CONTACT: CLIFFORD L. REYNOLDS, 5811 Canal Road
PRESIDENT AND CHIEF EXECUTIVE Valley View, Ohio 44125
OFFICER; ERIC I. GLASSMAN,
CHIEF FINANCIAL OFFICER
DIY Home Warehouse, Inc.
Phone 216 328 5100
Fax 216 328 5134
PRESS RELEASE
ITEM 7 - 1.1
CLEVELAND, OHIO, NOVEMBER 20, 1998: D.I.Y. Home Warehouse, Inc. (Nasdaq NNM:
DIYH) today announced that it will close two of its stores.
Bedford, Ohio
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The Company announced that it will close its Bedford, Ohio store located at
19380 Rockside Road. The Company will be redeveloping this location. The Bedford
store was originally opened to relieve some of the sales and traffic pressures
at the Company's nearby North Randall store at 4601 Northfield Road. Competitive
and real estate issues have eliminated the need for these duplicative locations.
North Canton, Ohio
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The Company announced that it will close its North Canton, Ohio store located at
5800 Whipple Avenue. The Company will be redeveloping this location. DIY will
continue to serve the North Canton market from its store at 2234 South Arlington
Road in South Akron, as well as from its other Akron locations.
The Company plans to offer alternative employment for store personnel who
request it.
DIY Home Warehouse will continue to operate fourteen stores in Northeastern
Ohio.
- - For Release November 25, 1998
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DIY HOME WAREHOUSE, INC.
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CONTACT: CLIFFORD L. REYNOLDS, 5811 Canal Road
PRESIDENT AND CHIEF EXECUTIVE OFFICER; Valley View, Ohio 44125
ERIC I. GLASSMAN, CHIEF FINANCIAL OFFICER
DIY Home Warehouse, Inc.
Phone 216 328 5100
Fax 216 328 5134
PRESS RELEASE
ITEM 7 - 1.2
ACQUISITION OF STOCK
CLEVELAND, OHIO, NOVEMBER 25, 1998: D.I.Y. Home Warehouse, Inc. (Nasdaq
NNM: DIYH) announced that on November 11, 1998, it received an unsolicited offer
from a brokerage firm on behalf of an existing shareholder to sell 357,800
shares of the Company's stock (the "Shares") at $9/16 ($0.563). At that time,
due to the timing of the proposed transaction, the Company was unable to approve
the purchase of such shares and the shares were acquired by Mr. Fred A. Erb,
Chairman of the Board of Directors of the Company. On November 23, 1998, the
Company accepted Mr. Erb's offer to sell the Shares to the Company at the price
per share which Mr. Erb paid for them.
The Company's decision to purchase the Shares was based on the Company's
conclusion that the purchase would enhance shareholder value. The Company's
lender approved the purchase of the Shares.
The Company also announced that it has no present intention to acquire
additional shares of its stock.
- - For Release November 25, 1998
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DIY HOME WAREHOUSE, INC.
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CONTACT: CLIFFORD L. REYNOLDS, 5811 Canal Road
PRESIDENT AND CHIEF EXECUTIVE OFFICER; Valley View, Ohio 44125
ERIC I. GLASSMAN,
CHIEF FINANCIAL OFFICER
DIY Home Warehouse, Inc.
Phone 216 328 5100
Fax 216 328 5134
PRESS RELEASE
ITEM 7 - 1.3
Nasdaq NATIONAL MARKET DELISTING
CLEVELAND, OHIO, NOVEMBER 27, 1998: D.I.Y. Home Warehouse, Inc. (Nasdaq
NNM: DIYH) announced that, at the opening of business on December 3, 1998, its
common stock will no longer be traded on the Nasdaq National Market, due to the
Company's stock not satisfying the Nasdaq National Market maintenance standards.
On and after December 3, 1998, the Company's stock will be traded on the OTC
Bulletin Board under its current symbol DIYH.
- - For Release November 27, 1998
