FORM 4 U.S. SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
/ / Check this box if no longer OMB Number 2325-0287
subject to Section 16. Form 4 or Expires: April 30, 1997
Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response...0.5
1. Name and Address of Reporting Person
Gildea John W.
(Last) (First) (Middle)
c/o Gildea Management Company, 115 East Putnam Avenue
(Street)
Greenwich CT 06830
(City) (State) (Zip)
2. Issuer Name and Tickler or Trade Symbol
FAC Realty, Inc. (formerly known as Factory Stores
of America, Inc.)/Fact Str
3. IRS or Social Security Number of Reporting Person
(Voluntary)
4. Statement for Month/Year
7/96
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
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TABLE I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<C> <C> <C> <C> <C> <C> <C>
1. Title of Security 2. Trans- 3. Transaction 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) action Code or Disposed of (D) Securities Form: of Indirect
Date (Instr.8) (Instr. 3, 4 and 5) Beneficially Direct (D) Beneficial
(Month/ Owned at End or Indirect Ownership
Day/ of Month (I)
Year)
Code V Amount (A) or (D) Price (Instr. 3 and 4) (Instr. 4) (Instr. 4)
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 1474 (8-92)
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387037.1
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FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., put, calls, warrants, options, convertible securities)
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<C> <C> <C> <C> <C> <C>
1. Title of Derivative Security 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
sion or action tion Code ative Securities cisable and
(Instr. 3) Exercise Date Acquired (A) or Expiration
Price of (Instr. 8) Disposed of (D) Date
Deriv- (Month/ (Month/Day/
ative Day/ (Instr. 3, 4, Year)
Security Year) and 5)
Date Expir-
Exer- ation
cisable Date
Code V (A) (D)
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Preferred Stock N/A 7/22/96 J* 40,000 A Currently N/A
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1. Title of Derivative Security 7. Title and Amount of 8. Price of 9. Number 10. Owner- 11. Nature of
Underlying Securities Derivative of Deriv- ship Form of Indirect
(Instr. 3) Security ative Derivative Beneficial
(Instr. 3 and 4) Securities Security: Ownership
(Instr. 5) Beneficially Direct (D) or
Owned at Indirect (I) (Instr. 4)
End of (Instr. 4)
Month
(Instr. 4)
Title Amount or
Number of
Shares
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Preferred Stock Common 111,111 N/A 40,000 D
Stock
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Explanation of Responses:
* Notes issued by the issuer and held by the reporting person were exchanged by the issuer for shares of Preferred Stock which
may be converted at any time into shares of Common Stock of the issuer.
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
By: /s/John W. Gildea 8/1/96
**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2
SEC 1474 (8-92)
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387037.1
