<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the plan year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to_____
Commission file number 33-88010
WICKES LUMBER COMPANY
RETIREMENT SAVINGS PLUS PLAN
(full title of plan)
WICKES INC.
(formerly WICKES LUMBER COMPANY)
706 Deerpath Drive
Vernon Hills, Illinois 60061
(Name of issuer of the securities held pursuant to the plan and address of
its principal executive office)
<PAGE> 2
Wickes Lumber Company
Retirement Savings Plus Plan
Table of Contents
- -----------------
Page(s)
-------
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits
as of December 31, 1996 2
Statement of Net Assets Available for Benefits
as of December 31, 1995 3
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1996 4
Notes to Financial Statements 5-12
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1996 13-14
Item 27d - Schedule of Reportable (5%)
Transactions - Individual Transactions
for the year ended December 31, 1996 15
Item 27d - Schedule of Reportable (5%)
Transactions - Series of Transactions
for the year ended December 31, 1996 16
Note: Supplemental schedules required by the Employee Retirement Income
Security Act of 1974 that have not been included herein are not applicable
to the Plan.
<PAGE> 3
Report of Independent Accountants
- ---------------------------------
To the Trustees
Wickes Lumber Company Retirement Savings Plus Plan
Vernon Hills, Illinois
We have audited the accompanying statements of net assets available for
benefits of the Wickes Lumber Company Retirement Savings Plus Plan (the
"Plan") as of December 31, 1996 and 1995, and the related statement of
changes in net assets available for benefits for the year ended December
31, 1996. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements, referred to above, present
fairly, in all material respects, the net assets available for benefits as
of December 31, 1996 and 1995 and the changes in net assets available for
benefits for the year ended December 31, 1996 in conformity with generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
Assets Held for Investment Purposes and Reportable Transactions are
presented for the purpose of additional analysis and are not a required
part of the basic financial statements, but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974.
The Fund information in the statement of net assets available for benefits
and the statement of changes in net assets available for benefits is
presented for the purpose of additional analysis rather than to present the
net assets available for benefits and changes in net assets available for
benefits of each fund. The supplemental schedules and Fund Information
have been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, are fairly stated in all
material respects in relations to the basic financial statements taken as a
whole.
/s/ Coopers & Lybrand L.L.P.
Chicago, Illinois
June 16, 1997
1
<PAGE> 4
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Statement of Net Assets Available for Benefits with Fund Information
- --------------------------------------------------------------------
December 31, 1996
<CAPTION>
Fixed Equity Equity Fidelity Company
Loan Rate Income Growth Balanced Stock
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Receivables:
Employer contributions $ 1,887 $ 16,331 $ (1,060) $ (7,880) $ 3,723 $ 13,001
Employee contributions (32,231) 16,772 750 7,424 (3,182) (10,467)
Interest 10,854 166 2,192 27 17 13,256
Interfund receivable (payable) 8,283 91,883 (78,808) (16,024) (5,334)
------------ ----------- ------------ ------------ ----------- ------------
Total receivables (11,207) 125,152 (76,926) (16,453) (4,776) 15,790
Investments at fair value:
Interest-bearing cash 18,699,754 1,485 1,293 6,142 6,562 18,715,236
Registered investment entities 19,019,810 19,019,810
Company stock 526,796 526,796
Receivables from unsettled sales 9,038,638 666,421 9,705,059
Participant loans $ 2,044,302 2,044,302
------------ ------------ ----------- ------------ ------------ ----------- ------------
2,044,302 18,699,754 9,040,123 19,021,103 672,563 533,358 50,011,203
Investments at contract value:
Investment contracts 15,550,771 15,550,771
Contracts with insurance companies 8,283,277 8,283,277
------------ ------------ ----------- ------------ ------------ ----------- ------------
Total investments 2,044,302 42,533,802 9,040,123 19,021,103 672,563 533,358 73,845,251
------------ ------------ ----------- ------------ ------------ ----------- ------------
Net assets available for benefits $ 2,044,302 $ 42,522,595 $ 9,165,275 $ 18,944,177 $ 656,110 $ 528,582 $ 73,861,041
============ ============ =========== ============ ============ =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 5
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Statement of Net Assets Available for Benefits with Fund Information
- --------------------------------------------------------------------
December 31, 1995
<CAPTION>
Fixed Equity Equity Fidelity Company
Loan Rate Income Growth Balanced Stock
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Receivables:
Employer contributions $ (4,408) $ 314 $ 398 $ 184 $ (649) $ (4,161)
Employee contributions 7,121 3,518 2,251 940 (1,160) 12,670
Interest 174,349 52 147 18 (4,335) 170,231
Interfund receivable (payable) (454,549) 148,719 276,565 4,684 24,581
------------ ------------ ------------ ------------ ----------- ----------
Total receivables (277,487) 152,603 279,361 5,826 18,437 178,740
Investments at fair value:
Interest-bearing cash 1,727,491 46,739 81,471 8,982 19,277 1,883,960
Registered investment entities 6,534,980 17,940,321 486,791 24,962,092
Company stock 314,820 314,820
Participant loans $ 1,869,863 1,869,863
------------ ------------ ------------ ------------ ------------ ----------- -----------
1,869,863 1,727,491 6,581,719 18,021,792 495,773 334,097 29,030,735
Investments at contract value:
Investment contracts 28,977,147 28,977,147
Contracts with insurance companies 16,386,514 16,386,514
------------ ------------ ------------ ------------ ------------ ----------- -----------
Total investments 1,869,863 47,091,152 6,581,719 18,021,792 495,773 334,097 74,394,396
------------ ------------ ------------ ------------ ------------ ----------- -----------
Net assets available for benefits $ 1,869,863 $ 46,813,665 $ 6,734,322 $ 18,301,153 $ 501,599 $ 352,534 $ 74,573,136
============ ============ ============ ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 6
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Statement of Changes in Net Assets Available for Benefits with Fund Information
- -------------------------------------------------------------------------------
for the year ended December 31, 1996
<CAPTION>
Fixed Equity Equity Fidelity Company
Loan Rate Income Growth Balanced Stock
Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Employer contributions $ 698,133 $ 249,285 $ 434,572 $ 32,786 $ 32,304 $ 1,447,080
Employee contributions 1,820,429 702,073 1,320,115 131,269 85,891 4,059,777
Rollovers 26,320 50,322 31,252 21,341 1,103 130,338
Interest income 2,985,408 3,506 4,978 509 22,470 3,016,871
Interest on participant loans 79,980 21,789 38,278 1,671 698 142,416
Net depreciation in the fair
value of investments (116,826) (116,826)
Net gain from registered
investment entities 1,520,007 2,036,611 57,075 3,613,693
------------ ------------ ------------ ------------ ------------ ------------
Total additions 5,610,270 2,546,982 3,865,806 244,651 25,640 12,293,349
------------ ------------ ------------ ------------ ------------ ------------
Deductions:
Payments to participants $ 270,502 8,143,939 1,415,920 2,670,784 99,017 36,739 12,636,901
Administrative expenses and other 279,767 22,691 45,077 4,874 16,134 368,543
------------ ------------ ------------ ------------ ------------ ------------ ------------
Total deductions 270,502 8,423,706 1,438,611 2,715,861 103,891 52,873 13,005,444
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loans to participants 1,270,742 (759,285) (173,377) (322,449) (7,134) (8,497)
Loan repayments (825,801) 457,615 117,220 236,473 10,740 3,753
Net transfers among funds (1,175,964) 1,378,739 (420,945) 10,145 208,025
----------- ------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in plan assets 174,439 (4,291,070) 2,430,953 643,024 154,511 176,048 (712,095)
Net assets available for benefits,
beginning of year 1,869,863 46,813,665 6,734,322 18,301,153 501,599 352,534 74,573,136
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net assets available for benefits,
end of year $ 2,044,302 $ 42,522,595 $ 9,165,275 $ 18,944,177 $ 656,110 $ 528,582 $ 73,861,041
============ ============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 7
WICKES LUMBER COMPANY
RETIREMENT SAVINGS PLUS PLAN
Notes To Financial Statements
- -----------------------------
1. Description of the Plan
---------------------------
The following description of the Wickes Lumber Company Retirement
Savings Plus Plan (the "Plan") provides only general information.
Reference should be made to the plan document for a more complete
description of the Plan's provisions.
The Plan is designed to encourage and assist eligible employees of
Wickes Inc. (the "Company") to adopt a regular program of savings to
provide additional security for their retirement. There were 2,641 and
3,243 employees participating in the Plan at December 31, 1996 and
1995, respectively.
2. Summary of Significant Accounting Policies
----------------------------------------------
The financial statements of the Plan have been prepared using the
accrual basis of accounting and are in accordance with generally
accepted accounting principles.
The significant accounting policies followed by the Plan are summarized
as follows:
a. Valuation of Investments
-----------------------------
Investments in securities and registered investment entities
are stated at fair value based on published market quotations in
an active market except for short-term securities and guaranteed
group annuity contracts, which are recorded at their contract
value, which represents contributions and reinvested income less
withdrawals.
b. Investment Transactions and Investment Income
-------------------------------------------------
Investment transactions are accounted for on the dates
purchases or sales are executed. Dividends are recognized as
income on the ex-dividend date and interest is accrued as earned.
The Plan presents, in the statement of changes in net assets,
the net appreciation (depreciation) in fair value of its
investments which consists of the realized gains and losses and
the unrealized appreciation (depreciation) on those investments.
c. Allocation to Participants' Accounts
---------------------------------------
Investment income and realized and unrealized investment gains or
losses applicable to participants' investments are allocated based on
the ratio of the individual participant's equity in the fund to total
fund equity as of the respective valuation date.
5
<PAGE> 8
2. Summary of Significant Accounting Policies, continued
---------------------------------------------------------
d. Expenses
-----------
Certain investment expenses are paid by the Plan. For the
year ended December 31, 1996 these expenses totaled $357,543.
e. Use of Estimates
-------------------
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the dates of the financial statement and the
reported amounts of revenues and expenses during the reporting
periods. Actual results could differ from those estimates.
3. Contributions
-----------------
Under the terms of the Plan, subject to certain limitations, each
participant can contribute between 2% and 8% of eligible pay through
salary reduction on a before-tax basis and between 1% and 15% of pay
though a payroll deduction on an after-tax basis. The total before-tax
and after-tax contributions cannot exceed 15% of pay. Participants may
elect to change their contribution percentages on January 1, April 1,
July 1 or October 1 of any year. The contributions actually made by
participants and the Company may not cause the Plan to violate the
limitations on contributions to defined contribution plans as set forth
in Section 415 of the Internal Revenue Code of 1986 (the Code). The
Code also imposes, among other things, a dollar limitation on the
amount of before-tax contributions for a calendar year. For 1996, a
participant's before-tax contribution was limited to $9,500.
The Plan provides that the Company contribute: (a) a matching amount equal
to 50% of the first 5% of compensation contributed by each participant
as before-tax contributions and any after-tax contributions which are
deemed to be before-tax contributions as defined in the Plan, but the
contribution cannot exceed 5% of the participant's pay; and (b) a
"Supplemental Contribution" as defined in the Plan. In addition, the
Company may make an additional, discretionary "Profit Sharing Bonus
Contribution" in an amount determined by the Board of Directors, up to
50% of the amount of matching contributions in the form of cash or
Company common stock.
6
<PAGE> 9
4. Vesting and Forfeitures
---------------------------
The participants' before-tax and after-tax contribution accounts are
fully vested and nonforfeitable at all times. The participants'
company contribution account becomes 50% vested after two years of
credited service, 75% vested after three years of credited service and
100% vested after four years of credited service. The participants'
company contribution account also becomes fully vested upon (a)
attainment of age 65, (b) total and permanent disability, (c) death or
(d) termination of the Plan. An employee earns a year of credited
service for each year of employment with the employer or any other
member of the group.
Terminated participants forfeit any nonvested portions of the
employer's contributions at the date of termination. These forfeited
amounts are applied to reduce the employer matching contributions or
used to restore forfeited accounts. Total forfeitures approximated
$43,000 for each of the years ended 1996 and 1995.
5. Distributions
-----------------
Distributions are made to a participant (or elected beneficiaries) in a
single distribution. Distributions must be made not later than the
60th day after the later of the close of the Plan year in which:
a. The participant terminates his/her employment with all
employers (as defined in the Plan) and their affiliates and elects
distribution, or
b. The participant reaches age 65 after termination.
In all cases, payments of minimum distributions must be made by the
April 1 following the year in which the participant reaches 70 1/2 even
if he has not retired.
6. Withdrawals and Loans to Participants
-----------------------------------------
Participants may make one withdrawal in any 12-month period from their
after-tax account including any related earnings. Funds from before-
tax savings accounts can only be withdrawn once in any six-month period
in the event of a severe financial hardship and only for the amount
needed to cover the financial emergency. Once in any 12-month period a
participant who has reached age 59 1/2 may withdraw all of any part of
his vested account.
Participants may obtain loans from their employee contribution account.
Participants can borrow up to 1/2 of the value of their employee
contribution account not to exceed $50,000 less the highest outstanding
loan balance from the previous twelve months. The minimum loan amount
is $1,000. The term of the loan can be up to five years unless the
loan is for the purchase of a principal residence, in which case the
term can be up to twenty years. Interest rates are based on the prime
interest rate set by a national commercial banking institution.
7
<PAGE> 10
7. Investment Elections
------------------------
Participants have the option of investing their before-tax, after-tax
and matching contributions, in increments of 5%, in one or more of the
funds listed below. A brief description of each fund follows:
a. Fixed Rate Fund - This fund is invested primarily in money
market instruments, contracts with insurance companies (guaranteed
insurance contracts) and synthetic guaranteed investment
contracts. Interest earned is a blend of the rates.
b. Equity Income Fund - This fund is invested primarily in
common stocks that have historically produced dividends. Dividend
yield will vary depending on the securities held in the portfolio.
c. Equity Growth Fund - This fund is invested primarily in a
registered investment entity which invests in a variety of common
stocks. The stocks purchased by the fund are expected to
appreciate in value because of their high growth profile.
d. Fidelity Balanced Fund - This fund is invested primarily in
common and preferred stocks and bonds.
e. Company Stock Fund - This fund is invested in the common
stock of the Company.
None of the foregoing funds guarantees a return to the participant.
Dividend and interest income received on investments in each fund are
reinvested in the same fund.
Supplemental contributions and cash profit sharing bonus contributions
shall be invested based on the individual employees' investment
elections.
Any discretionary profit sharing bonus contribution in the form of
Company common stock shall be invested in the Company Stock Fund and is
restricted until the end of the Plan year in which it was contributed.
A participant may elect to change his/her investment election and/or to
transfer, between funds, all or a part, in multiples of 5% of his/her
employee contribution account and company contribution account on a
monthly basis.
8
<PAGE> 11
8. Federal Income Taxes
------------------------
The Internal Revenue Service (IRS) has determined and informed the
Company by letter dated May 24, 1995, indicating that the Plan
including all amendments adopted on December 22, 1994 is qualified and
the trust established under the Plan is tax-exempt as designed in
accordance with the applicable sections of the Internal Revenue Code.
As of December 31, 1996, there had been no amendments to the Plan since
the date of the latest determination letter. The plan administrator
believes that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue
Code. Further, the plan administrator believes that the Plan was
qualified and the related trust was tax-exempt as of December 31, 1996.
9. Investments
---------------
The following investments represent 5% or more of the assets of the
Plan at December 31, 1996 and 1995:
1996 1995
Short-term Liquid Reserve Fund $ 18,715,236
Fidelity Equity Income Fund 9,038,638 $ 6,534,980
Fidelity Magellan Fund 19,019,810 17,940,321
Banker's Trust Managed Synthetic
Guaranteed Investment Contract 13,055,735 12,265,056
9
<PAGE> 12
10. Benefit Claims Payable and Difference in Value of Certain Investment
- ------------------------------------------------------------------------
Contracts
- ---------
Amounts allocated to accounts of persons who have withdrawn from
participation in the earnings and operations of the Plan but have not
yet been disbursed as of the last day of the plan year and the
difference between contract value and fair value for fully benefit
responsive investment contracts held by banks, which are stated at fair
value in the Form 5500, since they do not qualify for contract value
reporting in the Form 5500, are stated at contract value in the
financial statements, are as follows:
<TABLE>
1996 1995
<S> <C> <C>
Statements of net assets available for benefits:
Net assets per Form 5500 $ 73,999,777 $ 74,111,198
Plus: Benefit claims payable 10,633 961,134
Less: Difference between Fair Value and Contract
Value of certain investment contracts 149,369 499,196
-------------- --------------
Net assets per Statement of Net Assets
Available for Benefits $ 73,861,041 $ 74,573,136
============== ==============
Statements of changes net assets available for benefits:
Net decrease as reported on Form 5500 $ (111,421)
Less: Distributions payable to terminated
employees - beginning of year (961,134)
Add: Distributions payable to terminated
employees - end of year 10,633
Less: Difference between Fair Value and Contract
Value of certain investment contracts (149,369)
Add: Prior year difference between Fair Value and
Contract Value of certain investment contracts 499,196
------------
Net decrease as reported in
financial statements $ (712,095)
=============
</TABLE>
11. Termination of the Plan
- ----------------------------
Although it has not expressed any intent to do so, the Company reserves the
right to terminate the Plan at any time for any reason, subject to the
provisions of ERISA. Upon termination of the Plan, all participants
will become fully vested in their accounts and entitled to a
distribution.
10
<PAGE> 13
12. Concentration of Credit Risk
- ------------------------------------
Certain investments in financial instruments potentially subject the
Plan to concentrations of credit risk. The financial instruments
consist of investment contracts with insurance companies and other
financial institutions, interest bearing cash, shares of registered
investment companies, and shares of common stock. The Company does not
anticipate any adverse effect of its financial position resulting from
its investment in these instruments. No collateral or other security
is required by the Trustee to collateralize these financial
instruments.
13. Investment and Insurance Contracts
- ---------------------------------------
The fair value of the insurance and investment contracts (including
accrued interest) at December 31, 1996 and 1995 was $24,136,993 and
$46,715,000, respectively. The average yield of assets on December 31,
1996 and 1995 was 6.09% and 6.88%, respectively and the return on
assets (crediting interest rate) for the year ended December 31, 1996
and 1995, was 6.99% and 7.02%, respectively. There are no reserves
against contract values for credit risk of contract issuers or
otherwise. Comparable duration Wall Street Journal GIC Index rates
were used as the discount factor within the discounted cash flow
formula to arrive at the above aggregate fair value. A standard
present value calculation has been employed to arrive at a current
value for each cash flow within a contract. The sum of the present
values for each contract's cash flows is the estimated total fair value
for that contract. All of the contract fair values are then added
together to arrive at the above aggregate fair value for the insurance
and investment contracts.
The Fixed Rate Fund contains an indexed managed synthetic GIC. This is
a portfolio of securities owned by the Fund with a benefit-responsive,
book-value "wrap" contract associated with the portfolio. The wrap
contract amortizes market value gains and losses over the duration of
the portfolio assuring that book-value, benefit-responsive payments can
be made for participant withdrawals. The crediting rate on the managed
synthetic resets periodically and will have an interest rate of no less
than 0%.
In the absence of an actively traded market, discounted cash flows are
only an estimate of the contract's economic value. These values are
not a useful value for participant statement purposes nor are they
representative of the value which may be received from these contracts
in either a participant disbursement or an early termination of the
contract.
Certain employer initiated events (e.g., layoffs, bankruptcy, store
closings, plan termination, mergers, early retirement incentives) are
not eligible for book value disbursements even from fully benefit
responsive contracts. These events may cause liquidation of all or a
portion of a contract at a market value adjustment.
11
<PAGE> 14
14. Subsequent Events
- ----------------------
Beginning January 1, 1997, the Company made several changes to the
Plan. These changes have been described in the updated Summary Plan
Description which was submitted to the Department of Labor on May 1,
1997. The more significant modifications to the Plan include: a change
of the Plan name from the Wickes Lumber Company Retirement Savings Plus
Plan to the Wickes Lumber Company 401(k) Plan. A change in service
providers, a change to a Self-Trusteed Plan and a change from five to
nine funds available for investment. The majority of the funds
available to invest in are Fidelity Advisor Funds, with the exception
of the Fidelity Magellan and Company Common Stock Fund.
12
<PAGE> 15
SUPPLEMENTAL SCHEDULES
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Item 27a - Schedule of Assets Held for Investment Purposes
- ----------------------------------------------------------
December 31, 1996
<CAPTION>
<S> <S> <S> <C> <C>
(e)
Current/
(b) (c) (d) Contract
(a) Identity of Issue Description of Investment Cost Value
Fixed Rate Fund:
Short-Term Fund:
Liquid Reserve Fund - Commingled
Employee Benefit Trust Money Market, 5.49% $ 18,699,754 $ 18,699,754
Insurance Policies:
Metropolitan Life Insurance Co.
Contract 18565B Guaranteed Annuity Contract, 6.60% 1,192,286 1,192,286
Metropolitan Life Insurance Co.
Contract 18572B Guaranteed Annuity Contract, 7.25% 1,554,361 1,554,361
Peoples Security Guaranteed Annuity Contract,
Contract #BDA 00447 7.44%, due 9/15/99 3,536,630 3,536,630
New York Life Insurance Co. Guaranteed Annuity Contract,
Contract #30256 7.22%, due 9/15/2000 2,000,000 2,000,000
Investment contracts:
Banker's Trust Managed Benefit Managed Synthetic Guaranteed
Securities Investment Contract Investment Contract, Various
Indexed Bond Funds 13,055,736 13,055,736
Provident Life and Accident Insurance
Company Contract #630-05587, Buy/hold synthetic
FHLMC 1602 CL-PD Guaranteed Investment Contract 2,501,172 2,495,035
-------------- --------------
Total Fixed Rate Fund 42,539,939 42,533,802
-------------- --------------
Equity Income Fund:
Short-Term Fund:
Liquid Reserve Fund-Commingled
Employee Benefit Trust Money Market, 5.49% 1,485 1,485
Other:
Receivables Proceeds of unsettled sales 9,038,638 9,038,638
-------------- --------------
Total Equity Income Fund 9,040,123 9,040,123
-------------- --------------
Equity Growth Fund:
Short-Term Fund:
Liquid Reserve Fund - Commingled
Employee Benefit Trust Money Market, 5.49% 1,293 1,293
Mutual Funds:
Fidelity Magellan Fund Registered Investment Entity 16,446,703 19,019,810
-------------- --------------
Total Equity Growth Fund 16,447,996 19,021,103
-------------- --------------
</TABLE>
13
<PAGE> 16
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Item 27a - Schedule of Assets Held for Investment Purposes, Continued
- ---------------------------------------------------------------------
December 31, 1996
<CAPTION>
<S> <S> <S> <C> <C>
(e)
Current/
(b) (c) (d) Contract
(a) Identity of Issue Description of Investment Cost Value
Fidelity Balanced Fund:
Short-Term Fund:
Liquid Reserve Fund - Commingled
Employee Benefit Trust Money Market, 5.49% $ 6,142 $ 6,142
Other:
Receivables Proceeds of unsettled sales 666,421 666,421
-------------- --------------
Total Fidelity Balanced Fund 672,563 672,563
-------------- --------------
Company Stock Fund:
Short-Term Fund:
Liquid Reserve Fund - Commingled
Employee Benefit Trust Money Market, 5.49% 6,562 6,562
Retail Sales:
Wickes Lumber Co. Company Stock, 128,193 shares 794,297 526,796
-------------- --------------
Total Company Stock Fund 800,859 533,358
-------------- --------------
Loan Fund:
Participant loans Participant Loans, 6%-11% - 2,044,302
-------------- --------------
Total Loan Fund - 2,044,302
-------------- --------------
Total Investments $ 69,501,480 $ 73,845,251
============== ===============
</TABLE>
14
<PAGE> 17
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Item 27d - Schedule of Reportable
- ---------------------------------
5% Transactions - Individual Transactions
- ------------------------------------------
December 31, 1996
<CAPTION>
<S> <S> <C> <C> <C> <C> <C> <C> <C>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Identity of Description of Purchase Selling Lease Expense Cost of Current Net
Issue Asset Price Price Rental Incurred Asset Value Gain
Liquid Reserve Commingled
Fund Employee
Benefit Trust $ 14,599,877 $ 14,559,877 $ 14,559,877
Fidelity Mutual Registered
Fund Investment
Entity $ 9,038,638 7,277,239 9,038,638 $ 1,761,399
</TABLE>
15
<PAGE> 18
Wickes Lumber Company
Retirement Savings Plus Plan
<TABLE>
Item 27d - Schedule of Reportable
- ---------------------------------
5% Transactions - Series of Transactions
- -----------------------------------------
December 31, 1996
<CAPTION>
<S> <S> <C> <C> <C> <C> <C>
Number of Number of Net Gain
Identity of Issue Description of Asset Purchases Sales Purchases Sales or (Loss)
Fixed Rate Fund:
Liquid Reserve Fund Commingled Employee Benefit Trust 82 $ 27,877,991
Liquid Reserve Fund Commingled Employee Benefit Trust 59 $ 10,905,728
Equity Income Fund:
Liquid Reserve Fund Commingled Employee Benefit Trust 69 3,855,163
Liquid Reserve Fund Commingled Employee Benefit Trust 59 3,900,417
Mutual Fund Registered Investment Entity 26 3,120,186
Mutual Fund Registered Investment Entity 14 10,619,978 $ 2,058,216
Equity Growth Fund:
Liquid Reserve Fund Commingled Employee Benefit Trust 65 4,443,638
Liquid Reserve Fund Commingled Employee Benefit Trust 66 4,523,816
Fidelity Magellan Fund Registered Investment Entity 23 4,866,859
Fidelity Magellan Fund Registered Investment Entity 16 2,882,684 394,825
</TABLE>
16
<PAGE> 19
REQUIRED INFORMATION
The Wickes Lumber Company Retirement Savings Plus Plan is subject to ERISA
and elects to file Plan financial statements and schedules prepared in
accordance with the financial reporting requirements of ERISA as permitted
by Paragraph 4.
ADDITIONAL EXHIBIT
Exhibit
B Consent of Coopers and Lybrand, LLP
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Plan's Administrative Committee has duly caused this annual report to
be signed by the undersigned hereunto duly authorized.
WICKES LUMBER COMPANY
RETIREMENT SAVING PLUS PLAN
(Name of Plan)
Date: June 26, 1997
By: / s / Kenneth M. Kirschner
---------------------------
Kenneth M. Kirschner
Trustee of the Plan
EXHIBIT B
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the previously filed
Registration Statement on Form S-8 (No. 33-88010) of the Wickes Lumber
Company of our report dated June 16, 1997 appearing on pages 1 of this
Annual Report on Form 11-K of the Wickes Lumber Company Retirement Savings
Plus Plan for the year ended December 31, 1996.
/s/ Cooper & Lybrand L.L.P.
Cooper & Lybrand L.L.P.
Chicago, Illinois
June 26, 1997
