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): June 30, 1997
CARSON PIRIE SCOTT & CO.
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(Exact name of registrant as specified in its charter)
Illinois
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(State or other jurisdiction of incorporation)
0-22682 37-0175980
Commission File Number (IRS Employer Identification No.)
331 West Wisconsin Avenue, Milwaukee, Wisconsin 53203
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(Address of principal executive offices) (Zip Code)
(414) 347-4141
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Registrant's Telephone Number
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Item 5. Other Events.
Effective June 30, 1997, Carson Pirie Scott & Co. (the "Company")
entered into an agreement to upgrade its main frame computer system from an
IBM main frame 9021 processor to an IBM 9672 CMOS processor. The new
processor will provide the Company with increased capacity that is necessary
for the Company to operate its existing systems and test Year 2000 information
system upgrades. The lease for the 9021 processor was recorded by the Company
as a capital lease for financial reporting purposes and the $3.1 million
undepreciated asset value of the 9021 processor lease was written down to zero
in conjunction with its termination. The lease for 9672 CMOS processor has
been recorded as a capital lease for financial reporting purposes.
The Company had previously disclosed an estimate of $2.0 million of year
2000 information system preparation costs for fiscal 1997. As a result of the
$3.1 million write-down, the Company now estimates the total Year 2000
information system preparation costs to be $5.1 million in fiscal 1997.
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.
Dated June 30, 1997
CARSON PIRIE SCOTT & CO.
By: /s/ Charles J. Hansen
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Charles J. Hansen
Vice President,
General Counsel,
and Secretary
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