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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):
November 24, 1997
ROBERDS, INC.
(Exact name of registrant as specified in its charter)
Ohio 0-22702 31-0801335
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification No.)
incorporation)
1100 East Central Avenue, Dayton, Ohio 45449-1888
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (937) 859-5127
None
(Former name or former address, if changed since last report)
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Item 5. Other Events
On November 24, 1997, Roberds, Inc. (the "Company") issued a press
release which is attached hereto as Exhibit 99.1 and which is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press release of the Company, dated November 24, 1997.
SIGNATURES
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 hereunto duly authorized.
ROBERDS, INC.
By: /s/ Robert M. Wilson
--------------------
Name: Robert M. Wilson
Title: Chief Financial Officer
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EXHIBIT INDEX
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Number Subject Matter
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99.1 Press release of the Company, dated November 24, 1997.
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Exhibit 99.1
CONTACT: FOR IMMEDIATE RELEASE
Robert M. Wilson
(937) 859-5127
George F. Sweeney
George F. Sweeney & Co./NY
(212) 213-3388
ROBERDS, INC. ANNOUNCES RESIGNATION
OF KENNETH W. FLETCHER AS CEO AND PRESIDENT
BOARD APPOINTS JAMES F. ROBESON AS SUCCESSOR
DAYTON, OH, November 24, 1997 -- Roberds, Inc. (NASDAQ:RBDS) announced today
that Mr. Kenneth W. Fletcher has resigned as Chief Executive Officer and
President of the company effective December 1, 1997. Mr. Fletcher, 65, who will
relinquish his day-to-day operating responsibilities, will continue as Chairman
of the Board of Directors.
The company has appointed board member James F. Robeson, 61, as interim
Chief Executive Officer and President while the Board of Directors conducts a
search for a new CEO and president.
Mr. Fletcher said, "We have completed a very thorough study of Roberds'
strengths and the changes necessary to build the business over the coming years.
We were assisted in that effort by one of the national consulting firms. Given
the scope of the expected changes and the time necessary to implement them, it
is clear that a new leader, who can remain in place for many years, is needed
for the company. I look forward to assisting in those efforts."
Mr. Fletcher co-founded the company in 1971, and has served as its
president since then. He will be a consultant to the company on strategic
matters, and will continue to assist with supplier relationships and in certain
industry activities.
Mr. Robeson said, "We will be conducting an extensive, thorough search
for a senior executive to lead the company. In the meantime, I will be assisting
the company in implementing many of the performance improvement initiatives
identified by the consultants. Ken Fletcher led the company from its founding to
sales in excess of $300 million annually. He has been a creative, innovative
leader. I am pleased that he will remain associated with the company."
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Mr. Robeson has been a member of Roberds' board since the company went
public in 1993. He was for many years a consultant to, and vice president of
Management Horizons, a national consultant to retailers. He has an extensive
background in marketing and logistics. Mr. Robeson is a member of the Board of
Directors of Huffy Corporation, a Dayton, Ohio, company listed on the New York
Stock Exchange, and several other privately held companies. He was Dean of the
Richard T. Farmer School of Business Administration, Miami University, Oxford,
Ohio, from 1988-93. He also chaired the marketing departments at Miami
University and The Ohio State University.
Roberds, Inc., which reported sales of $342 million in 1996, is a major
retailer of name brand home furnishings products, including furniture, bedding,
major appliances and consumer electronics. Roberds, with a total of 25 stores in
four marketing areas, operates 24 large format superstores: six in the greater
Dayton, Ohio area; ten in greater Atlanta, Georgia; and eight in greater Tampa,
Florida; and a single megastore in Cincinnati, Ohio with 250,000 square feet of
selling space, which opened in July 1996. With the expansion of the West
Carrollton, Ohio flagship store to 140,000 square feet of showroom space,
completed in April 1997, Roberds now has 1,844,000 square feet of selling space
and 1,133,000 square feet of warehouse space.
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