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UNITED STATES
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): January 18, 2000
ROBERDS, INC.
(Exact name of registrant as specified in its charter)
Ohio 0-22702 31-0801335
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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 3. Bankruptcy or Receivership
On January 19, 2000, Roberds, Inc. (the "Company") filed a voluntary
petition for relief under Chapter 11 of Title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District, Western Division,
Dayton, Ohio, Case Number 00-10394 (the "Filing"). The Company is continuing to
operate as a debtor-in-possession and no receiver, fiscal agent or similar
officer has been appointed and no such appointment is currently contemplated.
Item 5. Other Events
The Company issued a press release related to the Filing on January 18,
2000. A copy of the press release is attached hereto as Exhibit 99.1, and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press release of the issued by The Company on
January 18, 2000.
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
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Name: Robert M. Wilson
Title: Chief Financial Officer
Date: January 20, 2000
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EXHIBIT INDEX
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Number Subject Matter
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99.1 Press release issued by the Company on January 18, 2000.
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Exhibit 99.1
CONTACT: FOR IMMEDIATE RELEASE
Robert M. Wilson
(937) 859-7122, x2264
George F. Sweeney
George F. Sweeney & Co./NY
(914) 96707575
ROBERDS, INC. TO CLOSE TAMPA AND CINCINNATI MARKETS
AND FILE FOR BANKRUPTCY PROTECTION
DAYTON, OH, January 18, 2000 - Roberds, Inc. ("NASDAQ:RBDS") announced the
closing of all eight of its stores and its distribution center in the
Tampa, Florida market, and its single store in the Cincinnati, Ohio market.
Roberds will engage an inventory liquidator to sell the inventory in both the
Tampa and Cincinnati markets. That sale is expected to begin within the next
two weeks, and conclude within 90 days.
Roberds also announced that it will be seeking protection under Chapter
11 of the United States Bankruptcy laws. A petition is expected to be filed in
the Southern District of Ohio on January 19, 2000.
Roberds employs approximately 370 people in the Tampa market and 160 in
the Cincinnati store. The employees in those markets will be dismissed as the
business activity winds down. Some of the employees will be involved in the
liquidation sales.
The withdrawal from the Cincinnati market will cause a reduction of
employment in the Company's Fairborn, Ohio distribution center. It has not yet
been determined how many people will be affected in Fairborn.
Roberds also announced the sale of its Buckhead, Atlanta, Georgia
store. The property has been listed for sale with Tramell Crow Company, Atlanta,
Georgia. The Buckhead store is expected to continue to operate until a buyer for
the property is identified and under contract. At that time, the Buckhead store
will cease business and the employees will be absorbed into other Roberds stores
in Atlanta.
"We have made numerous efforts to save Roberds," said Melvin H. Baskin,
chief executive officer, "but during a 21 month period, from January 1998
through September 1999, we lost $21 million, or an average of $1 million
each month. No company can sustain these losses for an extended period of time.
"The first-half of 1999 showed some improvement for Roberds, but we
suffered a $3.3 million loss in the third quarter, compared to $1.2 million
during the same period in 1998.
"It finally became a matter of company survival in a very competitive
industry," said Mr. Baskin. "The actions that we have announced today have
been very difficult, as they affect many outstanding, dedicated employees and
their families. While these actions are regretful, they were necessary to again
become competitive and continue operations. Our emphasis will be on providing
our customers with the very best service and product value available to them in
this industry."
The Company will apply to the bankruptcy court for authority to honor
all customer deposits and warranty obligations. The Company expects no
interruption in its day-to-day business
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in Dayton or Atlanta. The Company expects to continue to make regular payments
to its employees for payroll and payroll-related items.
Roberds, Inc., which reported sales of $287 million in 1999, is a major
retailer of name brand home furnishings products, including furniture, bedding,
major appliances and consumer electronics. Roberds, with a total of 24 stores in
four marketing areas, operates 23 large format superstores: six in the greater
Dayton, Ohio area; nine 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. Roberds has 1,800,000 square feet of selling space and 1,122,000
square feet of warehouse space.
