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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): December 31, 1999
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 5. Other Events
On or about December 31, 1999, Roberds, Inc. ("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
December 31, 1999.
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
January 12, 2000 Title: President
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EXHIBIT INDEX
Number Subject Matter
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99.1 Press release of the Company, dated December 31, 1999.
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Exhibit 99.1
DAYTON, OH, December 31, 1999 - Roberds, Inc. (NASDAQ:RBDS) announced today that
it has engaged Deloitte Consulting LLC to assist with the development of
turnaround programs, and that the company is exploring other strategic
alternatives. Deloitte has begun work.
Mr. Robert M. Wilson, president of Roberds, said, "We were able to
improve the company's performance in the first half of 1999. However, we
suffered a significant setback in the third quarter ended September 30, 1999.
Sales in October and November, 1999 were also weak, particularly in our Ohio
market. This weakness poses a number of issues with respect to our
profitability, line of credit, and liquidity. We need to take immediate action
with respect to all three issues.
"Deloitte helped us develop the blueprint for the company's turnaround
in 1997. We have re-engaged them to provide fresh input on how to rapidly
improve the company's financial performance. We are considering a wide range of
possibilities, including the sale or closure of individual stores; the sale or
closure of some of the company's geographic marketing regions; the reduction or
elimination of some product lines; and a possible reorganization of the capital
structure, including reorganization under the Federal bankruptcy laws.
"At the same time, we have had at least one outside party express an
interest in acquiring some or all of the company. We are exploring that and
other strategic alternatives."
Mr. Melvin H. Baskin, chief executive officer, said, "At this point, it
is not clear what changes will be made in the business. However, we expect to
move very rapidly through this process in order to minimize disruption to the
business. We want to revitalize the core business of Roberds as rapidly as
possible. We appreciate the continuing support of our associates, vendors, and
customers during the process."
