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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): May 2, 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 5. Other Events
On May 2, 2000, Roberds, Inc. (the "Company") issued a press release
announcing, among other things, that it has ceased operations and closed all
stores and distribution centers located in the Ohio and Georgia markets for the
purpose of conducting an inventory in preparation for a going out of business
liquidation sale. 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 Company, dated May 2, 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.
Date: May 2, 2000 /s/ Melvin H. Baskin
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By: Melvin H. Baskin
Title: President & Chief Executive
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 May 2, 2000.
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EXHIBIT 99.1
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CONTACT: FOR IMMEDIATE RELEASE
Melvin H. Baskin, President and CEO
(937) 859-7122, x2120
George F. Sweeney
George F. Sweeney & Co./NY
(914) 967-7575
ROBERDS, INC. TO CLOSE ALL STORES
DAYTON, OH, May 2, 2000 -- Roberds, Inc. (NASDAQ:RBDSQ) announced today that it
has ceased operations and closed all stores and distribution centers located in
the Ohio and Georgia markets. All locations have temporarily closed for the
purpose of conducting an inventory in preparation for a going out of business
liquidation sale. Roberds has engaged a liquidator to sell the inventory in both
markets. That sale is expected to begin in the near future, and conclude within
90 days.
Roberds filed a petition for closure under the United States Bankruptcy
laws today in the Southern District of Ohio.
The West Carrollton, Ohio-based furniture retailer announced in January
that it would seek protection under Chapter 11. At that time, Roberds closed
properties in the Florida market, a single store in the Cincinnati, Ohio market
and an operation in Buckhead, Georgia.
"This is a very sad day for the company and its associates," said
Melvin Baskin, Roberds' president and CEO. "Despite every imaginable effort, we
were unable to pull out of Chapter 11 within the 90 day timetable we established
in January. Associates and customers had rallied to support Roberds in the last
several months. However, the inability to reach credit terms with our major
vendors resulted in our inability to provide merchandise for our customers."
Established in 1971, Roberds currently employs more than 1300 people in
the Ohio and Georgia markets. The closing will affect seven locations in the
Ohio region and eight in the Georgia region.
"My immediate concern is for the more than 1300 associates and families
that this will impact," continued Mr. Baskin. "Many of them have been loyal to
the Roberds family since the beginning. It was their hard work and dedication
which made Roberds a leader in the furniture, appliance, bedding and electronics
markets for nearly 30 years. We have solicited the assistance of the states of
Ohio, Indiana and Georgia to provide job search assistance for our associates."
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Most of the store and distribution associates will be offered the
opportunity to work for the liquidator during liquidation sales in both markets.
"We cannot predict," observed Mr. Baskin, "how much cash we will
generate from the going out of business sales or from the sales of our various
properties. We therefore cannot predict at this time how much money will be
available to pay our various creditors or whether any funds will be left for our
shareholders. We are confident, however, that our current course of action is
the best option available under these circumstances.
"We will be filing monthly financial reports in the bankruptcy case,
and we have asked the SEC for permission to file those monthly reports with the
SEC instead of our regular quarterly and annual reports to them," said Mr.
Baskin. "In light of our plan to liquidate, we expect the Nasdaq to remove our
stock from the SmallCap Market, and we do not know what market, if any, will
exist for our stock.
"When Roberds first opened its doors back in 1971, we launched a new
era for the furniture and appliance industry in our markets. We responded to the
needs of customers and built an operation designed around customer service. With
that, Roberds will leave a powerful legacy," said Mr. Baskin.
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