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): October
22, 1998
AID AUTO STORES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 1-13710
11-2254654
(State or Other Juris- (Commission File
No.) (IRS Employer
diction of Incorporation)
Identification No.)
275 Grand Boulevard, Westbury, New York
11590
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(516) 338-7889
N/A
(Former Name or Former Address, if Changed Since
Last Report)<PAGE>
ITEM 5. Other Events.
On October 22, 1998, Aid Auto Stores, Inc. (the
"Company") announced that it commenced an
investigation of the accuracy of certain of its prior
financial statements. Such announcement is set forth in
a press release dated October 22, 1998, a copy of which
is attached hereto as Exhibit A and incorporated herein by
reference.
On October 23, 1998, the Company announced
that it received a notice of default under its secured loan
agreement with Foothill Capital Corporation. Such
announcement is set forth in a press release dated October
23, 1998, a copy of which is attached hereto as Exhibit B
and incorporated herein by reference.
ITEM 7. Financial Statements, Pro Forma
Financial Information and Exhibits
A. Press Release, dated October 22, 1998.
B. Press Release, dated October 23, 1998.
<PAGE>
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.
AID AUTO STORES, INC.
By: /s/ Philip L. Stephen
Name: Philip L. Stephen
Title: Chairman, Chief Executive
Officer and President
Date: October 27, 1998
<PAGE>
EXHIBIT A
Company Contact: Philip L. Stephen
Chief Executive Officer
(516) 338-7889, Ext. 245
FROM: AID AUTO STORES, INC.
275 Grand Boulevard
P.O. Box 281
Westbury, NY 11590
AID AUTO STORES, INC.
ANNOUNCES INVESTIGATION OF PRIOR
FINANCIAL STATEMENTS
WESTBURY, NEW YORK, October 22, 1998 -
Aid Auto Stores, Inc. (OTC BULLETIN BOARD
Symbols AIDA, AIDAW) today announced that, based
upon information obtained, it has commenced an
investigation of the accuracy of certain of its prior
financial statements. The Company believes that such
investigation will take approximately two to three weeks.
Once the process is completed, the Company will make a
public announcement of the results thereof.<PAGE>
EXHIBIT B
Company Contact: Philip L. Stephen
Chief Executive Officer
(516) 338-7889 Ext. 245
FROM: AID AUTO STORES, INC.
275 Grand Boulevard
P.O. Box 281
Westbury, NY 11590
WESTBURY, NEW YORK, October 23, 1998 -
Aid Auto Stores, Inc. (OTC BULLETIN BOARD
Symbols AIDA, AIDAW) today announced that it has
received a notice of default under its secured loan
agreement with Foothill Capital Corporation. No action
has been taken by Foothill with respect to the notice.
There is currently approximately $7,400,000 owing under
the loan agreement. Aid Auto also announced that it has
retained financial and management consultants to provide
assistance during the current period.
Aid Auto Stores is a major New York metropolitan
area retailer and franchisor of automotive parts and
accessories, targeting both the do-it-yourself and
commercial markets.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: The statements which are
not historical facts contained in this press release are
forward looking statements that involve risks and
uncertainties, including, but not limited to, risks
associated with the Company's future growth and
profitability, the ability of the Company to successfully
open new retail stores and integrate acquisitions and the
effects of general economic conditions and other risks
detailed in the Company's Securities and Exchange
Commission filings.
