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 9, 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 November 9, 1998, Aid Auto Stores, Inc. (the
"Company") announced that its ongoing investigation of
its prior financial statements had revealed that its
inventory was overstated by possibly more than $4.9
million from the $12.6 million reflected on its year end
statement as a result of potential accounting irregularities.
It was also announced that such investigation revealed that
other asset categories were likely overstated in as yet
undetermined amounts. Such announcements are set forth
in a press release, dated November 9, 1998, a copy of
which is attached hereto as Exhibit A and incorporated
herein by reference.
ITEM 7. Financial Statements, Pro Forma
Financial Information and Exhibits
A. Press Release, dated November 9, 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: November 11, 1998
<PAGE>
EXHIBIT A
Company Contact: Philip L. Stephen
President/CEO
(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 REVEALS OVERSTATEMENT
OF ITS INVENTORY POSITION ON
PRIOR FINANCIAL STATEMENTS
WESTBURY, NEW YORK, NOVEMBER 9,
1998 AID AUTO STORES, INC. (OTC BULLETIN
BOARD Symbols AIDA, AIDAW) announced today that
its ongoing investigation of its prior financial statements
has to date revealed that its inventory was overstated by
possibly more than $4.9 million from the $12.6 million
reflected on its year end statement as a result of potential
accounting irregularities. The investigation has also
revealed that other asset categories were likely overstated
in as yet undetermined amounts. A consulting firm
retained by the Company is continuing to investigate the
Company's financials, as well as the causes of the
inaccuracies.
As previously reported, Aid Auto received a notice
of default under its secured loan agreement with Foothill
Capital Corp. Foothill is currently owed approximately
$7.8 million under its loan agreement. Foothill has
agreed to a brief forbearance of any legal action under the
credit facility in order to give Aid Auto the opportunity to
arrange for an infusion of working capital or the sale of
the company or its assets. If such efforts are not
successful in the near future, Aid Auto may be required
to take action to protect its assets, including a filing under
the Bankruptcy Code.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: The statements which are
not historical factors 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 current financial situation,
including the forbearance of Foothill and other creditors,
the ability of the Company to sufficiently cut costs, and
the effects of general economic conditions and other risks
detailed in the Company's Securities and Exchange
Commission filings.
