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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of
earliest event reported): September 30, 1996
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PUDGIE'S CHICKEN, INC.
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(Exact name of registrant as specified in its charter)
Delaware 31-1369735
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(State or other jurisdic- (I.R.S. Employer
tion of incorporation or Identification No.)
organization)
1-13840
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(Commission File Number)
333 Earle Ovington Blvd., Suite 604, Uniondale, NY 11553
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 222-8833
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Item 5. Other Events
On September 30, 1996, Pudgie's Chicken, Inc. (the "Company")
announced that the Company has altered its business and financial plans in light
of its recent filing of a voluntary petition (the "Petition") under Chapter 11
of the United States Bankruptcy Code and that it is taking important measures to
reduce current cash outflow and operating expenses. Such measures include the
closing of seven unprofitable company owned stores and the laying off of
approximately 90 employees. In addition, the Company is seeking
debtor-in-possession financing and is exploring the possibility of strategic
equity transactions.
The Company further stated that its filing of the Petition has
frustrated its efforts to raise necessary capital and that, in light of its
continuing operating losses, the Company has conducted a system wide review of
its operations. The Company believes that its measures to streamline operations
will reduce its expenses and ease its cash needs.
Item 8. Exhibits
20 Press Release dated September 30, 1996
2
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SIGNATURE
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 thereunto duly authorized.
Date: September 30, 1996
PUDGIE'S CHICKEN, INC.
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(Registrant)
By: /s/ Steven Wasserman
_____________________________________
Name: Steven Wasserman
Title: President
3
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EXHIBIT INDEX
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Exhibit Page
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20 Press Release dated September 30, 1996 5
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NEWS | RE: Pudgie's Chicken, Inc.
BULLETIN | 333 Earle Ovington Blvd.
| Suite 604
FROM: | Uniondale, NY 11553
| Nasdaq: PUDGQ
FRB |
________________________________________________________________________________
The Financial Relations Board, Inc.
FOR FURTHER INFORMATION:
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD
Robert Rattet Joe Calabrese & Kerry Thalheim
914-381-7400 212-661-8030
FOR IMMEDIATE RELEASE
September 30, 1996
Uniondale, New York (September 30, 1996) -- Citing the fact that the Company's
recent voluntary filing under Chapter 11 of the Bankruptcy Code has altered the
Company's business and financial plan, Pudgie's Chicken, Inc. (Nasdaq: PUDGQ)
announced today that it is taking important measures to reduce current cash
outflow and operating expenses. These measures include the closing of seven
unprofitable company-owned stores and the laying off of approximately 90
employees. In addition, Pudgie's is seeking debtor-in-possession financing and
exploring the possibility of strategic equity transactions.
Steven Wasserman, Pudgie's President and Chief Executive Officer stated, "Our
recent voluntary filing of a Chapter 11 Petition for Reorganization has
frustrated our efforts to raise necessary capital. In light of continuing
operating losses, Pudgie's has conducted a system-wide review of operations and
has decided to close seven unprofitable stores. Our measures to streamline
operations will reduce expenses and ease our cash needs."
Pudgie's operates and franchises quick service Pudgie's Famous Chicken
restaurants. On September 18, 1996, Pudgie's filed a voluntary petition under
Chapter 11 following an adverse arbitration award in a dispute over an area
developer of its franchises.
