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
July 17, 1997(Date of earliest event reported)
July 21, 1997(Date of Report)
TANDY CORPORATION
(Exact name of registrant as specified in charter)
Delaware 1-5571 75-1047710
(State or other (Commission (IRS Employer
jurisdiction of File Number Identification No.)
incorporation)
100 Throckmorton Street Suite 1800, Fort Worth, Texas 76102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (817)390-3700
Item 5. OTHER EVENTS
The text of a press release issued by Tandy Corporation (the "Company")
on July 17, 1997 is set forth below:
TANDY LAUNCHES NEW COMPUTER CITY STRATEGY
NEW MANAGEMENT TEAM NAMED
Fort Worth, Texas -- Tandy Corporation (NYSE: TAN) announces a new senior
management team for its Computer City operations. The Computer City Chief
Executive Officer and Co-Chairman will be Nathan Morton, former Chairman and
Chief Executive Officer of CompUSA. Avery More will become the Vice Chairman of
Computer City. Mr. More was formerly President and Chief Executive Officer of
CompuCom. Robert Boutin, former Chief Financial Officer of CompuCom, will become
Chief Financial Officer of Computer City. John V. Roach of Tandy will fill the
other Co-Chairman position at Computer City.
The three executives through Eureka Ventures have signed a definitive
contract to acquire 19.9% of the new Computer City subsidiary for cash and notes
at book value. The new management team and Tandy will evaluate the possibility
of establishing Computer City as an independent company and Eureka Ventures is
purchasing a warrant to buy an additional 20.1% of Computer City for cash and
other consideration based on book value if earnings goals are met.
"The actions announced should accelerate the turnaround of Computer City
and their equity position provides excellent incentive to enhance Tandy's
shareholder value. The new executives bring significant experience in computer
superstore retailing, corporate computer reselling, and finance to Computer
City," said John V. Roach Chairman and Chief Executive Officer of Tandy.
Nathan Morton said, "Our management has the unique opportunity to
strengthen Computer City's presence while enhancing the computer super store
concept to better serve the rapidly broadening personal computing market of the
1990's."
"We know the business and what is needed to be successful. We are confident
in our ability to make Computer City a winner," stated Avery More.
Tandy Corporation, one of the largest retailers of consumer electronics,
sells its products through approximately 6,800 RadioShack(R) and 94 Computer
City(R) outlets. Statements made in this announcement which are forward-looking
statements involve risks and uncertainties including, but not limited to,
economic conditions, product demand, competitive pricing, strength of equity
markets, availability of products and other risks indicated in Company filings
with the Securities and Exchange Commission.
END OF TEXT OF PRESS RELEASE
In the press release set forth above, the Company makes certain
forward-looking statements. These statements are based on the Company's current
expectations and are subject to a number of risks and uncertainties that could
cause actual results in the future to differ significantly from results
expressed or implied in any forward-looking statements made by or on behalf of
the Company. These risks and uncertainties include uncertainties regarding the
extent of consumer demand for computer products and services, and the risks
associated with a newly established management team. Additional risks are set
forth in more detail in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1996 and the Company's Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 1997.
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 this 21st day of July, 1997.
TANDY CORPORATION
(Registrant)
Date July 21, 1997 __________________________
Dwain H. Hughes
Senior Vice President and
Chief Financial Officer
