-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TFiwets+yaSMINp5DDGS8mOCLd9ce5z5FklST36Q/UgokZxIX37oKOjN5w0PpEkT vJcZZn6CT596V0fTL4I7sA== 0001017920-98-000069.txt : 19981113 0001017920-98-000069.hdr.sgml : 19981113 ACCESSION NUMBER: 0001017920-98-000069 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981109 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AID AUTO STORES INC /DE/ CENTRAL INDEX KEY: 0000937599 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MOTOR VEHICLE SUPPLIES & NEW PARTS [5013] IRS NUMBER: 112254654 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13710 FILM NUMBER: 98743955 BUSINESS ADDRESS: STREET 1: 275 GRAND BLVD STREET 2: P.O. BOX 281 CITY: WESTBURY STATE: NY ZIP: 11590 BUSINESS PHONE: 5163387889 8-K 1 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) 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. 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 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. -----END PRIVACY-ENHANCED MESSAGE-----