-----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, IN+6Hip82CdjfA7ubhmYVwqSp/OXv6CTlEnwaU1iEs2juVFejb6sDNwQXosyrVkq MNkHuHBsoCbrdOcuKAmApw== 0001116502-02-001050.txt : 20020802 0001116502-02-001050.hdr.sgml : 20020802 20020802154634 ACCESSION NUMBER: 0001116502-02-001050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020731 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT STORE INC CENTRAL INDEX KEY: 0001101851 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 870296990 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16083 FILM NUMBER: 02718435 BUSINESS ADDRESS: STREET 1: 3401 N LOUISE AVE CITY: SIOUX FALLS STATE: SD ZIP: 57107 BUSINESS PHONE: 800-240-18 8-K 1 creditstore-8k.txt CURRENT REPORT 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) July 31, 2002. THE CREDIT STORE, INC.
DELAWARE 000-28709 87-0296990 (State or Other Jurisdiction of Commission file number (I.R.S. Employer Incorporation or Organization) Identification No.)
3401 NORTH LOUISE AVENUE SIOUX FALLS, SOUTH DAKOTA 57107 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (800) 240-1855 --------------- Not Applicable --------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. On August 2, 2002, the Company issued the press release filed herewith as Exhibit 99.1. In addition, Salvatore J. Zizza and Geoffrey A. Thompson resigned as directors of the Company effective July 31, 2002. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. Exhibit 99.1 - Press Release dated August 2, 2002 SIGNATURES In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the issuer has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: August 1, 2002 THE CREDIT STORE, INC. By /s/ Michael J. Philippe -------------------------------- Name: Michael J. Philippe -------------------------------- Title: Chief Financial Officer -------------------------------- EXHIBIT INDEX Exhibit Description Method of Filing - ------- ----------- ---------------- 99.1 Press Release dated August 2, 2002 Filed Electronically EX-99.1 3 press-release.txt PRESS RELEASE Exhibit 99.1 The CreditStore CONTACT: MICHAEL PHILIPPE CHIEF FINANCIAL OFFICER (605) 339-7520 FOR IMMEDIATE RELEASE - --------------------- THE CREDIT STORE, INC. UPDATES LIQUIDITY STATUS SIOUX FALLS - AUGUST 2, 2002 - The Credit Store Inc. (AMEX- CDS) today provided an update to its previous statements regarding its liquidity status. As disclosed in the Company's press release dated July 8, 2002, the Company was engaged in discussions aimed at obtaining additional financing and/or accommodations from its existing creditors so as to improve its liquidity position. To date, the Company has not arranged any new sources of financing or made any other arrangements to enhance its liquidity. The Company was unable to extend the maturity of its credit facility with Coast Business Credit and is now in default under the credit facility. Coast has advised the Company that its parent, Southern Pacific Bank, has been under contract to sell a portfolio of loans, including the Company's credit facility. The Company continues to engage in discussions with its various institutional creditors, including Coast and the potential purchaser of its portfolio of loans, as well as possible new sources of funding looking toward extensions of maturity dates or refinancing of its existing indebtedness. There can be no assurance these discussions will be successful. The Company has also been withholding payments to many of its unsecured creditors. The Company continues to review the alternatives available to it, including the possibility of asset sales and reorganization under the federal bankruptcy act. The Company has retained Marotta Gund Budd & Dzera, LLC as restructuring advisors to assist the Company in exploring its options. J. Richard Budd, III, a director of the Company, is a principal of Marotta Gund Budd & Dzera, LLC. FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements on which readers should not place undue reliance on forward-looking statements. Factors that may cause our actual results to differ from those projected include: our ability to achieve positive cash flow from operation, our ability to obtain additional capital to finance our operations, our ability to sell or securitize our performing credit card receivables and general economic conditions. These and other risk factors are more fully discussed in the Company's Annual Report on Form 10-K for the year ended June 30, 2001. We caution you that the list of factors above is not exhaustive and that those or other factors, many of which are outside of our control, could have a material adverse effect on us and our results of operations. All forward-looking statements attributable to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth herein and in our Annual Report on Form 10-K. We assume no obligation to publicly release the results of any revision or updates to these forward-looking statements to reflect future events or unanticipated occurrences. -----END PRIVACY-ENHANCED MESSAGE-----