-----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, OlIYihJOpLx9xh1KYWgsvzx5HlxrQLqu1rwFsEJ9pj3GGIRLpgyM9SI6kQzOCq3h g4kHclch9Z5GO+Cgx4zW1g== 0000950124-99-003670.txt : 19990610 0000950124-99-003670.hdr.sgml : 19990610 ACCESSION NUMBER: 0000950124-99-003670 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990608 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990609 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EDISON BROTHERS STORES INC CENTRAL INDEX KEY: 0000031575 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 430254900 STATE OF INCORPORATION: DE FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-01394 FILM NUMBER: 99642889 BUSINESS ADDRESS: STREET 1: 501 N BROADWAY STREET 2: P.O. BOX 14020 CITY: ST LOUIS STATE: MO ZIP: 63178 BUSINESS PHONE: 3143316000 MAIL ADDRESS: STREET 1: P O BOX 14020 STREET 2: 501 NORTH BROADWAY CITY: ST LOUIS STATE: MO ZIP: 63178 8-K 1 FORM 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): June 8, 1999 Edison Brothers Stores, Inc. - -------------------------------------------------------------------------------- (Exact Name of Registrant as specified in Charter) Delaware 1-1394 43-0254900 - -------------------------- ------------------------- ------------------------- (State of Incorporation) (Commission File Number) (IRS Employer Identification No.) 501 North Broadway St. Louis, Missouri 63102 - -------------------------------------------------------------------------------- (Address of principal executive offices including zip code) (314) 331-6000 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events On March 9, 1999, Edison Brothers Stores, Inc. and seven affiliated companies (the "Company") filed in the United States Bankruptcy Court for the District of Delaware a voluntary petition for reorganization under Chapter 11 of title 11 of United States Code, case number 99-529 (the "Chapter 11 Filing"). The Company continues in possession of its properties and is operating and managing its business as debtor-in-possession subject to Court approval for certain actions of the Company. Monthly Operating Reports are filed with the Office of the United States Trustee. A copy of the Operating Report of Edison Brothers Stores, Inc. and its subsidiaries for the period April 4, 1999 through May 1, 1999 as issued on May 28, 1999 is filed as Exhibit 99.1 hereto. Item 7. Financial Statements and Exhibits. (c) Exhibits Exhibit No. Description ----------- ------------------------------------------------------- Exhibit 99.1 Operating Report for period April 4, 1999 through May 1, 1999. 3 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. EDISON BROTHERS STORES, INC. Date: June 8, 1999 By: /S/ John F. Burtelow ----------------------------- John F. Burtelow Chief Financial Officer EX-99.1 2 OPERATING REPORT FOR PERIOD APRIL 4, 1999 1 EXHIBIT 99.1 OFFICE OF THE U.S. TRUSTEE - REGION 3 MONTHLY REPORTING REQUIREMENTS ALL CHAPTER 11 DEBTORS MUST SERVE THE U.S. TRUSTEE WITH THE DOCUMENTS AND REPORTS IDENTIFIED BELOW NO LATER THAN THE 15TH OF THE MONTH FOLLOWING THE END OF THE MONTH COVERED BY THE REPORT. DEBTOR NAME: EDISON BROTHERS STORES, INC. ET AL. CASE NUMBER: 99-529 (MFW) THROUGH 99-536 (MFW) FOR THE MONTH OF APRIL 1999 (FISCAL MONTH ENDING MAY 1, 1999) --------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- DOCUMENT PREVIOUSLY EXPLANATION REQUIRED DOCUMENTS ATTACHED SUBMITTED ATTACHED - ---------------------------------------------------------------------------------------------------------------------------- 1. INCOME STATEMENT. ( X ) ( ) ( ) 2. BALANCE SHEET. ( X ) ( ) ( ) 3. STATEMENT OF CASH RECEIPTS ( X ) ( ) ( X ) AND DISBURSEMENTS. 4. STATEMENT OF AGED RECEIVABLES. ( ) ( ) ( X ) 5. STATEMENT OF AGED PAYABLES. ( X ) ( ) ( X ) 6. STATEMENT OF OPERATIONS, TAXES, ( ) ( ) ( X ) INSURANCE AND PERSONNEL. 7. TAX RECEIPTS. ( ) ( ) ( X ) 8. OTHER DOCUMENTS/REPORTS AS ( X ) ( ) ( ) REQUIRED BY THE U.S. TRUSTEE: SUMMARY OF CASH DISBURSEMENTS BY CATEGORY ----------------------------------------- TAXES PAYABLE ROLLFOWARD -----------------------------------------
THE UNDERSIGNED INDIVIDUAL CERTIFIES UNDER PENALTY OF PERJURY (28 U.S.C. SECTION 1746) THAT TO THE BEST OF THE INDIVIDUAL'S KNOWLEDGE, THE DOCUMENTS APPENDED ARE TRUE AND CORRECT. BY: /S/ JOHN F. BURTELOW DATED: MAY 28, 1999 --------------------------------------------- JOHN F. BURTELOW EXECUTIVE VICE PRESIDENT, CHIEF ADMINSTRATIVE OFFICER AND CHIEF FINANCIAL OFFICER --------------------------------------------- TITLE OF DEBTOR REPRESENTATIVE 2 EDISON BROTHERS STORES, INC., ET AL. CASE NO. 99-529 (MFW) THROUGH 99-536 (MFW) EXPLANATION TO MONTHLY OPERATING REPORT The Debtors and the United States Trustee have agreed to the following modifications to the Debtors' Monthly Operating Report: STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS: The Debtor utilizes numerous bank accounts for its store deposits and uses a centralized cash management account for the majority of its disbursements. To provide the detail of each of these accounts and all of the disbursements would cause an undue burden on the Debtor and generate a voluminous amount of paper to be distributed on a monthly basis. In lieu of submitting the Statement of Cash Receipts and Disbursements, the Debtor is submitting a rollforward of its major bank accounts that would include the amounts received through all of its bank accounts. In lieu of providing the detail of all disbursements for a month, the Debtor is submitting a Summary of Cash Disbursements by Category. STATEMENT OF AGED RECEIVABLES This Statement will not be submitted, as the Debtor does not generate a significant amount of receivables through its operations. The Debtor's sales occur primarily through cash and credit card transactions and as such this statement is not applicable to its business and would not provide relevant information to the users of the Monthly Report. STATEMENT OF AGED PAYABLES This statement requires the Debtor to provide detail on all accounts payable over 30 days past due. This requirement would cause an undue burden on the Debtor. The Debtor is unable to generate a detailed report for items only over 30 days past due and to generate a report for all of its accounts payable would result in a voluminous amount of paper to be generated and distributed on a monthly basis. In lieu of providing this level of detail for this Statement, the Debtor is submitting a summary of its monthly accounts payable aging. STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL AND STATEMENT OF TAX RECEIPTS These two reporting requirements are combined into a rollforward of tax accounts. OTHER The Debtor maintains its books and records on a fiscal month basis and is reporting on that basis rather than on a calendar month basis. 3 EDISON BROTHERS STORES, INC., ET AL. CASE NO. 99-529 (MFW) THROUGH 99-536 (MFW) EXPLANATION TO MONTHLY OPERATING REPORT Through the Debtor's ordinary course of business, it prepares its financial reporting on a consolidated basis which includes debtor and non-debtor affiliates. As the Debtor's case is being jointly administered with its subsidiaries (as identified below), it is filing one consolidated Monthly Report for the jointly administered cases: Edison Brothers Apparel Stores, Inc. (Case No. 99-530 (MFW)) Edison Paymaster, Inc. (Case No. 99-531 (MFW)) Edbro Missouri Realty Co. Inc. (Case No. 99-532 (MFW)) Edison Indiana LLC (Case No. 99-533 MFW)) Edison Puerto Rico Stores, Inc. (Case No. 99-534 MFW)) Tofac of Puerto Rico, Inc. (Case No. 99-535 MFW)) Edison Brothers Stores International (Case No. 99-536 (MFW)) 4 EDISON BROTHERS STORES, INC. DEBTOR-IN-POSSESSION CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Dollars in millions)
ASSETS May 01, 1999 March 8, 1999 - ---------------------------------------------------------- ------------ ------------- CURRENT ASSETS Cash and cash equivalents $ 13.0 $ 13.0 Merchandise inventories 114.2 155.7 Prepaid expenses 11.1 2.8 Senior-note interest escrow 0.0 0.0 Other current assets 3.0 4.7 - ---------------------------------------------------------- ------------ ------------- TOTAL CURRENT ASSETS 141.3 176.2 Assets Held for Senior-Note Interest Escrow 8.2 8.2 Property and Equipment, net 101.8 109.4 Intangible Assets, net 1.6 1.8 Reorganization Value in Excess of Identifiable Assets, net 24.7 25.2 Prepaid Pension Expense 17.5 18.1 Other Assets 4.3 4.2 - ---------------------------------------------------------- ------------ ------------- TOTAL ASSETS $ 299.4 $ 343.1 ========================================================== ============ ============= LIABILITIES AND COMMON STOCKHOLDERS' EQUITY CURRENT LIABILITIES Short-term borrowings $ 22.0 $ 51.1 Accounts payable 18.2 48.2 Payroll and vacations 6.5 6.9 Other taxes 3.6 13.0 Other current liabilities 8.6 22.8 - ---------------------------------------------------------- ------------ ------------- TOTAL CURRENT LIABILITIES 58.9 142.0 Liabilities Subject to Compromise 177.6 126.9 Long-Term Debt 0.0 0.0 Postretirement and Other Employee Benefits 39.7 44.5 Other Liabilities 3.2 3.9 COMMON STOCKHOLDERS' EQUITY Common stock 0.1 0.1 Capital in excess of par value 130.5 130.5 Common stock warrants 7.0 7.0 Accumulated deficit (116.0) (110.2) Foreign currency translation adjustment (1.6) (1.6) - ---------------------------------------------------------- ------------ ------------- TOTAL COMMON STOCKHOLDERS' EQUITY 20.0 25.8 - ---------------------------------------------------------- ------------ ------------- TOTAL LIABILITIES AND EQUITY $ 299.4 $ 343.1 ========================================================== ============ =============
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS. 5 EDISON BROTHERS STORES, INC. DEBTOR-IN-POSSESSION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (Dollars in millions, except per share data)
4 Weeks Ended 7.8 Weeks Ended May 1, 1999 May 1, 1999 - ------------------------------------------- ------------- --------------- NET SALES $ 52.8 $ 109.8 - ------------------------------------------- ------------- --------------- Cost of goods sold, occupancy, and buying expenses 41.1 78.6 Store operating and administrative expenses 15.7 28.8 Depreciation and amortization 2.6 5.0 Interest expense, net 0.3 0.6 Other 2.4 2.5 - ------------------------------------------- ------------- --------------- TOTAL EXPENSES 62.1 115.5 - ------------------------------------------- ------------- --------------- LOSS BEFORE INCOME TAXES (9.3) (5.7) Income tax provision 0.2 0.1 - ------------------------------------------- ------------- --------------- NET INCOME (LOSS) $ (9.5) $ (5.8) =========================================== ============= ===============
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS. 6 EDISON BROTHERS STORES, INC. DEBTOR-IN-POSSESSION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (Dollars in millions)
4 Weeks Ended 7.8 Weeks Ended May 01, 1999 May 01, 1999 - ---------------------------------------------------------------- ------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss $ (9.5) $ (5.8) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 2.6 5.0 Loss on disposal of property and equipment 0.5 1.2 Working capital changes 8.5 25.2 Other 0.4 (0.4) Activity in connection with the Chapter 11 proceedings, noncash portion (1.0) 2.2 - ---------------------------------------------------------------- ------------- --------------- Total Operating Activities 1.5 27.4 - ---------------------------------------------------------------- ------------- --------------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures 1.7 1.7 Other (0.1) 0.0 - ---------------------------------------------------------------- ------------- --------------- Total Investing Activities 1.6 1.7 - ---------------------------------------------------------------- ------------- --------------- CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in short-term borrowings (5.9) (29.1) Increase/(Decrease) in senior-note interest escrow ---- ---- Other (0.0) (0.0) - ---------------------------------------------------------------- ------------- --------------- Total Financing Activities (5.9) (29.1) - ---------------------------------------------------------------- ------------- --------------- Effect of exchange rate changes on cash ---- ---- - ---------------------------------------------------------------- ------------- --------------- CASH PROVIDED (USED) (2.8) 0.0 Beginning cash and cash equivalents 15.8 13.0 - ---------------------------------------------------------------- ------------- --------------- ENDING CASH AND CASH EQUIVALENTS $ 13.0 $ 13.0 ================================================================ ============= ===============
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS. 7 EDISON BROTHERS STORES, INC. ET AL. CASE NO. 99-529 THROUGH 99-536 SUMMARY OF CASH DISBURSMENTS FOR THE MONTH ENDING MAY 1, 1999
FIRST UNION Accounts Payable Payments via: Foreign Mercandise All Other Wires Cashier's Checks Checks ACHs Wires and ACH Payments From Mercantile ------ ---- ----- ---------------- --------------- RENT 11,818,150.17 10,000.00 FREIGHT 593,382.67 200,961.34 176,063.98 0.00 MERCHANDISE 3,113,699.44 341,045.78 2,600,222.77 UTILITIES & SERVICES 736,119.71 BANKURPTCY RELATED 0.00 PAYROLL 4,746,697.82 3,312,774.01 0.00 PAYROLL TAXES 72,348.44 3,265,356.69 0.00 GENERAL TAXES 1,201,275.20 3,045,503.84 CUSTOMES BROKERS 1,588,834.89 0.00 OTHER 1,982,684.23 404,007.64 1,475,965.15 24,140.98 TOTAL DISBURSMENTS 24,264,357.68 956,014.76 2,600,222.77 12,864,498.56 24,140.98 RECONCILIATION BACK TO STATEMENT OF CASH RECEIPTS & DISBURSMENTS: Delete Total from above (24,264,357.68) Add back in Payroll Clearings 4,746,697.82 Add back all other check clearing 23,076,661.71 Total Disbursments 27,823,359.53 956,014.76 2,600,222.77 12,864,498.56 24,140.98 Total First Union = 44,244,095.62 Total Disbursments Per Summary 44,244,095.62 24,140.98 Difference 0.00 0.00
Nova Scotia Congress Total ----------- -------- ----- RENT 11,828,150.17 FREIGHT 970,407.99 MERCHANDISE 8,149,465.57 14,204,433.56 UTILITIES & SERVICES 0.00 736,119.71 BANKURPTCY RELATED 0.00 0.00 PAYROLL 126,944.17 8,186,416.00 PAYROLL TAXES 3,337,705.13 GENERAL TAXES 4,246,779.04 CUSTOMES BROKERS 1,588,834.89 OTHER 284,191.77 265,489.79 4,436,479.56 TOTAL DISBURSMENTS 411,135.94 8,414,955.36 49,535,326.05 RECONCILIATION BACK TO STATEMENT OF CASH RECEIPTS & DISBURSMENTS: Delete Total from above (24,264,357.68) Add back in Payroll Clearings 4,746,697.82 Add back all other check clearing 23,076,661.71 Total Disbursments 411,135.94 8,414,955.36 53,094,327.90 Total Disbursments Per Summary 411,135.94 8,414,955.36 53,094,327.90 Difference 0.00 0.00 0.00
8 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS CASE # 99-529(MFW) CASH ACTIVITY ANALYSIS (CASH BASIS ONLY) STATEMENT FOR THE PERIOD: FROM: 04/04/99 THROUGH: 05/01/99
BANK TRANSACTIONS... - ------------------------------------------------------------------------------------------------------------------------------------ FIRST UNION MERCANTILE BANK OF NOVA CONGRESS FINANCIAL NATIONAL BANK NATIONAL BANK SCOTIA (C) TOTAL REVOLVING CREDIT LINE NET POSITION (A) OF ST. LOUIS (B) (D)(2) (2) - ------------------------------------------------------------------------------------------------------------------------------------ BEGINNING BANK LEDGER BALANCE $ 14,868.06 $ 130,190.08 $ 314,300.46 $ 459,358.60 ($27,902,830.93) ($27,443,472.33) - ------------------------------------------------------------------------------------------------------------------------------------ RECEIPTS FOR PERIOD (1) 44,381,084.97 (22,612.61) 361,717.59 $ 44,720,189.95 14,323,941.07 $ 59,044,131.02 - ------------------------------------------------------------------------------------------------------------------------------------ CASH CLEARINGS FOR PERIOD (44,244,095.62) (24,140.98) (411,135.94) ($44,679,372.54) (8,414,955.36) ($53,094,327.90) - ------------------------------------------------------------------------------------------------------------------------------------ ENDING BANK LEDGER BALANCE $ 151,857.41 $ 83,436.49 $ 264,882.11 $ 500,176.01 ($21,993,845.22) ($21,493,669.21) - ------------------------------------------------------------------------------------------------------------------------------------ (1) Includes transfers between accounts which net to zero. (2) Includes a $29,010.63 adjustment to Beginning Balance for Professional Services not recorded in previous month. BALANCES PER GENERAL LEDGER... ---------------------------------------------------------------------------------------------- Non-store depository accounts $ 957,080.93 ---------------------------------------------------------------------------------------------- Store depository accounts, cash in transit, and petty cash in stores 7,302,501.91 ---------------------------------------------------------------------------------------------- Credit card receivables 4,692,306.56 ---------------------------------------------------------------------------------------------- Investments ---------------------------------------------------------------------------------------------- Total $12,951,889.40 ---------------------------------------------------------------------------------------------- - ---------------------------------------------------- ---------------------------------------------------- (a) 201 South College Street, Charlotte, NC 28288 (c) 44 King Street West, Toronto, Ontario M5H 1H1 Account Number 2014201943442 Account Number 80002 2237-19 - ---------------------------------------------------- ---------------------------------------------------- - ---------------------------------------------------- ---------------------------------------------------- (b) 8th and Locust Street, St. Louis, MO 63166 (d) 1133 Avenue of the Americas, New York, NY 10036 Account Number 1001014677 Loan Numbers 4639, 4659, 4661 and 4683 - ---------------------------------------------------- ----------------------------------------------------
9 EXHIBIT-7 OFFICE OF THE U.S. TRUSTEE - REGION 3 STATEMENT OF AGED PAYABLES --------------------------- FOR THE MONTH May 1, 1999 ------------------------------------- DEBTOR NAME: Edison Brothers Stores, Inc. et al. CASE NUMBER: 99-529 (MFW) through 99-536 (MFW)
================================================================================================================== ACCOUNT TOTAL CURRENT PAST DUE PAST DUE PAST DUE NAME DESCRIPTION DUE (0-30 DAYS) (31-60) (61-90) (91 & OVER) ================================================================================================================== A/P DOMESTIC MERCHANDISE Mdse. Inventory $ 0.8 0.8 A/P FOREIGN MERCHANDISE Mdse. Inventory 4.2 4.2 A/P EXPENSE Misc Expenses 13.1 13.1 TOTALS $ 18.2 18.2 - - - NOTE: PLEASE INCLUDE ONLY POST-PETITION DEBTS AND EXPLAIN WHY ACCOUNTS OVER 30 DAYS PAST DUE HAVE NOT BEEN PAID. - ------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------- ACCOUNTS PAYABLE RECONCILIATION: 1. OPENING BALANCE (TOTAL FROM PRIOR REPORT) $ - ----------- 2. NEW ACCOUNTS THIS MONTH 18.2 ----------- 3. BALANCE (ADD LINES 1 AND 2) 18.2 ----------- 4. AMOUNT COLLECTED ON PRIOR ACCOUNTS - ----------- 5. CLOSING BALANCE (SUBTRACT LINE 4 FROM LINE 3) $ 18.2 -----------
10 Debtor Name: Edison Brothers Stores, Inc. Date: 06/08/99 Case No.: 99-529 (MFW)
=================================================================================================================== 04/03/99 05/01/99 Ending Accrued/ Payments/ Ending Balance Withheld Deposits Balance ================================================================== PAYROLL TAXES WITHHELD: Federal/FICA 0 2,715,267 2,715,267 0 State 14,081 274,206 288,287 0 Local/Occup W/H 2,557 85,522 88,079 0 UNEMPLOYMENT TAX: Federal 13,912 35,258 49,170 0 State (878) 124,627 123,749 0 SDI 10,397 3,338 13,735 (10,600) SALES & LOCAL USE TAXES: * 3,342,932 3,608,717 3,924,832 3,026,817 PROPERTY TAXES: 0 0 0 0 REAL ESTATE TAXES: ** 0 0 0 0
* Includes pre-petition amounts. Pursuant to bankruptcy court order dated March 9, 1999, the Debtor has been authorized to remit these amounts. ** Corporate properties only. -----END PRIVACY-ENHANCED MESSAGE-----