Current Report — Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Current Report 3 14K
2: EX-99.1 Operating Report 10 42K
3: EX-99.2 Press Release Dated April 22, 1999 2 8K
4: EX-99.3 Press Release Dated May 17, 1999 2 8K
5: EX-99.4 Press Release Dated May 20, 1999 1 7K
6: EX-99.5 Press Release Dated May 27, 1999 1 7K
EX-99.1 — Operating Report
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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 MARCH 1999 (FISCAL MONTH ENDING APRIL 3, 1999)
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DOCUMENT PREVIOUSLY EXPLANATION
REQUIRED DOCUMENTS ATTACHED SUBMITTED ATTACHED
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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
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TAXES PAYABLE ROLLFOWARD
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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 6 , 1999
----------------------------------------------- --------
John F. Burtelow
Executive Vice President, Chief Administrative
Officer and Chief Financial Officer
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TITLE OF DEBTOR REPRESENTATIVE
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.
Page 1 of 2
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))
Page 2 of 2
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(Dollars in millions)
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ASSETS April 03, 1999 March 8, 1999
---------------------------------------------------------- -------------- -------------
CURRENT ASSETS
Cash and cash equivalents $ 15.8 $ 13.0
Merchandise inventories 132.6 155.7
Prepaid expenses 13.2 2.8
Other current assets 2.9 4.7
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TOTAL CURRENT ASSETS 164.5 176.2
Assets Held for Senior-Note Interest Escrow 8.2 8.2
Property and Equipment, net 106.1 109.4
Intangible Assets, net 1.7 1.8
Reorganization Value in Excess of Identifiable Assets, net 25.0 25.2
Prepaid Pension Expense 18.0 18.1
Other Assets 4.1 4.2
---------------------------------------------------------- -------- --------
TOTAL ASSETS $ 327.6 $ 343.1
========================================================== ======== ========
LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ 27.9 $ 51.1
Accounts payable 30.9 48.2
Payroll and vacations 6.8 6.9
Other taxes 4.2 13.0
Other current liabilities 6.9 22.8
---------------------------------------------------------- -------- --------
TOTAL CURRENT LIABILITIES 76.7 142.0
Liabilities Subject to Compromise 178.4 0.0
Long-Term Debt 0.0 126.9
Postretirement and Other Employee Benefits 39.9 44.5
Other Liabilities 3.1 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 (106.5) (110.2)
Foreign currency translation adjustment (1.6) (1.6)
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TOTAL COMMON STOCKHOLDERS' EQUITY 29.5 25.8
---------------------------------------------------------- -------- --------
TOTAL LIABILITIES AND EQUITY $ 327.6 $ 343.1
========================================================== ======== ========
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF THE
NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS.
1
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Dollars in millions)
[Download Table]
3.8 Weeks Ended 9 Weeks Ended
April 3, 1999 April 3, 1999
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NET SALES $ 57.0 $ 124.7
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Cost of goods sold, occupancy,
and buying expenses 37.5 93.2
Store operating and administrative expenses 13.1 36.4
Depreciation and amortization 2.4 5.8
Interest expense, net 0.3 4.3
Year 2000 expenses 0.0 0.6
Other 0.1 1.8
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TOTAL EXPENSES 53.4 142.1
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INCOME/(LOSS) BEFORE INCOME TAXES 3.6 (17.4)
Income tax provision (0.1) 0.0
------------------------------------------------ ---------------- --------------
NET INCOME (LOSS) $ 3.7 $ (17.4)
================================================ ================ ==============
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES. INCLUSION OF THE
NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT THESE FINANCIAL STATEMENTS.
EDISON BROTHERS STORES, INC.
DEBTOR-IN-POSSESSION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
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3.8 Weeks Ended 9 Weeks Ended
April 03, 1999 April 03, 1999
================================================================== =============== ==============
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income/(Loss) $ 3.7 $ (17.4)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 2.4 5.8
Loss on disposal of property and equipment 0.7 0.9
Working capital changes 16.7 8.2
Other (0.8) (0.3)
Activity in connection with the Chapter 11 proceedings,
noncash portion 3.2 3.2
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Total Operating Activities 25.9 0.4
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures 0.0 (2.7)
Other 0.1 (0.0)
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Total Investing Activities 0.1 (2.7)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Increase/(Decrease) in short-term borrowings (23.2) 1.8
Decrease in senior-note interest escrow -- 6.0
Other -- 1.1
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Total Financing Activities (23.2) 8.9
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Effect of exchange rate changes on cash -- (1.2)
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CASH PROVIDED (USED) 2.8 5.4
Beginning cash and cash equivalents 13.0 10.4
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ENDING CASH AND CASH EQUIVALENTS $ 15.8 $ 15.8
================================================================== =============== ==============
THESE STATEMENTS REFLECT BOTH DEBTOR AND NON-DEBTOR ENTITIES.
INCLUSION OF THE NON-DEBTOR ENTITIES DOES NOT MATERIALLY AFFECT
THESE FINANCIAL STATEMENTS.
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
CASE # 99-529(MFW)
CASH ACTIVITY ANALYSIS (CASH BASIS ONLY)
STATEMENT FOR THE PERIOD:
FROM: 03/08/99
THROUGH: 04/03/99
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BANK TRANSACTIONS... FIRST UNION MERCANTILE CONGRESS FINANCIAL
NATIONAL BANK NATIONAL BANK BANK OF NOVA TOTAL REVOLVING CREDIT LINE NET POSITION
(a) OF ST. LOUIS(b) SCOTIA(c) (d)(2) (2)
BEGINNING BANK LEDGER BALANCE $1,791,512.96 $603,408.40 $305,380.52 $2,700,301.88 ($51,054,774.91) ($48,354,473.03)
RECEIPTS FOR PERIOD (1) 20,299,163.48 511,610.55 263,651.04 $21,074,425.07 35,800,000.00 $56,874,425.07
CASH CLEARINGS FOR PERIOD (22,075,808.38) (984,828.87) (254,731.10) ($23,315,368.35) (12,619,045.39) ($35,934,413.74)
ENDING BANK LEDGER BALANCE $14,868.06 $130,190.08 $314,300.46 $459,358.60 ($27,873,820.30) ($27,414,461.70)
(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.
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BALANCES PER GENERAL LEDGER...
Non-store depository accounts $615,499.29
Store depository accounts, cash in transit, and petty cash in stores 10,280,533.67
Credit card receivables 4,916,821.55
Investments
Total $15,812,854.51
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(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
EDISON BROTHERS STORES, INC. et al.
CASE NO. 99-529 THROUGH 99-536
SUMMARY OF CASH DISBURSEMENTS
FOR THE MONTH ENDING APRIL 3, 1999
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FIRST UNION
Accounts Payable Payments via: Foreign Merchandise All Other Wires Cashier's Checks
Checks ACHs Wires and ACH Payments From MERCANTILE NOVA SCOTIA
------ ---- ----- ---------------- --------------- -----------
RENT 17,129,594.80 17,420.00
FREIGHT 231,135.03 365,964.61 612,818.97
MERCHANDISE 1,023,954.34 114,073.50 3,147,032.48
UTILITIES & SERVICES 19,188.36 71,702.72
BANKRUPTCY RELATED
PAYROLL 4,262,027.22 3,164,774.91 2,258.44 123,386.87
PAYROLL TAXES 10,519.73 4,548,981.58 66,305.24
GENERAL TAXES 474,674.29 209,542.48
CUSTOMS BROKERS 2,538,493.39 65,929.77
OTHER 484,061.27 364,262.08 1,421,648.75 165,813.73 131,344.23
TOTAL DISBURSEMENTS 23,635,155.04 861,720.19 3,147,032.48 11,883,441.11 984,828.87 254,731.10
RECONCILIATION BACK
TO STATEMENT OF
CASH RECEIPTS &
DISBURSEMENTS:
Delete Total from above (23,635,155.04)
Add back in Payroll
Clearings 4,262,027.22
Add back all other check
clearing 1,921,587.38
Subtotal 6,183,614.60 861,720.19 3,147,032.48 11,883,441.11 984,828.87 254,731.10
22,075,808.38
Total Disbursements Per
Summary 22,075,808.38 984,828.87 254,731.10
Difference 0.00 0.00 0.00
[Download Table]
CONGRESS TOTAL
-------- -----
RENT 17,147,014.80
FREIGHT 1,209,918.61
MERCHANDISE 10,484,623.14 14,769,683.46
UTILITIES & SERVICES 90,891.08
BANKRUPTCY RELATED 1,775,000.00 1,775,000.00
PAYROLL 7,552,447.44
PAYROLL TAXES 4,625,806.55
GENERAL TAXES 684,216.77
CUSTOMS BROKERS 2,604,423.16
OTHER 359,422.25 2,926,552.31
TOTAL DISBURSEMENTS 12,619,045.39 53,385,954.18
RECONCILIATION BACK
TO STATEMENT OF
CASH RECEIPTS &
DISBURSEMENTS:
Delete Total from above (23,635,155.04)
Add back in Payroll
Clearings 4,262,027.22
Add back all other check 1,921,587.38
clearing
Subtotal 12,619,045.39 35,934,413.74
Total Disbursements Per
Summary 12,619,045.39 35,934,413.74
Difference 0.00 0.00
EXHIBIT 7
OFFICE OF THE U.S. TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
FOR THE MONTH ENDING: APRIL 3, 1999
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DEBTOR NAME: Edison Brothers Stores, Inc. et al.
CASE NUMBER: 99-529 (MFW) through 99-536 (MFW)
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ACCOUNT TOTAL CURRENT PAST DUE PAST DUE PAST DUE
NAME DESCRIPTION DUE (0-30 DAYS) (31-60) (61-90) (91 & OVER)
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YOU MAY COMBINE ALL PAYABLES LESS THAN 30 DAYS PAST DUE AND SHOW ON ONE LINE.
TOTALS $ 30.9 $ 30.9 -- -- --
NOTE: PLEASE INCLUDE ONLY POST-PETITION DEBTS AND EXPLAIN WHY ACCOUNTS OVER 30 DAYS PAST DUE HAVE NOT BEEN PAID.
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ACCOUNTS PAYABLE RECONCILIATION:
1. OPENING BALANCE (TOTAL FROM PRIOR REPORT) $ --
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2. NEW ACCOUNTS THIS MONTH 30.9
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3. BALANCE (ADD LINES 1 AND 2) 30.9
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4. AMOUNT COLLECTED ON PRIOR ACCOUNTS --
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5. CLOSING BALANCE (SUBTRACT LINE 4 FROM LINE 3) $ 30.9
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Debtor Name: Edison Brothers Stores, Inc. Date: 05/28/99
Case No.: 99-529 (MFW)
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=========================================================================================================================
03/08/99 04/03/99
Ending Accrued/ Payments/ Ending
Balance Withheld Deposits Balance
=============================================================================
PAYROLL TAXES WITHHELD:
Federal/FICA 0 3,903,188 3,903,188 0
State 0 449,878 435,797 14,081
Local/Occup W/H 0 105,534 102,977 2,557
UNEMPLOYMENT TAX:
Federal 0 67,878 53,966 13,912
State 0 148,714 149,592 (878)
SDI 0 12,479 2,082 10,397
SALES & LOCAL USE TAXES: * 398,667 3,231,736 287,471 3,342,932
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.
Dates Referenced Herein and Documents Incorporated by Reference
| Referenced-On Page |
|---|
| This ‘8-K’ Filing | | Date | | First | | Last | | | Other Filings |
|---|
| |  |
| | 6/1/99 |
| Filed on / For Period End: | | 5/28/99 |
| | 4/3/99 | | 1 | | 9 |
| | 3/9/99 | | 10 |
| | 3/8/99 | | 4 | | | | | 8-K |
| List all Filings |
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