UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b - 25
NOTIFICATION OF LATE FILING
(Check One): [X] 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] N-SAR
For Period Ended: February 28, 2001
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: ______________________
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Please Print or Type
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates:
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Part I -- REGISTRANT INFORMATION
Heilig-Meyers Company
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Full Name of Registrant
N/A
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Former Name if Applicable
12560 West Creek Parkway
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Address of Principal Executive Office (Street and Number)
Richmond, VA 23238
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City, State and Zip Code
Part II -- RULES 12b-25(b)AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the prescribed
[ ] due date; or the subject quarterly report or transition report on Form
10-Q, or portion thereof will be filed on or before the fifth calendar
day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
PART III -- NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
As previously disclosed, Heilig-Meyers Company, a Virginia corporation, and
certain of its subsidiaries (collectively, the Company), filed voluntary
petitions for relief under Chapter 11, Title 11 of the United States Code (the
Bankruptcy Code) on August 16, 2000. The Company is in possession of its assets,
and manages and operates its businesses as debtor-in-possession under the
Bankruptcy Code.
As publicly announced on April 11, 2001, the Company has focused its
reorganization efforts upon its RoomStore division, and as a result has
determined to liquidate and close of substantially all of the Company's
remaining Heilig-Meyers Furniture stores (which historically represented the
Company's core busines), as well as its three John M. Smyth's Homemakers stores
located in the Chicago, IL market. The reorganization efforts also require
immediate and significant overhead cost reductions including downsizing of the
headquarters staff ranging from executive management to support staff levels.
Because of the need to focus on the bankruptcy-related matters and the resultant
burdens placed on the remaining internal accounting and financial staff, the
Company has been unable to complete its analysis of the impact of these changes
on its financial statements for the fiscal year ended February 28, 2001 and to
finalize its annual report on Form 10-K for the fiscal year ended February 28,
2001 on a timely basis.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Ronald L. Barden (804) 784-7520
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(Name) (Area Code and Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such reports) been filed? If answer is no,
identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof? [X] Yes [ ] No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
The Company expects that the results of operations for the year ended
February 28, 2001 will show a loss of approximately $761.5 million. The
loss is primarily a result of decreased sales of approximately $823.8
million for the year. The sales decrease is primarily attributable to the
elimination of the Company's installment credit program on August 16, 2000,
the closure of 302 stores and decreases in comparable store sales in the
Company's operating divisions. In addition, reorganization items of
approximately $629.5 million were incurred during the year.
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Heilig-Meyers Company
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 30, 2001 By: /s/Ronald L. Barden
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Ronald L. Barden
Senior Vice President and
Controller, Managing Director
of Reorganization