SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) June 2, 1996
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Sizzler International, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-10711 95-4307254
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
12655 West Jefferson Boulevard, Los Angeles, California 90066
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 827-2300
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Not Applicable
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(Former name or former address, if changed since last report.) Item 2.
Item 2. Acquisition or Disposition of Assets
On June 3, 1996, the registrant and certain subsidiaries (collectively, the
"Registrant") closed, and began the disposition of assets used in connection
with the operation of, 116 restaurants in the United States (the "Closed
Restaurants"). The Closed Restaurants consist of 113 of the Registrant's 215
Sizzler restaurants and all three of the Registrant's Buffalo Ranch restaurants.
Of the 116 Closed Restaurants, 26 are owned properties and 90 are leased.
The Registrant also took steps to dispose of real property leases related to
additional properties that Registrant does not currently operate ("Excess
Properties").
To date, the Registrant has elected to terminate real property leases
related to 35 of the Closed Restaurants and 13 of the Excess Properties. The
Registrant may terminate additional real property leases related to the Closed
Restaurants or Excess Properties. The Registrant intends to surrender
possession to the lessor of all properties whose leases are terminated.
Restaurant equipment and inventory not useable at the Registrant's remaining
restaurants is expected to be sold, returned for credit, or abandoned.
The disposition of assets was undertaken with bankruptcy court approval,
and after a determination by the Registrant that the closure of operations was
necessary for a successful reorganization and that the real property leases
lacked sufficient value to justify the costs of marketing.
Item 3. Bankruptcy or Receivership
The Registrant, including certain of its subsidiaries, are debtors in
possession subject to the supervision of the U.S. Bankruptcy Court of the
Central District of California under Chapter 11 of the federal Bankruptcy Code.
The bankruptcy proceedings commenced on June 2, 1996. The cases involving the
Registrant and its debtor subsidiaries are jointly administered under Case No.
96-16075AG.
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.
Sizzler International, Inc.
By: /s/ RYAN TONDRO
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Ryan Tondro
June 17, 1996 Its: Vice President and Controller