UNITED STATES
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): October 18, 1996
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BEST PRODUCTS CO., INC.
(Exact name of registrant as specified in its charter)
Virginia 0-24178 54-0853592
(State or other jurisdiction (Commission File Number) (I. R. S. Employer
of incorporation) Identification No.)
1400 Best Plaza, Richmond, Virginia 23227-1125
(Address of principal executive offices) (Zip Code)
(804) 261-2000
(Registrant's telephone number, including area code)
Item 2. Acquisition or Disposition of Assets.
On October 10, 1996, the Company announced it had signed a letter
agreement to sell substantially all of its retail store-related assets to a
combination of Schottenstein Bernstein Capital Group, LLC and Alco Capital
Group, Inc. The letter and a copy of the press release issued by the Company on
October 10, 1996 reporting the signing of the agreement are attached as exhibits
hereto.
Item 5. Other Events
On October 10, 1996, the Company obtained a final order by the
Bankruptcy Court for the Eastern District of Virginia authorizing the Company's
full use of the $250 million unsecured debtor-in-possession facility from CIT
Group/Business Credit, Inc. A copy of the financing agreement is attached as an
exhibit hereto.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
10.1 Signed Letter, including the Initial Agreement
Exhibit, dated October 10, 1996, Setting Forth the Principal
Terms and Conditions upon which Best Products Co., Inc. will
Sell and upon which Schottenstein Bernstein Capital Group, LLC
and Alco Capital Group, Inc. will Purchase Substantially All
of the Assets of Best Products Co., Inc.
10.2 Revolving Credit Agreement, including the final court
order exhibit, dated as of October 1, 1996, among the Company,
various lending institutions and The CIT Group/Business
Credit, Inc., as agent.
99. Press Release of the Company dated October 10, 1996.
SIGNATURE
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.
BEST PRODUCTS CO., INC.
Date: October 18, 1996 /s/ Daniel H. Levy
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Daniel H. Levy
Chairman and Chief Executive Officer
EXHIBIT INDEX
Exhibit
Number Description
10.1 Signed Letter, including the Initial Agreement Exhibit, dated October
10, 1996, Setting Forth the Principal Terms and Conditions upon which
Best Products Co., Inc. will Sell and upon which Schottenstein
Bernstein Capital Group, LLC and Alco Capital Group, Inc. will Purchase
Substantially All of the Assets of Best Products Co., Inc.
10.2 Revolving Credit Agreement, dated as of October 1, 1996, among the
Company, various lending institutions and The CIT Group/Business
Credit, Inc., as agent.
99. Press Release of the Company dated October 10, 1996.