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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,. D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K [ ] Form 11-K [X] Form 10-Q [ ] Form N-SAR
For Period Ended: June 30, 2001
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PART I - REGISTRANT INFORMATION
National Record Mart, Inc.
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Full Name of Registrant
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Former Name if Applicable
507 Forest Avenue
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Address of Principal Executive Office (Street and Number)
Carnegie, Pennsylvania 15106
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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 or 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
[X] 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 has been attached if applicable.
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PART III - NARRATIVE
State below in reasonable detail the reason why Form 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
On Tuesday, June 19, 2001, an Involuntary Petition under Title 11 of the
Bankruptcy Code was filed in the United States Bankruptcy Court for the Western
District of Pennsylvania against National Record Mart, Inc. requesting an order
for relief under Chapter 7 of the Bankruptcy Code. The Involuntary Petition was
filed by five of the Company's major suppliers, Universal Music and Video
Distribution, Inc., BMG Distribution, EMI Music Distribution, Sony Music
Entertainment, Inc. and Warner/Elektra/Atlantic (WEA) Corporation. The filing
was not anticipated by the Company and has created additional and critical
demands upon the time and attention of the Company's personnel who are
responsible for the preparation of the Company's Form 10-Q. Consequently, it has
not been possible to complete and file the Form 10-Q by its due date, August 14,
2001.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Theresa Carlise (412) 276-6200
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Name (Area Code) (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(s) 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 there?
[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 anticipates reporting a 31.8% reduction in sales
due to the closing of 47 stores from the same period in the prior year.
National Record Mart, Inc.
Has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: 8/14/01 By: Theresa Carlise
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