UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF TENNESSEE
In re: Case No.: 399-02649 THROUGH 399-02680
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SERVICE MERCHANDISE COMPANY, INC.
---------------------------------
Judge: PAINE
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Chapter 11
Debtor(s)
MONTHLY OPERATING REPORT FOR PERIOD ENDING November 25, 2001
COMES NOW, SERVICE MERCHANDISE COMPANY, INC.
Debtor-In-Possession, and hereby submits its Monthly Operating Report for the period commencing October 29, 2001
and ending November 25, 2001 as shown by the report and exhibits consisting of 15 pages and containing the following
as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
---
X Comparative Balance Sheets (Forms OPR-1 & OPR-2)
---
N/A Summary of Accounts Receivable (Form OPR-3)
---
X Schedule of Postpetition Liabilities (Form OPR-4)
---
X Statement of Income (Loss) (Form OPR-5)
---
I declare under penalty of perjury that this report and all the
attachments are true and correct to the best of my knowledge and belief. I also
hereby certify that the original Monthly Operating Report was filed with the
Bankruptcy Court Clerk and a copy delivered to the U.S. Trustee.
Date: December 17, 2001 DEBTOR - IN - POSSESSION
By: /s/ KENNETH A. CONWAY
---------------------------------
Name and Title: KENNETH A. CONWAY, VICE PRESIDENT
AND CONTROLLER
Address: 7100 SERVICE MERCHANDISE DRIVE
BRENTWOOD, TENNESSEE 37027
Telephone No: (615) 660-3340
Note: Report subject to further verification and account reconciliation
procedures
Page 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
1. Payroll
WAGES TAXES
OFFICERS TITLE GROSS NET DUE PAID
- ----------------------------------------------------------------------------------------------------------------------------------
S. CUSANO CHAIRMAN OF THE BOARD AND
CHIEF EXECUTIVE OFFICER $ 57,500.00 $ 37,046.63 $ 5,060.02 $ 15,180.07
JANE F. GILMARTIN PRESIDENT AND CHIEF MERCHANDISING OFFICER $ 196,250.00 $ 137,477.11 $ 3,328.06 $ 55,218.55
C. STEVEN MOORE SENIOR VICE PRESIDENT, CHIEF ADMINISTRATIVE
OFFICER, GENERAL COUNSEL AND SECRETARY $ 27,693.91 $ 18,919.02 $ 2,084.61 $ 6,477.00
MICHAEL E. HOGREFE SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER $ 23,847.83 $ 16,513.83 $ 1,724.39 $ 5,396.33
ERIC A. KOVATS SENIOR VICE PRESIDENT, STORES $ 21,924.71 $ 15,345.87 $ 1,479.16 $ 4,633.03
KARREN M. PRASIFKA VICE PRESIDENT, ASSISTANT GENERAL COUNSEL $ 16,923.08 $ 11,553.29 $ 1,322.78 $ 3,968.33
KENNETH A. CONWAY VICE PRESIDENT AND CONTROLLER $ 13,076.92 $ 10,236.83 $ 672.50 $ 2,017.51
JOE M. ELLIOTT VICE PRESIDENT, PROPERTY ADMINISTRATION $ 11,538.48 $ 8,728.93 $ 643.38 $ 1,930.15
KIMBERLY B. SOUTHARD ASSISTANT VICE PRESIDENT, STRATEGIC PLANNING
AND ASSISTANT TREASURER $ 8,846.16 $ 5,905.95 $ 667.97 $ 2,003.92
The following associate received a payment, in accordance with the terms of her
employment agreement, that is included in the amounts above.
JANE F. GILMARTIN $ 156,250.00
Page 2
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
2. INSURANCE
COVERAGE POLICY EXPIRATION PREMIUM DATE COVERAGE
TYPE NAME OF CARRIER AMOUNT NUMBER DATE AMOUNT PAID THROUGH
- ---------------------------------------------------------------------------------------------------------------------------------
Property Fireman's Fund Insurance Co $5 Million 01MXI97600751 12/31/01 $685,000 12/31/01
Royal Indemnity Co. $5 Million RHD317182 12/31/01 $90,250 12/31/01
Westchester Fire $15 Million 1XA394430-0 12/31/01 $64,125 12/31/01
Allianz Insurance Co $12 Million CLP1036568 12/31/01 $26,583 12/31/01
TIG Insurance Co $13 Million XPT38844629 12/31/01 $28,730 12/31/01
Westchester Fire $20 Million 1XA394429-0 12/31/01 $13,500 12/31/01
Allianz Insurance Co $30 Million CLP1036568 12/31/01 $20,250 12/31/01
Allianz Insurance Co $25 Million CLP1036568 12/31/01 $8,500 12/31/01
Boiler & Machinery Hartford Steam Boiler $10 Million 4914359 12/31/01 $9,934 12/31/01
Transit Fireman's Fund Insurance Co $1 Million CCIMG72820 12/31/01 $10,000 12/31/01
Ocean Cargo Fireman's Fund Insurance Co $10 Million CR37211 12/31/01 $40,000 12/31/01
General Liability Ace American Ins Co $5 Million XSLG20577009 12/31/01 $212,279 12/31/01
Workers' Compensation Pacific Employers Ins Co Statutory WLRC43024516 12/31/01 $136,566 12/31/01
WC Excess Ace American Ins Co Statutory XWC014026 12/31/01 $12,108 12/31/01
WC Contractual Indemnity Illinois Union Insurance Co Statutory CTPG20577344 12/31/01 $20,500 12/31/01
Auto Pacific Employers Ins Co $1 Million ISAH07968358 12/31/01 $33,518 12/31/01
Umbrella Ohio Casualty Group $50 Million BXO52805120 12/31/01 $88,250 12/31/01
Excess Liability Zurich American of Illinois $50 Million AEC287610703 12/31/01 $30,000 12/31/01
International Ace American Ins Co $1 Million PHF051491 12/31/01 $2,500 12/31/01
Punitive Damages Magna Carta Ins. Ltd. $50 Million MCPD201058 12/31/01 $40,000 12/31/01
Punitive Damages - Excess Zurich Ins. Co Bermuda Branch $50 Million ZICBB-091 PD 12/31/01 $5,000 12/31/01
Directors & Officers Continental Insurance Co $10 Million 300714943 03/01/02 $200,000 03/01/02
Federal Insurance Co $10 Million 81278902-A 03/01/02 $190,000 03/01/02
Royal Insurance Co $10 Million PSF000009 03/01/02 $175,000 03/01/02
Greenwich Ins. Co. $10 Million ELU82217-01 03/01/02 $198,949 03/01/02
Zurich-American Ins. Co. $10 Million DOC3746468-00 03/01/02 $146,704 03/01/02
Kemper Insurance Co $10 Million 3DY00200100 03/01/02 $99,110 03/01/02
Crime National Union Fire Ins Co $10 Million 8726439 03/01/02 $53,833 03/01/02
Fiduciary National Union Fire Ins Co $10 Million 8726812 03/01/02 $25,839 03/01/02
Employment Practices Liability Chubb Insurance Co $5 Million 81278901A 03/01/02 $100,000 03/01/02
National Union Fire Ins Co $5 Million 8727499 03/01/02 $70,000 03/01/02
Royal Insurance Co $10 Million PSF000010 03/01/02 $85,000 03/01/02
Special Crime Reliance Insurance Co $25 Million NFK1951937 05/01/02 $13,458 05/01/02
Page 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
3. BANK ACCOUNTS
TOTAL CASH AND CASH EQUIVALENTS
CASH IN STORES AND HOME OFFICE
HOME OFFICE $ 4,950
RETAIL SAFE FUNDS 2,632,288
CORPORATE ACCOUNTS 1,815,835
STORE DEPOSITORY ACCOUNTS
FIRST TENNESSEE 1,566,792
KEY NATIONAL BANK 817,658
FLEET BOSTON 890,185
FIRST UNION 5,530,247
BANK ONE LOUISIANA 1,076,586
ABN - AMRO BANK 200,387
COMERICA BANK 543,405
AM SOUTH 1,017,751
BANK OF AMERICA 857,726
BANK OF OKLAHOMA 410,390
CHASE BANK OF TEXAS 2,289,887
SINGLE STORE DEPOSITORY ACCOUNTS 876,429
WELLS FARGO BANK 156,049
BANK ONE, IN 356,304
PNC BANK 1,170,411
OAK BROOK BANK 1,475,608
CREDIT CARD CASH ACCOUNTS (SALES PROCESSED BY CREDIT CARD COMPANY) 22,919,786
OTHER DEPOSITORY ACCOUNTS
SERVICE MERCHANDISE - MUSCULAR DYSTROPHY ASSOC 86,420
OTHER CASH ACCOUNTS 77,591
-----------
TOTAL CASH PER GENERAL LEDGER $46,772,685
===========
Page 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
RECEIPTS AND DISBURSEMENTS
(DOLLARS IN THOUSANDS)
ACTUAL ACTUAL ACTUAL ACTUAL TOTAL
Monday 10/29/01 11/05/01 11/12/01 11/19/01 10/29/01
Sunday 11/04/01 11/11/01 11/18/01 11/25/01 11/25/01
---------- ---------- ---------- ---------- ----------
Receipts:
Sales receipts $ 13,871 $ 16,359 $ 18,131 $ 22,818 $ 71,179
Miscellaneous receipts -- 457 329 368 1,154
---------- ---------- ---------- ---------- ----------
Total available collections 13,871 16,816 18,460 23,186 72,333
Disbursements:
Merchandise disbursements 19,927 14,067 11,115 11,851 56,960
Non-merchandise disbursements 13,038 15,090 16,656 12,348 57,132
---------- ---------- ---------- ---------- ----------
Total disbursements 32,965 29,157 27,771 24,199 114,092
---------- ---------- ---------- ---------- ----------
Net receipts/(disbursements) $ (19,094) $ (12,341) $ (9,311) $ (1,013) $ (41,759)
========== ========== ========== ========== ==========
Page 5
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
ROLLING REVISED CASH FLOW FORECAST
(DOLLARS IN THOUSANDS)
Actual Actual Forecast
11/25/01 12/09/01 12/30/01
---------- ---------- ----------
Ending total revolver balance $ 346,063 $ 316,615 $ 109,980
Term loan 60,000 60,000 60,000
Standby letters of credit 23,416 23,260 21,310
Trade letters of credit 12,803 18,594 29,503
---------- ---------- ----------
Total extensions of credit 442,282 418,469 220,793
Borrowing base 506,666 501,804 381,223
---------- ---------- ----------
Availability $ 64,384 $ 83,335 $ 160,430
========== ========== ==========
Page 6
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
4. Payments to Professionals October 29, 2001 through November 25, 2001
Vendor # Vendor Name Check Amt. Check Date Check #
- --------------------------------------------------------------------------------------------------------------------
57117 Deloitte and Touche $ 15,546.00 10/29/01 50057041
98378 Skadden, Arps, Slate, Meagher and Flom $569,615.00 10/30/01 B0026053
50995 Brann and Isaacson $ 5,723.13 11/05/01 50057520
57117 Deloitte and Touche $ 35,343.00 11/07/01 50057847
57117 Deloitte and Touche $ 18,000.00 11/08/01 50057940
57117 Deloitte and Touche $ 68,950.00 11/08/01 50057941
86237 Brusniak, Clement, Harrison and McCool, PC $ 20.00 11/08/01 50057960
86237 Brusniak, Clement, Harrison and McCool, PC $ 309.09 11/08/01 50057961
95384 Deloitte and Touche, LLP $ 13,223.41 11/12/01 50058206
99104 Jay Alix and Associates $ 13,357.42 11/13/01 B0026143
99454 Harwell, Howard, Hyne, Gabbert and Manner, PC $ 6,366.75 11/13/01 B0026144
101232 E & Y Advisors, LLC $ 57,669.00 11/13/01 B0026145
101993 Rothschild, Inc. $ 60,000.00 11/13/01 B0026146
71217 Bass, Berry and Sims $102,327.46 11/13/01 B0026148
98378 Skadden, Arps, Slate, Meagher and Flom $239,889.00 11/13/01 B0026149
99391 Otterbourg, Steindler, Houston and Rosen, PC $ 42,921.25 11/13/01 B0026150
50995 Brann and Isaacson $ 5,045.53 11/15/01 50058504
57117 Deloitte and Touche $ 1,223.00 11/19/01 50058819
71403 Seyfarth, Shaw, Fairweather and Geraldson $ 1,727.24 11/21/01 50058950
48779 Loss, Pavone and Orel $ 6,000.00 11/21/01 50059020
71403 Seyfarth, Shaw, Fairweather and Geraldson $ 521.12 11/21/01 50059021
95384 Deloitte and Touche, LLP $ 14,790.66 11/21/01 50059024
57117 Deloitte and Touche $ 14,709.00 11/23/01 50059393
99104 Jay Alix and Associates $ 11,917.84 11/23/01 B0026234
99454 Harwell, Howard, Hyne, Gabbert and Manner, PC $ 23,747.83 11/23/01 B0026235
Page 7
FORM OPR-1 AND 2 SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(DEBTOR-IN-POSSESSION)
(IN THOUSANDS)
NOVEMBER 25, OCTOBER 28,
2001 2001
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 46,773 $ 17,143
Accounts receivable 7,530 7,116
Inventories 542,561 540,175
Prepaid Expenses 22,663 15,804
------------ ------------
TOTAL CURRENT ASSETS 619,527 580,238
------------ ------------
PROPERTY AND EQUIPMENT
Owned assets, net of accumulated depreciation 341,275 344,566
Capitalized leases, net of accumulated amortization 10,407 10,571
------------ ------------
TOTAL PROPERTY AND EQUIPMENT 351,682 355,137
------------ ------------
Other assets and deferred charges 35,464 35,803
------------ ------------
TOTAL ASSETS $ 1,006,673 $ 971,178
============ ============
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Liabilities Not Subject To Compromise
Current Liabilities:
Notes payable to banks $ 346,063 $ 304,196
Accounts payable 65,080 65,964
Accrued expenses 92,651 88,901
State & local sales tax 9,524 7,544
Current maturities capitalized leases 101 100
------------ ------------
TOTAL CURRENT LIABILITIES 513,419 466,705
------------ ------------
Page 8
FORM OPR-1 AND 2 SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(DEBTOR-IN-POSSESSION)
(IN THOUSANDS)
NOVEMBER 25, OCTOBER 28,
2001 2001
------------ ------------
Long-Term Liabilities:
Long-term debt 60,000 60,000
Capitalized lease obligations 2,303 2,312
Liabilities Subject To Compromise:
Accrued restructuring costs 42,067 42,068
Capitalized lease obligations 19,213 19,491
Long-term debt 406,383 407,051
Accounts payable 198,948 199,211
Accrued expenses 95,429 94,140
------------ ------------
Total Liabilities Subject To Compromise 762,040 761,961
TOTAL LIABILITIES 1,337,762 1,290,978
------------ ------------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' (DEFICIT) EQUITY
Common stock 49,935 49,935
Additional paid-in-capital 5,881 5,881
Deferred compensation (106) (115)
Accumulated other comprehensive loss (1,941) (1,941)
Retained (deficit) earnings (384,858) (373,560)
------------ ------------
TOTAL SHAREHOLDERS' (DEFICIT) EQUITY (331,089) (319,800)
TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY $ 1,006,673 $ 971,178
============ ============
Page 9
CHAPTER 11
MONTHLY OPERATING REPORT
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
SUMMARY OF ACCOUNTS RECEIVABLE
MONTH ENDED: NOVEMBER 25, 2001
FORM OPR-3 NOT APPLICABLE
Page 10
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
SCHEDULE OF POST PETITION LIABILITIES-ACCOUNTS PAYABLE
Month Ended: 11/25/2001
FORM OPR-4
Total
---------
Trade Accounts Payable (Merchandise) $ 65,080
Total
---------
Expense & other payables $ 92,651
Page 11
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
SCHEDULE OF POST PETITION LIABILITIES
FORM OPR-4
(Dollars in Thousands)
Date Date Total
TAXES PAYABLE Incurred Due Due
Federal income tax ** Various Various $ 8,418
State income tax Various Various (695)
---------
SUBTOTAL $ 7,723
---------
Sales/use tax SUBTOTAL * Various Various $ 10,366
---------
Personal property tax * Various Various $ 2,387
Real estate taxes * Various Various 12,516
Inventory taxes * Various Various --
Gross receipts/bus licenses * Various Various 302
Franchise taxes * Various Various 414
---------
SUBTOTAL $ 15,619
---------
TOTAL TAXES PAYABLE $ 33,708
=========
* liability included in accrued expenses on OPR-2
Page 12
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: SERVICE MERCHANDISE COMPANY, INC. ET. AL.
CASE NUMBER: 399-02649 THROUGH 399-02680
PERIOD: OCTOBER 29, 2001 THROUGH NOVEMBER 25, 2001
SCHEDULE OF POST PETITION LIABILITIES
FORM OPR-4
(DOLLARS IN THOUSANDS)
DATE TOTAL DUE
INCURRED DATE DUE (11/25/01 BALANCE)
POST PETITION SECURED DEBT
Revolver borrowings 04/14/00 04/14/04 $ 346,063
Facility standby letters of credit 04/14/00 04/14/04 23,416
Facility trade letters of credit 04/14/00 04/14/04 12,803
Term loans 04/14/00 04/14/04 60,000
---------
TOTAL EXTENSIONS OF CREDIT $ 442,282
=========
ACCRUED INTEREST PAYABLE $ 1,016
=========
Page 13
FORM OPR-5
SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(DEBTOR - IN - POSSESSION)
(IN THOUSANDS)
ACTIVITY ACTIVITY ACTIVITY YTD ACTIVITY YTD
OCTOBER 29, 2001 OCTOBER 30, 2000 JANUARY 1, 2001 JANUARY 3, 2000
THROUGH THROUGH THROUGH THROUGH
NOVEMBER 25, 2001 NOVEMBER 26, 2000 NOVEMBER 25, 2001 NOVEMBER 26, 2000
----------------- ----------------- ----------------- -----------------
Net Sales $ 95,304 $ 112,727 $ 780,247 $ 1,221,174
Costs of merchandise sold and buying and occupancy
expense 69,761 80,538 576,955 958,085
----------------- ----------------- ----------------- -----------------
Gross margin after cost of merchandise
sold and buying and occupancy expenses 25,543 32,189 203,292 263,089
Selling, General and Administrative Expenses:
Net Employment Expense 14,410 15,176 151,473 253,152
Net Advertising 7,395 11,557 47,465 73,039
Banking and Other Fees 1,438 1,663 14,187 17,544
Real Estate and Other Taxes 1,701 1,742 20,415 20,890
Supplies 1,106 1,190 7,869 10,701
Communication and Equipment 298 295 3,483 4,199
Travel 371 375 3,707 5,931
UCC and Other Services 244 372 (3,842) (7,020)
Legal and Professional 330 299 3,755 3,584
Sales and Shipping 35 46 1,045 1,142
Insurance 422 397 4,709 4,269
Miscellaneous (24) 86 506 76
Credit Card Services 3 (45) (22,036) (545)
----------------- ----------------- ----------------- -----------------
Total Selling, General and Administrative Expenses 27,729 33,153 232,736 386,962
Other expense/(income), net (38) (411) 1,345 (15,204)
Page 14
FORM OPR-5
SERVICE MERCHANDISE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(DEBTOR - IN - POSSESSION)
(IN THOUSANDS)
ACTIVITY ACTIVITY ACTIVITY YTD ACTIVITY YTD
OCTOBER 29, 2001 OCTOBER 30, 2000 JANUARY 1, 2001 JANUARY 3, 2000
THROUGH THROUGH THROUGH THROUGH
NOVEMBER 25, 2001 NOVEMBER 26, 2000 NOVEMBER 25, 2001 NOVEMBER 26, 2000
----------------- ----------------- ----------------- -----------------
Restructuring charge (credit) -- 2 -- (2,426)
Depreciation and amortization 3,181 3,093 37,381 35,477
----------------- ----------------- ----------------- -----------------
Earnings (loss) before interest, reorganization
items, and income tax (5,329) (3,648) (68,170) (141,720)
Interest expense - debt 3,234 3,721 35,002 33,917
Interest expense - capitalized leases 245 280 2,855 3,256
----------------- ----------------- ----------------- -----------------
Earnings (loss) before reorganization items,
and income tax (8,808) (7,649) (106,027) (178,893)
Reorganization Items:
Severance -- -- -- 9,423
Legal and Professional 1,821 1,829 22,153 33,958
Miscellaneous 230 202 2,560 2,777
Loss (Gain) on Disposal of Assets 439 53 1,533 (3,004)
Close Store Charges -- (716) 246 (396)
----------------- ----------------- ----------------- -----------------
Total Reorganization Items 2,490 1,368 26,492 42,758
Earnings (loss) before income tax (11,298) (9,017) (132,519) (221,651)
Income tax benefit -- -- -- --
Cumulative Effect of Change in Accounting
Principles -- -- -- --
----------------- ----------------- ----------------- -----------------
Net earnings (loss) $ (11,298) $ (9,017) $ (132,519) $ (221,651)
================= ================= ================= =================
Page 15