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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) May 15, 1998
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LADD FURNITURE, INC.
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(Exact name of registrant as specified in its charter)
North Carolina 0-11577 56-1311320
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
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4620 Grandover Parkway, P.O. Box 26777, Greensboro, North Carolina 27417-6777
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(Address of principal executive offices) (Zip Code)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (336) 294-5233
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(Former name or former address, if changed since last report.)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable.
ITEM 5. OTHER EVENTS.
Effective May 15, 1998, the Registrant amended the terms and
conditions of its Loan and Security Agreement dated as of July 12,
1996, as previously amended, among LADD Furniture, Inc., certain of its
subsidiaries, the financial institutions party thereto from time to
time as the lenders, NationsBank, N.A. and Fleet Capital Corporation as
the "Co-Agents," and NationsBank, N.A., as Administrative Agent for the
lenders (credit facility) to, among other things, extend the term of
the revolving credit facility to July 12, 2000; lower the interest rate
pricing on the Company's revolving credit and term facilities; lower
the letter of credit fees and early payment fee; and amend the
financial reporting requirements and certain financial covenants. The
amendment to the Credit Facility is attached hereto as Exhibit 10.1.
On May 19, 1998, the Registrant issued a press release
reporting the amendment of the terms and conditions of its Credit
Facility. The press release is attached hereto as Exhibit 10.2.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
a) Exhibits
10.1 Amendment No. 6 and Consent to Loan and
Security Agreement dated as of July 12,
1996.
10.2 Press Release dated May 19, 1998.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
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SIGNATURES
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.
LADD FURNITURE, INC.
Date: May 21, 1998 By: /s/William S. Creekmuir
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William S. Creekmuir
Title: Executive Vice President, Chief
Financial Officer, Treasurer and
Secretary