SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): JULY 28, 1997
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L. LURIA & SON, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA
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(State or other jurisdiction of incorporation
1-8057 59-0620505
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(Commission File Number) (IRS Employer Identification No.)
5770 MIAMI LAKES DRIVE
MIAMI LAKES, FLORIDA 33014
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 557-9000
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(Former name or former address, if changed since last report)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
The Company has entered into an agency agreement with Gordon Brothers
Partners, Inc. with respect to liquidation sales to be conducted at
eleven stores. Under the current agreement with Gordon Brothers, the
Company received an up-front cash payment of approximately $11.5
million for the merchandise located at the stores, which was used to
pay down debt. The liquidation sales are part of the Company's strategy
to address its working capital needs as previously announced in a
recovery plan set forth in the Company's Form 10-Q for the 13 weeks
ended November 2, 1996 (the "November 10-Q") and in a Form 8-K, dated
December 17, 1996 (the "December Form 8-K"). Although the Company has
taken many of the steps set forth in the November 10-Q and December
Form 8-K to address its working capital needs, the Company continues to
experience difficulties in meeting its debts as they become due and is
considering various alternatives. The Company closed two additional
stores on June 30 and July 7 of this year. After all liquidation sales
are completed, the Company will operate six stores in Florida and will
take a restructuring charge for the closed stores.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
EXHIBITS
2.1 Agency Agreement, dated July 28, 1997, between Gordon Brothers
Partners, Inc. and the Company.
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 thereunto duly authorized.
L. LURIA & SON, INC.
Dated: August 7, 1997 By: /S/RACHMIL LEKACH
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Rachmil Lekach, Chief Executive Officer
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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2.1 Agency Agreement, dated as of July 28, 1997 between
Gordon Brothers Partners, Inc. and the Company.