SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 19, 2000
THE GREAT TRAIN STORE COMPANY
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-13158 75-2539189
(Commission File Number) (I.R.S. Employer Identification No.)
14180 Dallas Parkway, Suite 618, Dallas, Texas 75240
(Address of Principal Executive Offices) (Zip Code)
(972) 392-1599
(Registrant's Telephone Number, Including Area Code)
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Item 3. Bankruptcy or Receivership.
Since February 28, 2000, The Great Train Store Company (the
"Registrant") is operating under the protection of the United States Bankruptcy
Code as a debtor-in- possession and had been attempting to obtain bridge and
replacement financing and to explore other opportunities for the Registrant.
On May 18, 2000, the United States Bankruptcy Court entered an order
authorizing, among other things, that the Registrant (i) discontinue operations
at and liquidate the inventory located at the going-out-of-business stores, and
(ii) enter into an agency agreement for such liquidation.
Item 5. Other Events
On April 26, 2000, the Registrant filed unaudited monthly operating
reports as of and for the month ended March 29, 2000 with respect to the
Registrant and The Great Train Store Partners, L.P., GTS Limited Partner, Inc.
and GTS Partner, Inc., all direct or indirect subsidiaries of the Registrant
(the "Subsidiaries") with the United States Bankruptcy Court. Attached hereto as
Exhibit 99.1 are such monthly reports as included in the bankruptcy filing
referred to above.
As of May 5, 2000, as required by the Registrant's current lender in
connection with the Registrant's attempts to obtain additional financing, James
H. Levi resigned as Chairman of the Board and Chief Executive Officer of the
Registrant. However, Mr. Levi currently remains as a director of the Registrant.
Subsequently, the Registrant replaced its President with Cheryl Taylor, the
current Chief Financial Officer of the Registrant, and terminated 11 employees
in the Registrant's executive office.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Monthly operating reports of the Registrant and
Subsidiaries as of and for the month ended March 29,
2000, as filed with the United States Bankruptcy Court.
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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 thereunto duly authorized.
Date: May 19, 2000
THE GREAT TRAIN STORE COMPANY
By: /s/ Cheryl A. Taylor
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Cheryl A. Taylor
Vice President - Finance &
Administration
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