UNITED STATES
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: February 7, 2000
RSI HOLDINGS, INC.
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(Exact name of registrant as specified in its charter)
North Carolina 0-18091 56-1200363
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(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification Number)
28 East Court Street, Post Office Box 6847, Greenville, South Carolina 29606
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 271-7171
Item 5. Other Events
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As disclosed in its Form 10-QSB for the quarter ended November 30, 1999,
HomeAdd Financial Corporation ("HomeAdd"), a wholly-owned subsidiary of RSI
Holdings, Inc. (the "Company"), sold more than 90% of its loans during the
months from January 1999 through August 1999 to a single federal bank in
California. During the first quarter of the Company's 2000 fiscal year this bank
reduced the number of loans that it will buy, which caused increased
difficulties for HomeAdd in selling its loans.
HomeAdd has experienced increased losses that resulted from difficulties in
selling its loans as described above. Although HomeAdd has sought to replace the
bank in California with other purchasers of mortgages and to operate profitably,
it has not been able to do so.
As a result, the Company has decided to cease all of HomeAdd's business
operations as soon as possible. The Company anticipates that no material assets
of the Company will remain after payment of the Company's existing and
contingent liabilities. Although the Company intends to look for other business
opportunities, it cannot determine at this time what, if any, future business
activities it may engage in.
In addition, at the annual meeting of the Company's shareholders held on
January 27, 2000, the Company announced that two of the nominees for the
Company's board of directors, Joe F. Ogburn and Charles C. Mickel, have declined
to serve as directors for personal reasons.
Item 7. Financial Statements and Exhibits
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(a) Financial Statements of the Businesses Acquired. Not Applicable
(b) Pro Forma Financial Information. Not Applicable
(c) Exhibits. Not Applicable
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.
RSI HOLDINGS, INC.
February 7, 2000 By: /s/ Buck A. Mickel
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Buck A. Mickel
President and Chief
Executive Officer