Item 1. BUSINESS
General
Edison Brothers Stores, Inc. (The "Company") owns and operates chains of specialty stores in forty-nine of the United States, Puerto Rico, the Virgin Islands, and Canada. The Company conducts its principal operations through subsidiaries and divisions in two business segments: apparel and footwear. Both the apparel and the footwear segments feature private label merchandise in the moderate price range. The stores operated by the Company are located primarily in shopping malls. During 1996 the Company opened 85 stores and closed 419 stores.
Proceedings under Chapter 11
On November 3, 1995 (the "Petition Date"), the Company and 65 of its subsidiaries and affiliates (the "Debtors") filed petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Debtors are presently operating their respective businesses as debtors in possession. A statutory creditors committee has been appointed in the Chapter 11 cases. The U.S. Trustee appointed an equity committee in the fourth quarter of 1996. The Chapter 11 cases of the Debtors are being jointly administered for procedural purposes only.
The Company and Edison Brothers Apparel Stores, Inc., as debtors-in-possession, entered into a Loan Agreement dated effective November 9, 1995 (the "DIP Facility"), with BankAmerica Business Credit, Inc., as Agent and Lender ("BankAmerica"), under which the Company may borrow up to $200 million to fund ongoing working capital needs. The DIP Facility, subject to collateral restrictions, has a sublimit of $150 million for the issuance of letters of credit. The Company expects that the DIP Facility will provide it with sufficient cash and liquidity to conduct its operations and pay for merchandise shipments at normal levels through the emergence date.
At the Company's option, the Company may borrow under the DIP Facility at the Reference Rate (as defined) plus .25% or at the Eurodollar Rate (as defined) plus 1.5%. The maximum borrowing, up to $200 million, is limited to 50% of the value of eligible inventory (as defined) plus 95% of the amount of cash deposited with the Agent. The Company is required to pay a commitment fee of .375% per annum of the unused portion of the DIP Facility. The DIP Facility contains restrictive covenants including, limitations on store closings of 1,100 (as amended), limitations on the incurrance of additional liens and indebtedness, limitations on capital expenditures and the sale of assets, the maintenance of minimum operating earnings ("EBITDA") and inventory levels, and a prohibition on paying dividends.
The lenders under the DIP Facility have a "super-priority" administrative expense claim against the estate of the Company. The DIP Facility expires on the earlier of November 9, 1997, or the effective date of a reorganization plan that is confirmed by the Bankruptcy Court.
On February 27, 1997, the Debtors filed a proposed Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code, which was amended by a subsequent filing on March 31, 1997 (the plan as amended, the "Plan"). On March 31, 1997, the Debtors also filed a Disclosure Statement pursuant to Section 1125 of the Bankruptcy Code. The court has set a hearing date of May 13, 1997, for consideration of the adequacy of the Debtors' Disclosure Statement. If the Disclosure Statement is approved by the Court, the Company will then solicit acceptances of the Plan from those holders of claims and equity interests entitled to vote thereon under the terms of the Plan. A confirmation hearing will thereafter be held by the Bankruptcy Court to determine whether the Plan satisfies all of the requirements for confirmation specified in Section 1129 of the Bankruptcy Code, among which are that the Plan be: (i) accepted by all impaired classes of claims and equity interests or, if rejected by an impaired class, that the Plan "does not discriminate unfairly" and is "fair and equitable" as to such class; (ii) feasible; and (iii) in the "best interests of creditors and stockholders that are impaired under the Plan."
The Plan and Disclosure Statement may be subject to further amendment and revisions. As currently drafted, the Plan provides for a distribution to creditors of a combination of cash, new corporate debt, new Company common stock and other assets. General unsecured creditors would receive: (i) a cash payment of $119 million (subject to certain adjustments); (ii) ten year, 11% unsecured notes in the principal amount of $100 million (with the first three years of interest prefunded and no scheduled principal payments until maturity in 2007); (iii) new common stock of the Company, which would be issued at the time of emergence and replace all existing shares; (iv) title to the Company's headquarters building in downtown St. Louis, which the Company would continue to occupy under the terms of a ten year lease; and (v) excess cash of approximately $43 million from the Company's overfunded pension plan. Holders of existing equity interests in the Company would receive a combination of three and six year warrants to purchase a total of approximately nine percent of the new common stock.
The Plan will not become effective unless and until certain conditions specified therein have been satisfied or waived. Among these conditions are that: (i) an order confirming the Plan, in form and substance reasonably acceptable to the debtors and the statutory Creditors Committee, shall have been signed by the Bankruptcy Court and there shall not be a stay or injunction in effect with respect thereto; (ii) the Debtors shall have at least $25 million in cash as of July 5, 1997, after giving effect to the distributions of cash projected to be made under the Plan; (iii) the Debtors shall have credit availability under a working capital credit facility providing the Debtors with working capital sufficient to meet their requirements; and (iv) various other actions, documents and agreements necessary to implement the Plan shall have been effected or executed.
The Company anticipates using fresh start accounting once the Plan is consummated.
Description of Business
Apparel Segment
Edison Brothers' menswear chains and other operations include J. Riggings, JW/Jeans West, Oaktree, CODA, REPP Ltd. Big & Tall, and Phoenix catalog operations. The womenswear chain is 5-7-9 Shops. Shifty's and Terrasystems are experimental concepts that provide apparel for both men and women.
J. Riggings offers modern, traditional work and sport clothing to fashion oriented customers seeking current quality apparel at moderate prices. In 1996, J. Riggings had an average store square footage of 2,660. J. Riggings operated 333 and 419 stores at the end of fiscal 1996 and 1995, respectively.
JW/Jeans West (JW) markets casual fashions, predominantly denim clothing and accessories, to value conscious young men between the ages of 13 and 20. In 1996, JW had an average store square footage of 1,690. JW operated 341 and 359 stores at the end of fiscal 1996 and 1995, respectively.
Oaktree offers a mix of dress and casual clothing for men ages 19 to 28 who appreciate and are looking for European influenced fashions, sophisticated fabrics and styles. In 1996, Oaktree had an average store square footage of 2,386. Oaktree operated 76 and 84 stores at the end of fiscal 1996 and 1995, respectively.
CODA markets the latest in men's casual fashion, including jeans, knit casual wear and athletic wear. The chain targets the urban youth market - 17 to 25 year old men who are brand conscious and fashion forward. In 1996, CODA had an average store square footage of 2,968. CODA operated 33 and 35 stores at the end of fiscal 1996 and 1995, respectively.
REPP Ltd Big & Tall (REPP) is a chain offering high quality, fashionable casual and dress men's clothing in both branded and private label. REPP focuses on the tall man of at least 6'3" and the big man having a 40" or larger waist. In 1996, REPP had an average store square footage of 3,930. REPP operated 189 and 214 stores at the end of fiscal 1996 and 1995, respectively.
Phoenix Big & Tall is a catalog operation that markets fashionable casual and dress men's clothing and a large assortment of accessories (including footwear) in primarily branded labels. The catalog operation focuses on the tall man of at least 6'3" and the big man of a 40" waist or larger providing a wide variety of sizes, styles, and accessories offered by a catalog operation.
5-7-9 shops primarily markets sportswear, dresses and accessories to junior high and high school girls who want to purchase trendy fashions at moderate prices in sizes 0 through 9. The core customer is conscious of looking current without being too extreme or mature. In 1996, 5-7-9 had an average store square footage of 1,801. 5-7-9 operated 274 and 283 stores at the end of fiscal 1996 and 1995, respectively.
Terrasystems is a concept positioned as a modern, fashionable outfitter targeting active outdoor men and women with functional apparel and gear for sport, work, outdoors and home. In 1996, Terrasystems had an average store square footage of 5,924. Terrasystems operated three stores at the end of fiscal 1996. The Company announced in April 1997 that the Terrasystems concept will be phased out during 1997.
Shifty's caters to both male and female teenagers who want to set trends with fashionable and branded clothing. In 1996, Shifty's had an average store square footage of 2,506. Shifty's operated four stores at the end of fiscal 1996 and one store at the end of fiscal 1995.
The Zeidler & Zeidler group discontinued operations in fiscal year 1996. This chain operated 102 stores at the end of 1995.
Footwear Segment
The Company's footwear chains include Bakers/Leeds, Precis, and The Wild Pair.
Bakers/Leeds targets young women, predominantly ages 12 to 24, who want fashionable footwear and accessories at affordable prices -- prices between the discounters and the department stores. In 1996, Bakers/Leeds had an average store square footage of 2,714. Bakers/Leeds operated 309 and 347 stores at the end of fiscal 1996 and 1995, respectively.
Precis targets contemporary women looking for stylish, quality, upscale footwear and accessories. In 1996, Precis had an average store square footage of 1,904. Precis operated 17 and 39 stores at the end of fiscal 1996 and 1995, respectively.
Wild Pair targets young men and women who are looking for alternative fashion in footwear. Brand awareness is important to Wild Pair's core customer, especially among the male customer group. In 1996, Wild Pair had an average store square footage of 1,743. Wild Pair operated 164 and 194 stores at the end of fiscal 1996 and 1995, respectively.
Entertainment
The Company's mall entertainment division included family entertainment centers and operations involved with the marketing of new interactive entertainment technologies. In January 1996 the Company sold substantially all of the assets of its mall entertainment division to NAMCO Cybertainment.
The Company operated 21 entertainment centers at the end of 1995. At the end of 1996, the Company operated two entertainment centers, which it intends to close by September, 1997.
Additional information regarding the Company's principal business segments is set forth under "Note 13: Business Segments" to the Consolidated Financial Statements in the 1996 Annual Report. Such information is incorporated herein by reference.
Operations, Inventory and Distribution
The specialty retailing business is subject to fluctuations resulting from changes in customer preferences dictated by fashion and season. This is especially true for stores emphasizing fashion over classic basics. In addition, merchandise usually must be ordered significantly in advance of the season and sometimes before fashion trends are evidenced by customer purchases. It has been the general practice of the Company and other apparel retailers to build up inventory levels prior to peak selling seasons, which further increases the vulnerability of the Company to changes in demand, pricing shifts and to errors in selection and timing of merchandise purchases.
Substantially all of the Company's merchandise information, accounting, and financial control systems are operated centrally from the Company's headquarters in St. Louis, Missouri. Daily polling of activity from the point-of-sale registers in each store provides current data for updated sales, merchandise, and bank activity reporting. Integration of this data with the Company's merchandise system enables each chain's team of merchandise controllers and distributors to monitor performance and replenish and control inventory.
The Company must carry large amounts of inventory to meet the needs of its stores. The Company operates three main distribution centers located in Washington, Missouri; Rialto, California; and Princeton, Indiana. The centers are receiving points for merchandise from foreign and domestic suppliers and coordinate distribution of individual shipments via contract and common carriers.
Purchasing
The Company purchases approximately 70% of its merchandise from foreign suppliers and the balance from domestic sources. The Company has no long term purchase commitments with any of its suppliers, and is not dependent on any one supplier. The Company's importing operations are subject to the contingencies generally associated with foreign operations, including fluctuations in currency values, customs duty increases, quota limitations and any other foreign development that could cause a supply disruption. The Company has international buying offices in Taiwan, Hong Kong, China, Indonesia, Korea, Honduras, and the Philippines.
The Company does not manufacture any merchandise, but it markets most of its merchandise under private labels. Each chain of stores maintains a staff of buyers, who make buying decisions for each chain.
Competition
The apparel and footwear retailing industries are highly competitive. The Company's stores are in competition with numerous other independent retailers, department stores, mail order companies and discount and manufacturer's outlets, many of which have greater sales, assets and financial resources than the Company. Because the Company's stores are primarily in regional shopping malls, each faces several nearby competitors. In competing for customers, the Company emphasizes the fashion orientation of its merchandise, customer service, store appearance and price.
Employees
During fiscal 1996, the Company employed an average of 17,700 persons with approximately 16,000 of them engaged in retail operations at the store level (approximately 31% full-time and 69% part-time). A substantial number of the part-time employees are hired temporarily during peak selling seasons. The Company believes its employee benefits package is competitive with those offered in the industry. The Company's employees are non-union and the Company believes that its employee relations are good.
Seasonal Business
The Company experiences a significant increase in sales during the Christmas selling season (Thanksgiving through Christmas). Sales during that season accounted for 13.8% of total sales during 1996 compared with 16.5% in 1995. The decrease between years occurred reflected the fact that the 1996 Christmas selling season had five fewer shopping days than the 1995 season. The Company's inventory is generally increased significantly prior to this peak selling period.
Trademarks
The Company holds a number of trademarks covering its products. The Company believes that the loss of any of these trademarks would not have a material effect on the Company's business.
Item 2.
Item 2. PROPERTIES
Stores are located nationwide, and most are leased with initial terms of generally from five to ten years. The rentals under most leases are based upon a percentage of sales to the extent sales exceed a threshold amount. Many of the leases provide for additional payments for real estate taxes and other items. The stores generally range in size from 1,300 to 4,000 square feet.
The Company-owned headquarters building in St. Louis, Missouri, was completed in 1985 and is the home office for all divisions. The building contains approximately 500,000 square feet, a portion of which the Company leases to others. The Rialto, California and Princeton, Indiana distribution centers are owned by the Company. The distribution center in Washington, Missouri is operated under a long term capital lease arrangement. The Rialto and Washington centers service primarily the apparel segment while Princeton services primarily the footwear segment.
Item 3.
Item 3. LEGAL PROCEEDINGS
The Company and 65 of its subsidiaries and affiliates filed petitions for reorganization under Chapter 11 of the United States Bankruptcy Code on November 3, 1995. Additional information related to the filing is set forth under Part 1, Item 1 of this Form 10-K and under the captions "To Our Shareholders", "Note 1: Proceedings under Chapter 11" to the Consolidated Financial Statements, and "Management's Discussion and Analysis" in the 1996 Annual Report. Such information is incorporated herein by reference.
The Company is not a party to any other material pending legal proceedings.
Item 4.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of security holders during the fourth quarter.
PART II
Item 5.
Item 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Information required by Item 5 is contained in "Note 11: Common Stock" and "Note 7: Financing Arrangements" to the Consolidated Financial Statements and under the caption "Quarterly Information" in the 1996 Annual Report. Such information is incorporated herein by reference.
Item 6.
Item 6. SELECTED FINANCIAL DATA
Information required by Item 6 is contained under the caption "Five Year Financial Summary" in the 1996 Annual Report. Such information is incorporated herein by reference.
Item 7.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Information required by Item 7 is presented under the captions "To Our Shareholders" and "Management's Discussion and Analysis" in the 1996 Annual Report. Such information is incorporated herein by reference.
Item 8.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Information required by Item 8, as listed below, is included in the 1996 Annual Report. Such information is incorporated herein by reference.
Consolidated Statements of Operations - fiscal years 1996, 1995, and 1994
Consolidated Balance Sheets - 1996 and 1995 fiscal year-ends
Consolidated Statements of Cash Flows - fiscal years 1996, 1995, and 1994
Consolidated Statements of Common Stockholders' Equity (Deficit) - fiscal years 1996, 1995, and 1994
Notes to Consolidated Financial Statements
Five Year Financial Summary
Quarterly Information
Item 9.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
Item 11.
Item 11. EXECUTIVE COMPENSATION
The following table sets forth the compensation paid to each of the five most highly compensated executive officers of the Company (the "named executive officers") for services rendered to the Company and its subsidiaries for the last three fiscal years.
Stock Options
The following table provides information with respect to stock option exercises during the 1996 fiscal year by the named executive officers and the value of such officers' unexercised options as of the end of the fiscal year.
Employment Contracts and Termination of Employment and Change-in-Control Arrangements
In June 1996, in order to assure the Company of the continued availability of the services of its key executives, the Company entered into employment agreements with certain of its officers, including each of the named executive officers (superseding employment agreements previously entered into with the named executive officers in September 1995). The agreements between the Company and the named executive officers provide for terms of employment ending either on September 17, 1997 or September 17, 1998. In addition to salary and benefits, the agreements each provide for two lump sum cash bonuses, each equal to two times the executive's monthly base salary, the first payable on September 17, 1996 and the second on September 17, 1997 (subject, in each case, to acceleration in the event of a change in control as defined in the agreements). These "retention" bonuses, intended as incentives for the executive to remain with the Company, are payable only if the executive is still in the Company's employ on the payment date (subject to the executive's right to receive a prorata portion of the second bonus if terminated without cause less than six months before the payment date). If there occurs a "change in control" of the Company, as defined in the agreements, the employment term is extended for a period ending either two years, in the case of Alan Miller, or eighteen months, in the case of the other named executive officers, after the date of occurrence of the change in control. If, within the term of the agreement, the executive's employment is terminated by the Company other than for cause or is terminated by the executive for "good reason" (which, prior to a change in control, would be limited to a reduction in salary, and following a change in control would include a reduction in salary, material change in benefits, diminution in duties or mandatory geographic transfer), the executive will be entitled to a lump sum payment equal to (i) the executive's monthly salary at the highest rate in effect at any time between September 18, 1995 and the date of termination of employment, multiplied by (ii) the greater of (a) twelve or (b) the number of months remaining under the agreement. Further, in the event of termination without cause or for "good reason," the Company is to maintain for the executive's continued benefit for the longer of the unexpired term of the agreement or twelve months from the date of termination (or until the executive's similar coverage by a new employer, if earlier) all life insurance, health and disability plans in which the executive was entitled to participate immediately prior to the termination of the executive's employment (or, alternatively, provide benefits substantially similar to those which the executive would otherwise have been entitled to receive under such plans). In addition, the Company is to pay to the executive (or the executive's beneficiary upon his death) an amount equal to the benefits the executive would have been entitled to receive under the Edison Brothers Stores Pension Plan and any supplemental or successor plans then in effect had the executive remained employed by the Company through the term of the agreement less the benefits actually payable to the executive under such plans, such amount to be determined, and payment thereof to commence, in accordance with the provisions of such plans. If a change in control occurs after the term of the agreement but at a time when the executive is still employed by the Company, and the executive's employment is then terminated by the Company without cause or by the executive for "good reason" within two years, in the case of Alan Miller, or eighteen months, in the case of the other named executive officers, after the occurrence of such change in control, the executive will also be entitled to the payments and benefits described above. The agreement further provides that if any payments or benefits payable by the Company to the executive pursuant to the agreement or any other agreement or arrangement of the Company are determined to be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code or any successor or comparable tax, the Company will pay the executive an additional amount so that the net amount actually retained by the executive after payment of the excise tax is the same amount which would have been retained if no such excise tax had been imposed. Legal fees or other expenses incurred by the executive to enforce his or her rights under the agreement are to be reimbursed by the Company if the executive prevails on such claim.
Retirement Plans
The Company maintains a Pension Plan for itself and certain of its subsidiaries under which participation begins when a regular employee has attained the age of 21 and completed one year of service. Vesting of rights to a pension occurs upon the completion of five years of service.
Retirement benefits are based on a participant's average annual compensation during the highest five consecutive calendar years of compensation within the last fifteen years of credited service prior to retirement. Compensation includes all salary, bonuses and commissions, but does not include distributions under any stock option plan. For years after 1993, compensation and average compensation for determining retirement benefits is limited to $150,000, subject to annual adjustments for changes in the cost of living.
Retirement benefits at age 65 are equal to 0.9% of such average annual compensation, plus 0.6% of such average annual compensation in excess of a breakpoint, all multiplied by years of credited service (not exceeding 30). The breakpoint, which is specified by law, is an amount equal to the average of the maximum wages subject to Social Security taxes during the 35-year period ending in the year prior to a participant's Social Security retirement date. If retirement occurs prior to age 65, benefits may be reduced to reflect the earlier payment date. Benefits may also be reduced if survivor benefits are to be paid to an eligible spouse, based on age differentials.
For some individuals, the amounts payable under the Pension Plan are limited by certain provisions of the Internal Revenue Code. The Company has adopted an unfunded excess benefits plan ("Pension Restoration Plan") to pay out of its general assets to designated employees that portion of the benefits that would otherwise be payable to them under the Pension Plan were it not for such limitations.
For eligible employees reaching the age of 65 during 1996 and retiring during that year, the following are the approximate total annual retirement benefits payable under the Pension Plan and the Pension Restoration Plan based on their average annual compensation as outlined above and their years of service:
Compensation of Directors
Directors who are employees of the Company receive no additional compensation for their attendance at meetings of the Board or any of its committees of which they are members. Directors who are not employees of the Corporation receive an annual retainer of $17,500, and $1,200 for participation in each Board meeting and $1,000 for participation in each committee meeting. When participation in a Board or committee meeting is by telephone, the fee paid is one-half of the amount reported above.
The Company has a non-qualified retirement plan for outside directors. Under this plan, outside directors (other than those who were employees of the Company and are eligible for benefits under the Company's pension plan) who attain age 70 and have at least five years of continuous Board service are entitled upon retirement from the Board to an annual benefit equal to the annual retainer being paid at that time to the Company's directors.
Compensation Committee Interlocks and Insider Participation
Julian I. Edison, who, during the last fiscal year, was a member of the Compensation Committee, is a former officer of the Company.
Item 12.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Security Ownership of Certain Beneficial Owners
The following table sets forth the number and percentage of outstanding shares of the Company's common stock beneficially owned as of March 1, 1997 by each person known by management to be the beneficial owner of more than 5% of the outstanding common stock (except for one individual who is a director of the Company, as to whom such information is set forth below).
Security Ownership of Management
The following table sets forth the number and percentage of outstanding shares of the Company's common stock beneficially owned as of March 1, 1997 by (i) each director, (ii) each person named in the Summary Compensation Table on page 14, and (iii) all directors and executive officers of the Company as a group.
Changes in Control
On March 31, 1997, the Company filed with the U.S. Bankruptcy Court a proposed Amended Joint Plan of Reorganization (the "Plan"). If confirmed by the Court, upon consummation of the Plan, all existing common stock of the Company will be canceled and all of the new common stock of the reorganized company (except for approximately 200,000 restricted shares to be issued to certain of the Company's senior executives) will be issued to the holders of allowed general unsecured claims.
The Plan also provides that, upon consummation, the Board of Directors of the Company will be reconstituted to consist of nine individuals, two of whom will be representatives of the Company's senior management, one of whom will be a current outside director of the Company, and six of whom will be selected by the statutory Creditors' Committee.
Item 13.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There were no transactions or other matters to be reported under this item.
PART IV
Item 14.
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) (1) and (2) The response to this portion of Item 14 is submitted as a separate section of this report.
(a) (3) Listing of exhibits:
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
EDISON BROTHERS STORES, INC. (Registrant)
By By /s/Alan D. Miller 5/1/97 /s/David B. Cooper, Jr. 5/1/97 Chairman of the Board, President Executive Vice President and and Chief Executive Officer Chief Financial Officer
By /s/Thomas K. McCain 5/1/97 Vice President, Taxes and Financial Reporting
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following directors on behalf of the registrant on the dates indicated.
/s/Alan D. Miller 5/1/97 /s/David B. Cooper, Jr. 5/1/97 /s/Julian I. Edison 5/1/97 /s/Jane Evans 5/1/97 /s/Alan A. Sachs 5/1/97 /s/Karl W. Michner 5/1/97 /s/Craig D. Schnuck 5/1/97 /s/Richard C. Marcus 5/1/97 /s/Bart A. Brown, Jr. 5/1/97
SIGNATURES (continued)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following director on behalf of the registrant and on the date indicated.
/s/Jane Evans 5/1/97
SIGNATURES (continued)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following director on behalf of the registrant and on the date indicated.
/s/Richard C. Marcus 5/1/97
SIGNATURES (continued)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following director on behalf of the registrant and on the date indicated.
/s/Bart A. Brown, Jr. 5/1/97
SIGNATURES (continued)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following director on behalf of the registrant and on the date indicated.
/s/Craig D. Schnuck 5/1/97
ANNUAL REPORT ON FORM 10-K ITEM 14(a) (1) and (2) and ITEM 14(d) FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES YEAR ENDED FEBRUARY 1, 1997 EDISON BROTHERS STORES, INC. ST. LOUIS, MISSOURI
FORM 10-K - ITEM 14 (a) (1) and (2) and Item 14 (d)
EDISON BROTHERS STORES, INC. AND SUBSIDIARIES
INDEX OF FINANCIAL STATEMENTS AND SCHEDULES
The following consolidated financial statements of Edison Brothers Stores,Inc. and subsidiaries, included in the 1996 annual report of the registrant to its stockholders, are incorporated by reference in Item 8:
Consolidated Statements of Operations - fiscal years 1996, 1995, and 1994
Consolidated Balance Sheets - 1996 and 1995 fiscal year-ends
Consolidated Statements of Cash Flows - fiscal years 1996, 1995, and 1994
Consolidated Statements of Common Stockholders' Equity (Deficit) - fiscal years 1996, 1995, and 1994
Notes to Consolidated Financial Statements
The following consolidated financial statement schedule of Edison Brothers Stores, Inc. and subsidiaries is included in item 14(d):
Schedule II - Valuation and qualifying accounts
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions, or are inapplicable, and therefore have been omitted.
Individual financial statements of the registrant have been omitted as the registrant is primarily an operating company and all subsidiaries included in the consolidated financial statements filed, in the aggregate, do not have minority equity interests and/or indebtedness to any person other than the registrant or its consolidated subsidiaries in amounts which together (excepting indebtedness incurred in the ordinary course of business which is not overdue and matures within one year from the date of its creation, whether or not evidenced by securities, and indebtedness of subsidiaries which is collateralized by the registrant by guarantee, pledge, assignment, or otherwise) exceed five percent of the total assets as shown by the most recent year end consolidated balance sheet.