The assets of Smith’s Home Furnishings will be liquidated under a Chapter 7 motion that was approved by the U.S. Bankruptcy Court in Portland, Ore. last Wednesday.
Judge Elizabeth Perris approved a motion to convert Chapter 11 status for the chain to Chapter 7 and named as trustee Michael Batlin, who was meeting with secured creditors, landlords and employees last week.
It was unclear at press time if the liquidation sale — which had been set prior to the court accepting the Chapter 7 motion — would begin by the end of the week.
Smith’s, which has been operating under Chapter 11 protection since late August had eight stores open in Oregon and one in Boise, Idaho before to the shutdown. The chain closed its eight Washington stores last month.
Larry N. Choruby, Smith’s president, told The Oregonian on October 7 that the chain has about $15 million in inventory to sell off and that about $200,000 worth of furniture, appliances and electronics were awaiting delivery in Oregon and Idaho.
The chain, which has been a member of the NATM Buying Group, had electronics sales of $123 million and $57 million in appliance sales during 1994, according to the TWICE Consumer Electronics and Major Appliance Retail Registries, and operated 19 stores.
BUSINESS NOTES
Boston Acoustics’ net was up 34% to $1.79 million in the quarter to September 23, as sales increased 22.5% to $11.6 million. For its fiscal first half the speaker maker’s net was up 26% to $3.25 million on a 19% revenue rise to $21.5 million.
Wal-Mart announced plans for a massive U.S. expansion next year. It expects to open about 75 discount outlets, 110 supercenters, and 12 Sam’s Clubs.
Fretter has reportedly closed its 24 Silo stores in the Chicago area as part of a shutdown of many stores in Illinois (TWICE, October 2, page 9). An executive with liquidator Hilco/Great American said it is conducting the sale of audio, video, and other electronics and appliance products at several former Silo outlets in the city.
Broderbund credited its success with CD-ROM software for a near doubling of its net from operations to $32.6 million in the year to August 31. Sales jumped 54% to $111.8 million. In the final quarter net climbed 61% to $7.2 million on a 33% sales rise to $37.2 million. Also, Broderbund said it plans to complete the previously announced acquisition of The Learning Company next month.
Samsung is endowing with $5 million the Samsung American Legion Scholarship Program, which will provide collage scholarships to descendants of American veterans.
CompUSA obtained a $75 million unsecured revolving credit from a group of five banks led by NationsBank. It replaces a $50 million credit facility.
JVC is opening its second U.S. CD pressing plant. The new facility, in Sacramento, Calif., will have a start-up capacity of 3 million discs monthly. JVC, which produces some 9 million CDs a month at a plant in Tuscaloosa, Ala., says the new operation is needed to meet the demand for CD-ROMs and to prepare for new CD formats.
Lexmark Holding is changing its name to Lexmark International Group as part of a plan to go public. Lexmark, the former printer manufacturing arm of IBM, was acquired in 1991 by an investment group headed by Clayton, Dubilier & Rice. In a registration statement filed with the SEC, the company indicated that all the shares to be offered will come from insider holdings and that none will be offered by the company itself. It said the size, price and timing of the sales will depend on market conditions.
Merisel increased its available working capital through a new five-year $300 million credit with GE Capital. The new agreement, which is secured by Merisel’s accounts receivable, effectively doubles the distributor’s credit line.
Video Display Corp. said a successful cost-reduction program helped it achieve a 75% jump in fiscal first-half net to $962,000. Sales for the period ended August 31 were off 5% at $23.4 million.
Spectrum HoloByte is raising up to $50 million through the private placement of a seven-year 6.5% convertible debt issue.
Seagate Technology and Conner Peripherals have finalized details of their merger. The terms call for a stock swap, with Seagate as the surviving company. Additionally, Seagate has the right to purchase a 15% stake in Conner should a third party acquire as much as 20% of Conner shares.&
TWICE STOCK INDEX
COMPANY CLOSING CLOSING NET PERCENT
PRICE PRICE CHG. IN CHG. IN ANNUAL
MANUFACTURER 9/25/1995 10/9/1995 PERIOD PERIOD HIGH LOW
APPLE 37.50 34.81 -2.69 -7.17 50.13 33.63
AST RESEARCH (L) 10.00 7.88 -2.13 -21.25 19.13 7.88
ATARI 3.56 2.88 -0.69 -19.30 7.38 2.50
AUDIOVOX 5.88 5.13 -0.75 -12.77 8.50 4.44
BOSTON ACOUSTICS 20.50 20.50 0.00 0.00 21.00 15.50
BUSH INDUSTRIES 13.75 16.25 2.50 18.18 22.88 10.13
CAMBRIDGE SOUNDWORKS 7.00 5.75 -1.25 -17.86 9.88 3.38
CARVER 1.94 1.75 -0.19 -9.68 3.50 1.00
CERTRON 0.69 0.69 0.00 0.00 1.13 0.63
CIDCO 34.63 35.38 0.75 2.17 39.75 22.50
COBRA ELECTRONICS 2.13 2.06 -0.06 -2.94 3.00 1.50
CODE-ALARM 6.50 6.38 -0.13 -1.92 11.63 6.38
COMPAQ 45.75 45.25 -0.50 -1.09 54.75 31.13
CURTIS MATHES HOLDING 0.94 0.81 -0.13 -13.33 2.81 0.53
DELL COMPUTER 87.00 75.75 -11.25 -12.93 93.88 36.75
DURACELL (H) 45.88 48.75 2.88 6.27 49.38 36.75
ECHOSTAR COMM. (L) 16.25 13.00 -3.25 -20.00 18.00 12.00
ELECTROLUX 48.38 44.25 -4.13 -8.53 54.13 43.38
EMERSON RADIO 3.06 2.75 -0.31 -10.20 3.75 2.00
FEDDERS 6.63 6.13 -0.50 -7.55 7.88 5.00
FRANKLIN ELECT PUB. (H) 35.88 38.38 2.50 6.97 40.50 15.00
FUJI PHOTO 48.50 51.38 2.88 5.93 53.38 39.50
GENERAL ELECTRIC 64.38 62.88 -1.50 -2.33 64.63 45.38
GENERAL INSTRUMENT 31.75 26.50 -5.25 -16.54 41.63 25.63
GO VIDEO 1.75 1.63 -0.13 -7.14 2.75 1.50
HARMAN INTERNATIONAL 48.50 47.88 -0.63 -1.29 49.75 32.00
HEWLETT PACKARD 83.63 78.25 -5.38 -6.43 85.88 42.63
HITACHI 105.25 108.75 3.50 3.33 114.13 82.88
INTERNATIONAL JENSEN 7.75 7.25 -0.50 -6.45 12.00 6.75
KOSS 6.25 6.25 0.00 0.00 13.75 5.13
KYOCERA 164.00 166.25 2.25 1.37 184.00 123.00
MATSUSHITA 150.00 155.00 5.00 3.33 172.50 131.50
MAYTAG (H) 17.25 17.50 0.25 1.45 18.13 14.00
3M 54.63 56.88 2.25 4.12 62.13 50.63
MOTOROLA 77.75 69.38 -8.38 -10.77 82.50 49.00
NEC 67.75 70.75 3.00 4.43 75.13 45.13
O’SULLIVAN INDUSTRIES 7.63 7.88 0.25 3.28 13.13 7.25
PHILIPS 48.38 44.75 -3.63 -7.49 53.38 28.63
PIONEER ELECTRONIC 18.88 18.38 -0.50 -2.65 26.13 17.13
POLK AUDIO 11.00 10.75 -0.25 -2.27 13.50 8.50
RAYTHEON (H) 83.63 85.00 1.38 1.64 85.50 60.75
RECOTON (H) 27.50 25.13 -2.38 -8.64 29.00 13.50
SANYO 27.25 27.63 0.38 1.38 30.25 23.38
SMITH CORONA (L) 0.50 0.25 -0.25 -50.00 4.50 0.25
SONY 51.75 51.75 0.00 0.00 60.88 42.50
TDK (H) 48.50 53.50 5.00 10.31 53.50 39.00
UNIVERSAL ELECTRONICS 7.88 7.75 -0.13 -1.59 8.25 3.75
UNIVERSAL SECURITY INSTR. 1.44 1.44 0.00 0.00 2.00 0.81
WELLS-GARDNER 4.63 4.19 -0.44 -9.46 6.50 2.13
WHIRLPOOL 58.13 56.50 -1.63 -2.80 60.88 44.63
ZENITH 8.63 8.75 0.13 1.45 14.13 6.88
RETAILER / DISTRIBUTOR
AUDIO KING 3.50 3.50 0.00 0.00 5.00 2.75
BEST BUY 27.00 23.38 -3.63 -13.43 45.25 19.88
BRIGHT POINT INC. 16.63 16.00 -0.63 -3.76 18.63 5.50
CALDOR 5.00 4.88 -0.13 -2.50 30.50 3.25
CAMPO ELECTRONICS 6.25 6.25 0.00 0.00 13.75 5.38
CELLSTAR (H) 35.88 25.75 -10.13 -28.22 37.13 15.25
CIRCUIT CITY 33.38 32.63 -0.75 -2.25 37.13 21.00
DAMARK INTERNATIONAL 7.19 6.50 -0.69 -9.57 12.50 5.63
DAYTON HUDSON 78.38 72.25 -6.13 -7.81 85.25 63.25
EGGHEAD (L) 10.13 8.38 -1.75 -17.28 14.25 6.63
FRETTER 0.50 0.38 -0.13 -25.00 3.75 0.38
GOOD GUYS 12.00 11.25 -0.75 -6.25 13.88 9.25
GRUPO ELEKTRA 11.00 9.00 -2.00 -18.18 21.25 3.75
INTELLIGENT ELECTRONICS 8.88 7.63 -1.25 -14.08 17.00 7.50
KMART 14.75 12.50 -2.25 -15.25 17.25 11.88
MERISEL 6.00 5.63 -0.38 -6.25 10.75 3.88
NEOSTAR RETAIL GROUP 17.63 16.75 -0.88 -4.96 18.50 8.50
OFFICE DEPOT 29.13 27.75 -1.38 -4.72 32.13 20.88
PEP BOYS 28.25 24.63 -3.63 -12.83 36.88 24.38
PRICE/COSTCO 16.88 17.13 0.25 1.48 18.75 12.00
REX STORES 17.88 18.63 0.75 4.20 20.63 12.25
ROBERDS 12.25 11.75 -0.50 -4.08 13.00 7.25
SEARS 36.25 35.13 -1.13 -3.10 61.25 30.38
SERVICE MERCHANDISE 7.13 5.88 -1.25 -17.54 7.88 4.13
SHARPER IMAGE 6.75 5.75 -1.00 -14.81 8.13 5.50
SOUND ADVICE (L) 2.50 2.50 0.00 0.00 6.75 2.25
SPEC’S MUSIC (L) 3.25 2.75 -0.50 -15.38 6.50 2.75
STAPLES 27.38 26.13 -1.25 -4.57 29.13 13.63
STARSIGHT TELECAST (L) 3.25 2.75 -0.50 -15.38 14.50 2.50
SUN TV (L) 6.50 5.81 -0.69 -10.58 11.38 5.50
TANDY 61.50 58.25 -3.25 -5.28 64.38 41.13
TOPS APPLIANCE 4.25 4.13 -0.13 -2.94 9.50 3.88
ULTIMATE ELECTRONICS 12.75 11.00 -1.75 -13.73 16.50 7.25
WAL-MART 24.75 24.13 -0.63 -2.53 27.63 20.63
WARRANTECH 5.88 6.00 0.13 2.13 6.25 4.13
SOFTWARE
ACCLAIM ENTERTAINMENT 27.00 21.13 -5.88 -21.76 28.63 13.25
ACTIVISION 18.13 14.50 -3.63 -20.00 20.13 3.38
BORLAND INTERNATIONAL 15.38 14.00 -1.38 -8.94 17.25 6.00
BRODERBUND SOFTWARE 72.00 62.25 -9.75 -13.54 78.75 25.75
DISNEY 58.13 56.13 -2.00 -3.44 62.88 37.75
ELECTRONIC ARTS 38.63 33.50 -5.13 -13.27 42.25 15.38
GAMETEK 2.38 2.13 -0.25 -10.53 4.50 1.56
IMAGE ENTERTAINMENT 6.56 6.56 0.00 0.00 8.13 6.06
INTUIT (H) 50.75 44.25 -6.50 -12.81 51.75 20.38
MICROSOFT 90.19 83.13 -7.06 -7.83 109.25 53.88
SOFTKEY INTERNATIONAL 49.00 38.75 -10.25 -20.92 51.75 15.50
SPECTRUM HOLOBYTE 12.94 10.88 -2.06 -15.94 21.38 10.13
SYMANTEC 29.88 25.88 -4.00 -13.39 33.25 15.00
3DO COMPANY 11.88 9.13 -2.75 -23.16 25.00 8.75
TIME WARNER 39.88 39.13 -0.75 -1.88 45.63 31.50
