Barry's delays report of fiscal 1997 third quarter results.MONROVIA, Calif.--(BUSINESS WIRE)--April 15, 1997--Barry's Jewelers Inc. (Nasdaq NM: BARY) Tuesday reported that it is filing a Form 12b-25 to delay for five days the filing of its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the third fiscal quarter ended Feb. 28, 1997. In the filing, the company stated that its management team has been recently replaced by a new management group that has been required to devote substantially all its attention to evaluating current operations, and completing a review of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiatives that the former management team began earlier this year. The company is in active negotiations with its banks regarding certain covenants which are impacted by its restructuring and operations. The banks are continuing to provide funds under the credit facility during these negotiations. If the company is unable to obtain a waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. of these covenants, then the company will be in non-monetary default of the revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. . Barry's Jewelers Inc., one the the nation's largest independent retailers of fine jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , operates 163 retail jewelry stores in 17 states throughout the country, primarily in California, Texas, Arizona, North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Utah, Montana, Colorado, and Ohio. CONTACT: Barry's Jewelers Inc. E. Peter Healey, 818/303-4741 or Silverman Heller Associates Eugene Heller, 310/208-2550 |
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