Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - OSH 1 LIQUIDATING Corp | d577701d8k.htm |
Exhibit 99.1
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 | |
| Reporting Period: June 17 - July 6, 2013 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
CORPORATE MONTHLY OPERATING REPORT
| Debtor: | Orchard Supply Hardware Stores Corporation, et al.[1] | |
| Case Number: | 13-11565 | |
| Reporting Period: | June 17, 2013 to July 6, 2013 [2] |
| REQUIRED DOCUMENTS |
Form No. | Document Attached | Explanation Attached |
Affidavit/Supplement Attached | ||||
| Schedule of Cash Receipts and Disbursements |
MOR-1 | Yes | ||||||
| Bank Reconciliation (or copies of debtor’s bank reconciliations) |
MOR-1a | Yes | ||||||
| Schedule of Professional Fees Paid |
No | No professional fees paid during reporting period. | ||||||
| Copies of bank statements |
Exhibit A | Yes | ||||||
| Cash disbursements journals |
Exhibit B | Yes | ||||||
| Statement of Operations |
MOR-2 | Yes | ||||||
| Balance Sheet |
MOR-3 | Yes | ||||||
| Status of Postpetition Taxes |
MOR-4 | Yes | ||||||
| Copies of IRS Form 6123 or payment receipt |
No | Not applicable for reporting period. | ||||||
| Copies of tax returns filed during reporting period |
No | Not applicable for reporting period. | ||||||
| Summary of Unpaid Postpetition Debts |
MOR-4 | Yes | ||||||
| Listing of aged accounts payable |
MOR-4 | Yes | ||||||
| Accounts Receivable Reconciliation and Aging |
MOR-5 | Yes | ||||||
| Debtor Questionnaire |
MOR-6 | Yes |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
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| Signature of Debtor | Date | |||
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| Signature of Joint Debtor | Date | |||
| /s/ Chris Newman |
7/31/13 | |||
| Signature of Authorized Individual* | Date | |||
| Chris Newman |
Executive Vice President, Chief Financial Officer and Treasurer | |||
| Printed Name of Authorized Individual | Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
Notes:
| [1] | The Debtors are the following three entities (their respective case numbers follow in parentheses): Orchard Supply Hardware Stores Corporation (13-11565), OSH Properties LLC (13-11566), and Orchard Supply Hardware LLC (13-11567). The mailing address of each of the Debtors, solely for purposes of notices and communications, is 6450 Via Del Oro, San Jose, California 95119. |
| [2] | July 6, 2013 is the Debtor’s June fiscal month end. |
Page 1 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
MOR -1
($000)
| Debtor: | Orchard Supply Hardware Stores |
OSH Properties |
Orchard Supply |
Orchard Supply Hardware Stores Corp., et al. | ||||||||||||||||||||||||
| Case Number: |
13-11565 |
13-11566 |
13-11567 |
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| ALLOCATION [1] | BANK ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 17, 2013 - June 30, 2013 |
June 17, 2013 - June 30, 2013 |
June 17, 2013 - June 30, 2013 |
B of A - Money Market Investment |
B of A - Main Concentration [1] |
B of A - Store Depository Concentration |
B of A - AP Checking [3] |
B of A - Payroll Checking |
B of A - Payroll Checking |
B of A - Corporate Depository |
Bank PNC Pinacle -NSF Funding |
WF - AP Funding - Traveling Expenses |
B of A - Utility Reserve |
CURRENT MONTH ACTUAL (TOTAL OF ALL ACCOUNTS) |
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| Last 4 Digits of Bank Account: | # 3 BCS | #2794 | #3268 | #6446 | #4222 | #5154 | #0508 | #3422 | #1749 | #5183 | ||||||||||||||||||||||||||||||||||||||||||||||
| CASH BEGINNING OF MONTH |
$ | 50 | $ | 1,506 | $ | 562 | $ | 944 | $ | 203 | $ | 7 | $ | 268 | $ | 1 | $ | 51 | $ | — | $ | 3,592 | ||||||||||||||||||||||||||||||||||
| RECEIPTS |
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| MERCHANDISE SALES [2] |
$ | — | $ | — | $ | 41,055 | $ | — | $ | 811 | $ | 40,244 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 41,055 | ||||||||||||||||||||||||||||
| SALE OF CLOSING STORE INVENTORY |
— | — | 6,748 | — | — | — | — | — | — | 6,748 | — | — | — | 6,748 | ||||||||||||||||||||||||||||||||||||||||||
| TENANT IMPROVEMENT REIMBURSEMENTS |
— | — | 40 | — | — | — | — | — | — | 40 | — | — | — | 40 | ||||||||||||||||||||||||||||||||||||||||||
| INTER-ACCOUNT TRANSFERS |
— | — | 16,051 | — | — | — | 9,200 | 6,260 | — | — | — | 136 | 455 | 16,051 | ||||||||||||||||||||||||||||||||||||||||||
| REVOLVER BORROWINGS |
25,700 | — | — | — | 25,700 | — | — | — | — | — | — | — | 25,700 | |||||||||||||||||||||||||||||||||||||||||||
| OTHER |
94 | — | 795 | — | 94 | — | 180 | — | 615 | — | — | — | 889 | |||||||||||||||||||||||||||||||||||||||||||
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| TOTAL RECEIPTS |
$ | 25,794 | $ | — | $ | 64,689 | $ | — | $ | 26,606 | $ | 40,244 | $ | 9,380 | $ | 6,260 | $ | — | $ | 7,403 | $ | — | $ | 136 | $ | 455 | $ | 90,483 | ||||||||||||||||||||||||||||
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| DISBURSEMENTS |
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| INTER-ACCOUNT TRANSFERS |
$ | 16,266 | $ | — | $ | — | $ | — | $ | 16,266 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16,266 | ||||||||||||||||||||||||||||
| REVOLVER PAYDOWNS |
— | — | 47,818 | — | — | 40,790 | — | — | — | 7,028 | — | — | — | 47,818 | ||||||||||||||||||||||||||||||||||||||||||
| PAYMENT TO GREAT AMERICAN |
— | — | 847 | — | — | — | 847 | — | — | — | — | — | — | 847 | ||||||||||||||||||||||||||||||||||||||||||
| MERCHANDISE |
— | — | 1,932 | — | — | — | 1,932 | — | — | — | — | — | — | 1,932 | ||||||||||||||||||||||||||||||||||||||||||
| FREIGHT |
— | — | 770 | — | — | — | 770 | — | — | — | — | — | — | 770 | ||||||||||||||||||||||||||||||||||||||||||
| PAYROLL & BENEFITS |
— | — | 6,090 | — | — | — | — | 6,090 | — | — | — | — | — | 6,090 | ||||||||||||||||||||||||||||||||||||||||||
| RENT |
— | — | 4,743 | — | — | — | 4,743 | — | — | — | — | — | — | 4,743 | ||||||||||||||||||||||||||||||||||||||||||
| REAL ESTATE TAXES |
— | — | 6 | — | — | — | 6 | — | — | — | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||
| OTHER OCCUPANCY |
— | — | 270 | — | — | — | 270 | — | — | — | — | — | — | 270 | ||||||||||||||||||||||||||||||||||||||||||
| SALES, USE, & OTHER TAXES |
7,200 | — | — | — | 7,200 | — | — | — | — | — | — | — | — | 7,200 | ||||||||||||||||||||||||||||||||||||||||||
| SELLING (STORES) |
— | — | 158 | — | — | — | 158 | — | — | — | — | — | — | 158 | ||||||||||||||||||||||||||||||||||||||||||
| INSURANCE (STORES) |
— | — | 45 | — | — | — | 45 | — | — | — | — | — | — | 45 | ||||||||||||||||||||||||||||||||||||||||||
| ADVERTISING |
— | — | 917 | — | — | — | 917 | — | — | — | — | — | — | 917 | ||||||||||||||||||||||||||||||||||||||||||
| G&A / OTHER OPERATING |
2,582 | — | 584 | — | 2,582 | — | 461 | — | — | — | — | 123 | — | 3,166 | ||||||||||||||||||||||||||||||||||||||||||
| CAPITAL EXPENDITURES |
— | — | 63 | — | — | — | 63 | — | — | — | — | — | — | 63 | ||||||||||||||||||||||||||||||||||||||||||
| INTEREST |
17 | — | — | — | 17 | — | — | — | — | — | — | — | — | 17 | ||||||||||||||||||||||||||||||||||||||||||
| OUTSTANDING CHECKS [3] |
— | — | (1,240 | ) | — | — | — | (1,240 | ) | — | — | — | — | — | — | (1,240 | ) | |||||||||||||||||||||||||||||||||||||||
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| TOTAL DISBURSEMENTS |
$ | 26,065 | $ | — | $ | 63,002 | $ | — | $ | 26,065 | $ | 40,790 | $ | 8,971 | $ | 6,090 | $ | — | $ | 7,028 | $ | — | $ | 123 | $ | — | $ | 89,067 | ||||||||||||||||||||||||||||
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| NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS |
$ | (270 | ) | $ | — | $ | 1,686 | $ | — | $ | 541 | $ | (546 | ) | $ | 409 | $ | 169 | $ | — | $ | 375 | $ | — | $ | 13 | $ | 455 | $ | 1,416 | ||||||||||||||||||||||||||
| CASH - END OF MONTH |
$ | 50 | $ | 2,046 | $ | 16 | $ | 1,354 | $ | 372 | $ | 7 | $ | 642 | $ | 1 | $ | 65 | $ | 455 | $ | 5,008 | ||||||||||||||||||||||||||||||||||
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE |
OSH Stores Corp. (13-11565) |
OSH Properties, LLC (13-11566) |
OSH LLC (13- 11567) |
TOTAL | ||||||||||||
| TOTAL DISBURSEMENTS |
$ | 26,065 | $ | — | $ | 63,002 | $ | 89,067 | ||||||||
| Less: Transfers to Debtor In Possession Accounts |
$ | (16,266 | ) | $ | — | $ | (47,818 | ) | $ | (64,084 | ) | |||||
| Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts) |
$ | — | $ | — | $ | — | $ | — | ||||||||
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| TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRSUTEE QUARTERLY FEES |
$ | 9,798 | $ | — | $ | 15,184 | $ | 24,983 | ||||||||
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Note:
| [1] | The Main Concentration account is owned by Orchard Supply Hardware Stores Corp. All other bank accounts are owned by Orchard Supply Hardware, LLC. |
| [2] | Includes sales tax receipts and proceeds from 8 stores GOB for the period 6/16 to 7/6. All merchandise sales belong to Orchard Supply Hardware, LLC. |
| [3] | The disbursements listed for the AP Checking account is on a check-cut basis. |
Page 2 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
BANK RECONCILIATIONS
MOR-1a
($000)
| Debtor: | Orchard Supply Hardware Stores Corporation, et al. | |
| Number: | 13-11565 |
| B of A - Money Market Investment |
B of A - Main Concentration [1] |
B of A - Store Depository Concentration |
B of A - AP Checking |
B of A - Payroll Checking |
B of A - Payroll Checking |
B of A - Corporate Depository |
Bank PNC Pinacle-NSF Funding |
WF - AP Funding- Traveling Expenses |
B of A - Utility Reserve |
Total | ||||||||||||||||||||||||||||||||||
| # 3 BCS | #2794 | #3268 | #6446 | #4222 | #5154 | #0508 | #3422 | #1749 | #5183 | |||||||||||||||||||||||||||||||||||
| BALANCE PER BOOKS |
$ | 50 | $ | 2,460 | $ | 3,164 | $ | 180 | $ | 216 | $ | — | $ | 642 | $ | 1 | $ | 59 | $ | 455 | $ | 7,227 | ||||||||||||||||||||||
| BANK BALANCE [2] |
$ | 50 | $ | 2,046 | $ | 16 | $ | 1,354 | $ | 372 | $ | 7 | $ | 642 | $ | 1 | $ | 65 | $ | 455 | 5,008 | |||||||||||||||||||||||
| (+) DEPOSITS IN TRANSIT: |
— | 413 | 3,148 | 99 | — | — | — | — | — | — | 3,660 | |||||||||||||||||||||||||||||||||
| (-) OUTSTANDING CHECKS: |
— | — | — | (1,283 | ) | (165 | ) | — | — | — | (4 | ) | — | (1,452 | ) | |||||||||||||||||||||||||||||
| OTHER: |
— | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
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| ADJUSTED BANK BALANCE |
$ | 50 | $ | 2,460 | $ | 3,164 | $ | 169 | $ | 207 | $ | 7 | $ | 642 | $ | 1 | $ | 60 | $ | 455 | $ | 7,216 | ||||||||||||||||||||||
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Note:
| [1] | The Main Concentration account is owned by Orchard Supply Hardware Stores Corp. All other bank accounts are owned by Orchard Supply Hardware, LLC. The two payroll accounts are consolidated into one account on the Company’s books. |
| [2] | Ending cash balance from previous page. |
Page 3 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
UNAUDITED STATEMENT OF OPERATIONS
FOR THE 3 WEEKS ENDED JULY 6, 2013
(In thousands)
| 3 Weeks Ended July 6, 2013 |
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| Orchard Supply Hardware Stores Corp. |
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| REVENUES |
$ | 38,714 | ||
| COSTS AND EXPENSES: |
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| Cost of sales |
27,152 | |||
| Selling and administrative |
18,919 | |||
| Depreciation and amortization |
1,438 | |||
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| Total operating costs and expenses |
47,509 | |||
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| OPERATING (LOSS) INCOME |
(8,795 | ) | ||
| INTEREST EXPENSE |
2,285 | |||
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| (LOSS) INCOME BEFORE INCOME TAX |
(11,080 | ) | ||
| INCOME TAX (BENEFIT) EXPENSE |
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| NET (LOSS) INCOME |
$ | (11,080 | ) | |
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Page 4 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
UNAUDITED BALANCE SHEETS
AS OF JULY 6, 2013
(In thousands)
| July 6, 2013 | ||||
| OSH Stores Corp. | ||||
| ASSETS |
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| CURRENT ASSETS: |
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| Cash and cash equivalents |
$ | 15,352 | ||
| Merchandise inventories |
159,328 | |||
| Income tax receivable |
3,537 | |||
| Deferred income taxes |
1,658 | |||
| Prepaid expenses and other current assets |
33,130 | |||
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| Total current assets |
213,005 | |||
| PROPERTY AND EQUIPMENT - Net |
168,113 | |||
| OTHER INTANGIBLE ASSETS |
25,911 | |||
| DEFERRED FINANCING COSTS, NET |
1,434 | |||
| OTHER LONG TERM ASSETS |
4,460 | |||
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| TOTAL |
$ | 412,923 | ||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| CURRENT LIABILITIES: |
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| Merchandise payables |
$ | 12,846 | ||
| Accrued expenses and other liabilities |
26,670 | |||
| Accrued payroll and related items |
5,970 | |||
| Accrued sales and other taxes |
6,107 | |||
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| Current liabilities not subject to compromise |
51,592 | |||
| Merchandise payables |
37,838 | |||
| Current portion of long-term debt and capital lease obligations |
223,755 | |||
| Accrued expenses |
7,881 | |||
| Other current liabilities |
14,845 | |||
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| Current liabilities subject to compromise |
284,320 | |||
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| Total current liabilities |
335,912 | |||
| LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS |
44,332 | |||
| LONG-TERM DEPOSITS FROM SALE OF REAL ESTATE |
41,270 | |||
| OTHER LONG-TERM LIABILITIES |
41,569 | |||
| DEFERRED INCOME TAXES |
7,090 | |||
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| Total liabilities |
470,173 | |||
| STOCKHOLDERS’ EQUITY |
(57,250 | ) | ||
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| TOTAL |
$ | 412,923 | ||
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Page 5 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
STATUS OF POST-PETITION TAXES
MOR - 4
($000)
| Debtor: | Orchard Supply Hardware Stores Corporation, et al. | |
| Case Number: | 13-11565 |
| Federal |
Beginning Tax |
Amount Withheld and/or Accrued |
Amount Paid | Date Paid | Check #
or EFT |
Ending Tax | ||||||||||||||||||
| Withholding [1] |
$ | — | $ | 556 | $ | 374 | — | — | $ | 182 | ||||||||||||||
| FICA-Employee [1] |
— | 456 | 306 | — | — | 150 | ||||||||||||||||||
| FICA-Employer [1] |
— | 455 | 305 | — | — | 150 | ||||||||||||||||||
| Unemployment |
— | 10 | 7 | — | — | 3 | ||||||||||||||||||
| Income |
— | — | — | — | — | — | ||||||||||||||||||
| Other |
— | — | — | — | — | — | ||||||||||||||||||
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| Total Federal Taxes [1] |
$ | — | $ | 1,477 | $ | 991 | — | — | $ | 485 | ||||||||||||||
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| State and Local | ||||||||||||||||||||||||
| Withholding [1] |
— | 203 | 137 | — | — | 67 | ||||||||||||||||||
| Sales/Use |
— | 3,470 | — | — | — | 3,470 | ||||||||||||||||||
| Unemployment |
— | 74 | 50 | — | — | 24 | ||||||||||||||||||
| Real Property |
— | — | — | — | — | — | ||||||||||||||||||
| Personal Property |
— | 24 | 3 | — | — | 21 | ||||||||||||||||||
| CA Employment Training Fund [1] |
— | 2 | 1 | — | — | 1 | ||||||||||||||||||
| Tri County Metro District Tax [1] |
— | 1 | 1 | — | — | 0 | ||||||||||||||||||
| Oregon State Workers Comp [1] |
— | 0 | 0 | — | — | 0 | ||||||||||||||||||
| Total State and Local |
$ | — | $ | 3,774 | $ | 191 | — | — | $ | 3,583 | ||||||||||||||
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| Total Taxes |
$ | — | $ | 5,251 | $ | 1,183 | — | — | $ | 4,068 | ||||||||||||||
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| [1] | Payroll taxes are totals from one payroll tax payment made during week ending July 6 for the pay period June 16 - June 29. Payroll accounts are owned by Orchard Supply Hardware, LLC. |
| LISTING OF AGED POST-PETITION ACCOUNTS PAYABLE ($ 000) |
Orchard Supply Hardware Stores Corporation, et al. 13-11565 |
| Number of Days Past Due | ||||||||||||||||||||
| Current | 31-60 | 61-90 | Over 91 | Total | ||||||||||||||||
| Accounts Payable |
$ | 7,952 | $ | — | $ | — | $ | — | $ | 7,952 | ||||||||||
| Wages Payable |
2,236 | — | — | — | 2,236 | |||||||||||||||
| Taxes Payable |
4,068 | — | — | — | 4,068 | |||||||||||||||
| Rent/Leases-Building |
70 | — | — | — | 70 | |||||||||||||||
| Rent/Leases-Equipment |
— | — | — | — | — | |||||||||||||||
| Secured Debt/Adequate Protection Payments |
60 | — | — | — | 60 | |||||||||||||||
| Professional Fees |
— | — | — | — | — | |||||||||||||||
| Amounts Due to Insiders |
— | — | — | — | — | |||||||||||||||
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| Total Post-petition Debts |
$ | 14,386 | $ | — | $ | — | $ | — | $ | 14,386 | ||||||||||
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Page 6 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
MOR - 5
($000)
| Debtor: | Orchard Supply Hardware Stores Corporation, et al. | |
| Business unit number: | 13-11565 |
| Accounts Receivable Reconciliation |
Amount | |||
| Total Accounts Receivable at the beginning of the reporting period |
$ | 435 | ||
| Plus: Amounts billed during the period |
41,783 | |||
| Less: Amounts collected during the period |
31,328 | |||
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| Total Accounts Receivable at the end of the reporting period |
$ | 10,890 | ||
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| Accounts Receivable Aging |
0-30 Days | 31-60 Days | 61-90 Days | 91+ Days | Total | |||||||||||||||
| 0 - 30 days old |
$ | 10,890 | $ | — | $ | — | $ | — | $ | 10,890 | ||||||||||
| 31 - 60 days old |
— | — | — | — | — | |||||||||||||||
| 61 - 90 days old |
— | — | — | — | — | |||||||||||||||
| 91+ days old |
— | — | — | — | — | |||||||||||||||
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| Total Accounts Receivable |
$ | 10,890 | $ | — | $ | — | $ | — | $ | 10,890 | ||||||||||
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| Less: Bad Debts (Amount considered uncollectible) |
— | — | — | — | — | |||||||||||||||
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| Net Accounts Receivable |
$ | 10,890 | $ | — | $ | — | $ | — | $ | 10,890 | ||||||||||
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Page 7 or 8
| In re Orchard Supply Hardware Stores Corp., et al. | Case No. 13-11565 Reporting Period: June 17 - July 6, 2013 |
DEBTOR QUESTIONNAIRE
MOR - 6
| Must be completed each month. |
Yes |
No |
Notes: | |||
| 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | 8 GOB stores inventory sold to Great American. | ||||
| 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||||
| 3. Have all post petition tax returns been timely filed? If no, provide an explanation below. | X | |||||
| 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||||
| 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | Orchard Supply Hardware, LLC opened a Utilities Reserve account for $455,000 (account #125365183) on June 28, 2013. Email confirmation available upon request. | ||||
| Note: | This Questionnaire covers Orchard Supply Hardware Stores Corp., OSH Properties, LLC and Orchard Supply Hardware, LLC. |
Page 8 or 8