Attached files
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| 8-K - RS LEGACY CORPORATION FORM 8-K AUGUST 29, 2015 - RS Legacy Corp | form8k082915.htm |
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Exhibit 99.1
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UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
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In re RS LEGACY CORP., et al.
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:
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Case No, 15-10197 (BLS)
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Debtors.
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MONTHLY OPERATING REPORT
RS LEGACY CORPORATION, ET AL.
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES
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Page
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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2
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3
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4
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SCHEDULES
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5
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8
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11
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13
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14
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15
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16
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17
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18
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20
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I do declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
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Signature of Debtor
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Date
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Signature of Joint Debtor
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Date
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/s/ William R. Russum
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9/28/15
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Signature of Authorized Individual*
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Date
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William R. Russum
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Vice President and Controller
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Printed Name of Authorized Individual
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Title of Authorized Individual
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*
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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.
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1
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Balance Sheets (unaudited)
*includes Asia
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(In millions)
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August 29, 2015
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 78.7 | ||
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Accounts and notes receivable, net
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16.0 | |||
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Inventories
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- | |||
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Other current assets
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32.4 | |||
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Total current assets
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127.1 | |||
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Property, plant and equipment, net
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0.1 | |||
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Other assets, net
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7.1 | |||
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Total assets
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$ | 134.3 | ||
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Liabilities and Stockholders' Deficit
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||||
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Current liabilities:
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||||
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Current maturities of long-term debt
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$ | - | ||
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Accounts payable
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1.6 | |||
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Accrued expenses and other current liabilities
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18.9 | |||
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Total current liabilities
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20.5 | |||
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Long-term debt, excluding current maturities
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- | |||
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Other non-current liabilities
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- | |||
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Total liabilities not subject to compromise
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20.5 | |||
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Liabilities subject to compromise (note)
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750.7 | |||
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Total liabilities
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771.2 | |||
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Preferred stock
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- | |||
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Common stock
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146.0 | |||
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Additional paid-in capital
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150.2 | |||
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Retained earnings
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64.9 | |||
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Treasury stock, at cost
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(998.8 | ) | ||
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Accumulated other comprehensive income
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0.8 | |||
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Total stockholders' deficit
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(636.9 | ) | ||
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Total liabilities and stockholders' deficit
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$ | 134.3 | ||
Note: Liabilities subject to compromise reflect management’s estimates and may be subject to revision in future reports.
2
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Statements of Income (unaudited)
*includes Asia
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For the Period
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Ended
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(In millions)
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August 29, 2015
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Net sales and operating revenues
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$ | - | ||
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Cost of products sold
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0.9 | |||
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Gross profit
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(0.9 | ) | ||
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Operating expenses:
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Compensation
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1.1 | |||
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Rent & occupancy
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- | |||
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Advertising
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- | |||
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Taxes
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0.1 | |||
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Utilities
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- | |||
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Insurance
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3.2 | |||
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Credit card fees
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(0.1 | ) | ||
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Professional fees
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7.7 | |||
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Repairs/maintenance
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0.1 | |||
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Store support
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- | |||
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Licenses
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0.3 | |||
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Postage & copy & office
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- | |||
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Other SG&A
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0.3 | |||
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Other outside (inc)/exp
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2.6 | |||
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Selling, general & administrative expenses
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15.3 | |||
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Depreciation and amortization
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- | |||
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Impairment of long-lived assets
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3.6 | |||
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Total operating expenses
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18.9 | |||
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Operating loss
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(19.8 | ) | ||
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Interest expense, net
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- | |||
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Other income, net
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12.8 | |||
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Loss before income taxes
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(7.0 | ) | ||
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Income tax expense
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0.5 | |||
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Net loss
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$ | (7.5 | ) | |
3
DEBTORS AND DEBTORS IN POSSESSION
*Condensed Consolidated Statements of Cash Flows (unaudited)
*includes Asia
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For the Period
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Ended
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(In millions)
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August 29, 2015
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Cash flows from operating activities:
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Net cash used by operating activities
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$ | (9.8 | ) | |
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Cash flows from investing activities:
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Capital expenditures
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- | |||
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Proceeds from sale of assets
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0.7 | |||
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Changes in restricted cash
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7.1 | |||
| 7.8 | ||||
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Cash flows used by financing activities:
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Repayments of long-term debt
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- | |||
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Changes in cash overdrafts
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(0.7 | ) | ||
| (0.7 | ) | |||
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Net decrease in cash and cash equivalents
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(2.7 | ) | ||
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Cash and cash equivalents, beginning of period
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81.4 | |||
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Cash and cash equivalents, end of period
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$ | 78.7 | ||
4
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions)
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Aug. 29, 2015
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RS Legacy Corporation
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RS Legacy Finance Corporation
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Merchandising Support Services, Inc.
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Ignition L.P.
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ITC Services, Inc.
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TRS Quality, Inc.
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RS Ig Holdings Inc.
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 19.9 | 57.9 | - | - | - | - | - | ||||||||||||||||||||
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Accounts and notes receivable, net
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14.8 | - | - | - | - | - | - | |||||||||||||||||||||
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Inventories
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Other current assets
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31.9 | - | - | - | - | - | - | |||||||||||||||||||||
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Total current assets
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66.6 | 57.9 | - | - | - | - | - | |||||||||||||||||||||
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Property, plant and equipment, net
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Intercompany receivables and investments
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583.0 | 1,717.5 | 29.7 | 349.6 | 0.6 | 70.4 | - | |||||||||||||||||||||
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Other assets, net
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7.0 | - | - | - | - | - | - | |||||||||||||||||||||
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Total assets
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$ | 656.6 | 1,775.4 | 29.7 | 349.6 | 0.6 | 70.4 | - | ||||||||||||||||||||
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Liabilities and Stockholders' (Deficit) Equity
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Current liabilities:
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Current maturities of long-term debt
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$ | - | - | - | - | - | - | - | ||||||||||||||||||||
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Accounts payable
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1.6 | - | - | - | - | - | - | |||||||||||||||||||||
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Accrued expenses and other current liabilities
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17.8 | - | - | - | - | - | - | |||||||||||||||||||||
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Total current liabilities
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19.4 | - | - | - | - | - | - | |||||||||||||||||||||
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Long-term debt, excluding current maturities
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Other non-current liabilities
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Total liabilities not subject to compromise
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19.4 | - | - | - | - | - | - | |||||||||||||||||||||
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Liabilities subject to compromise (note)
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3,160.5 | 87.0 | 0.1 | 156.3 | 5.3 | 2.0 | 1.3 | |||||||||||||||||||||
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Total liabilities
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3,179.9 | 87.0 | 0.1 | 156.3 | 5.3 | 2.0 | 1.3 | |||||||||||||||||||||
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Preferred stock
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Common stock
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146.0 | 0.1 | - | - | - | - | - | |||||||||||||||||||||
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Additional paid-in capital
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150.4 | 182.8 | 29.7 | 0.6 | 11.7 | - | 0.2 | |||||||||||||||||||||
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Retained earnings
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(1,821.9 | ) | 1,505.5 | (0.1 | ) | 192.7 | (16.4 | ) | 68.4 | (1.5 | ) | |||||||||||||||||
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Treasury stock, at cost
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(998.8 | ) | - | - | - | - | - | - | ||||||||||||||||||||
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Accumulated other comprehensive income
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1.0 | - | - | - | - | - | - | |||||||||||||||||||||
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Total stockholders' (deficit) equity
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(2,523.3 | ) | 1,688.4 | 29.6 | 193.3 | (4.7 | ) | 68.4 | (1.3 | ) | ||||||||||||||||||
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Total liabilities and stockholders' (deficit) equity
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$ | 656.6 | 1,775.4 | 29.7 | 349.6 | 0.6 | 70.4 | - | ||||||||||||||||||||
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
5
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions) – continued
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Aug. 29, 2015
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RS Legacy Global Sourcing Limited Partnership
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RS Legacy Global Sourcing Corporation
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RS Legacy Holdings, Inc.
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RS Legacy Global Sourcing, Inc.
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Atlantic Retail Ventures, Inc.
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RS Legacy International Corporation
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SCK, Inc.
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Assets
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Current assets:
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Cash and cash equivalents
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$ | - | 0.1 | - | 0.3 | - | - | - | ||||||||||||||||||||
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Accounts and notes receivable, net
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- | - | - | - | - | - | 1.2 | |||||||||||||||||||||
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Inventories
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Other current assets
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Total current assets
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- | 0.1 | - | 0.3 | - | - | 1.2 | |||||||||||||||||||||
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Property, plant and equipment, net
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Intercompany receivables and investments
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134.7 | 14.5 | 28.6 | 0.6 | 0.3 | 10.7 | 3.0 | |||||||||||||||||||||
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Other assets, net
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Total assets
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$ | 134.7 | 14.6 | 28.6 | 0.9 | 0.3 | 10.7 | 4.2 | ||||||||||||||||||||
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Liabilities and Stockholders' (Deficit) Equity
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||||||||||||||||||||||||||||
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Current liabilities:
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||||||||||||||||||||||||||||
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Current maturities of long-term debt
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$ | - | - | - | - | - | - | - | ||||||||||||||||||||
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Accounts payable
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Accrued expenses and other current liabilities
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- | - | - | 0.2 | - | - | - | |||||||||||||||||||||
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Total current liabilities
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- | - | - | 0.2 | - | - | - | |||||||||||||||||||||
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Long-term debt, excluding current maturities
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Other non-current liabilities
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Total liabilities not subject to compromise
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- | - | - | 0.2 | - | - | - | |||||||||||||||||||||
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Liabilities subject to compromise
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31.0 | 8.0 | - | 0.2 | - | 71.4 | 30.1 | |||||||||||||||||||||
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Total liabilities
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31.0 | 8.0 | - | 0.4 | - | 71.4 | 30.1 | |||||||||||||||||||||
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Preferred stock
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Common stock
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Additional paid-in capital
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26.4 | - | 3.8 | - | - | - | - | |||||||||||||||||||||
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Retained earnings
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77.3 | 6.6 | 24.8 | 0.6 | 0.3 | (60.7 | ) | (25.9 | ) | |||||||||||||||||||
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Treasury stock, at cost
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- | - | - | - | - | - | - | |||||||||||||||||||||
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Accumulated other comprehensive income
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- | - | - | (0.1 | ) | - | - | - | ||||||||||||||||||||
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Total stockholders' (deficit) equity
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103.7 | 6.6 | 28.6 | 0.5 | 0.3 | (60.7 | ) | (25.9 | ) | |||||||||||||||||||
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Total liabilities and stockholders' (deficit) equity
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$ | 134.7 | 14.6 | 28.6 | 0.9 | 0.3 | 10.7 | 4.2 | ||||||||||||||||||||
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
6
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Balance Sheet (unaudited, in millions) – continued
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Aug. 29, 2015
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TE Electronics LP
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RS Legacy Customer Service LLC
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Trade and Save LLC
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RS Ignite LLC
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Total Debtors*
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Assets
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||||||||||||||||||||
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Current assets:
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Cash and cash equivalents
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$ | - | - | - | - | $ | 78.2 | |||||||||||||
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Accounts and notes receivable, net
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- | - | - | 16.0 | ||||||||||||||||
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Inventories
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- | - | - | - | - | |||||||||||||||
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Other current assets
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0.5 | - | - | - | 32.4 | |||||||||||||||
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Total current assets
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0.5 | - | - | - | 126.6 | |||||||||||||||
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Property, plant and equipment, net
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- | - | - | - | - | |||||||||||||||
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Intercompany receivables and investments
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101.4 | 48.1 | - | - | 3,092.7 | |||||||||||||||
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Other assets, net
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- | - | - | - | 7.0 | |||||||||||||||
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Total assets
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$ | 101.9 | 48.1 | - | - | $ | 3,226.3 | |||||||||||||
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Liabilities and Stockholders' (Deficit) Equity
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||||||||||||||||||||
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Current liabilities:
|
||||||||||||||||||||
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Current maturities of long-term debt
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$ | - | - | - | - | $ | - | |||||||||||||
|
Accounts payable
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- | - | - | - | 1.6 | |||||||||||||||
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Accrued expenses and other current liabilities
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- | - | - | - | 18.0 | |||||||||||||||
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Total current liabilities
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- | - | - | - | 19.6 | |||||||||||||||
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Long-term debt, excluding current maturities
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- | - | - | - | - | |||||||||||||||
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Other non-current liabilities
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- | - | - | - | - | |||||||||||||||
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Total liabilities not subject to compromise
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- | - | - | - | 19.6 | |||||||||||||||
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Liabilities subject to compromise
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4.5 | 17.8 | - | - | 3,575.5 | |||||||||||||||
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Total liabilities
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4.5 | 17.8 | - | - | 3,595.1 | |||||||||||||||
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Preferred stock
|
- | - | - | - | - | |||||||||||||||
|
Common stock
|
- | - | - | - | 146.1 | |||||||||||||||
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Additional paid-in capital
|
2.9 | 5.8 | - | - | 414.3 | |||||||||||||||
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Retained earnings
|
94.5 | 24.5 | - | - | 68.7 | |||||||||||||||
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Treasury stock, at cost
|
- | - | - | - | (998.8 | ) | ||||||||||||||
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Accumulated other comprehensive income
|
- | - | - | - | 0.9 | |||||||||||||||
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Total stockholders' (deficit) equity
|
97.4 | 30.3 | - | - | (368.8 | ) | ||||||||||||||
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Total liabilities and stockholders' (deficit) equity
|
$ | 101.9 | 48.1 | - | - | $ | 3,226.3 | |||||||||||||
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* Does not include eliminations
|
||||||||||||||||||||
Note: Liabilities subject to compromise, inclusive of intercompany payables, reflect management’s estimates and may be subject to revision in future reports.
7
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions)
|
For the Period Ended August 29, 2015
|
||||||||||||||||||||||||||||
|
RS Legacy Corporation
|
RS Legacy Finance Corporation
|
Merchandising Support Services, Inc.
|
Ignition L.P.
|
ITC Services, Inc.
|
TRS Quality, Inc.
|
RS Ig Holdings Inc.
|
||||||||||||||||||||||
|
Net sales and operating revenues
|
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
|
Cost of products sold
|
(0.3 | ) | - | - | 1.2 | - | - | - | ||||||||||||||||||||
|
Gross profit
|
0.3 | - | - | (1.2 | ) | - | - | - | ||||||||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||||||||||
|
Compensation
|
0.7 | - | - | - | - | - | - | |||||||||||||||||||||
|
Rent & occupancy
|
(0.1 | ) | - | - | - | - | - | - | ||||||||||||||||||||
|
Advertising
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Taxes
|
0.1 | - | - | - | - | - | - | |||||||||||||||||||||
|
Utilities
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Insurance
|
3.2 | - | - | - | - | - | - | |||||||||||||||||||||
|
Credit card fees
|
(0.1 | ) | - | - | - | - | - | - | ||||||||||||||||||||
|
Professional fees
|
7.7 | - | - | - | - | - | - | |||||||||||||||||||||
|
Repairs/maintenance
|
0.1 | - | - | - | - | - | - | |||||||||||||||||||||
|
Store support
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Licenses
|
0.3 | - | - | - | - | - | - | |||||||||||||||||||||
|
Postage & copy & office
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Other SG&A
|
0.2 | - | - | - | - | - | - | |||||||||||||||||||||
|
Other outside (inc)/exp
|
2.6 | - | - | - | - | - | - | |||||||||||||||||||||
|
Selling, general & administrative expenses
|
14.7 | - | - | - | - | - | - | |||||||||||||||||||||
|
Depreciation and amortization
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Impairment of long-lived assets
|
3.6 | - | - | - | - | - | - | |||||||||||||||||||||
|
Total operating expenses
|
18.3 | - | - | - | - | - | - | |||||||||||||||||||||
|
Operating loss
|
(18.0 | ) | - | - | (1.2 | ) | - | - | - | |||||||||||||||||||
|
Interest expense, net
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Other income, net
|
12.8 | - | - | - | - | - | - | |||||||||||||||||||||
|
Loss before income taxes
|
(5.2 | ) | - | - | (1.2 | ) | - | - | - | |||||||||||||||||||
|
Income tax expense
|
0.5 | - | - | - | - | - | - | |||||||||||||||||||||
|
Net loss
|
$ | (5.7 | ) | - | - | (1.2 | ) | - | - | - | ||||||||||||||||||
8
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions) – continued
|
For the Period Ended August 29, 2015
|
||||||||||||||||||||||||||||
|
RS Legacy Global Sourcing Limited Partnership
|
RS Legacy Global Sourcing Corporation
|
RS Legacy Holdings, Inc.
|
RS Legacy Global Sourcing, Inc.
|
Atlantic Retail Ventures, Inc.
|
RS Legacy International Corporation
|
SCK, Inc.
|
||||||||||||||||||||||
|
Net sales and operating revenues
|
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
|
Cost of products sold
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Gross profit
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||||||||||
|
Compensation
|
- | - | - | 0.1 | - | - | - | |||||||||||||||||||||
|
Rent & occupancy
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Advertising
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Taxes
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Utilities
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Insurance
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Credit card fees
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Professional fees
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Repairs/maintenance
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Store support
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Licenses
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Postage & copy & office
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Other SG&A
|
0.6 | - | - | (0.1 | ) | - | - | - | ||||||||||||||||||||
|
Other outside (inc)/exp
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Selling, general & administrative expenses
|
0.6 | - | - | - | - | - | - | |||||||||||||||||||||
|
Depreciation and amortization
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Impairment of long-lived assets
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Total operating expenses
|
0.6 | - | - | - | - | - | - | |||||||||||||||||||||
|
Operating loss
|
(0.6 | ) | - | - | - | - | - | - | ||||||||||||||||||||
|
Interest expense, net
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Other income, net
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Loss before income taxes
|
(0.6 | ) | - | - | - | - | - | - | ||||||||||||||||||||
|
Income tax expense
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Net loss
|
$ | (0.6 | ) | - | - | - | - | - | - | |||||||||||||||||||
9
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Income (unaudited, in millions) – continued
|
For the Period Ended August 29, 2015
|
||||||||||||||||||||
|
TE Electronics LP
|
RS Legacy Customer Service LLC
|
Trade and Save LLC
|
RS Ignite LLC
|
Total Debtors*
|
||||||||||||||||
|
Net sales and operating revenues
|
$ | - | - | - | - | $ | - | |||||||||||||
|
Cost of products sold
|
- | - | - | - | 0.9 | |||||||||||||||
|
Gross profit
|
- | - | - | - | (0.9 | ) | ||||||||||||||
|
Operating expenses:
|
||||||||||||||||||||
|
Compensation
|
- | - | - | - | 0.8 | |||||||||||||||
|
Rent & occupancy
|
- | - | - | - | (0.1 | ) | ||||||||||||||
|
Advertising
|
- | - | - | - | - | |||||||||||||||
|
Taxes
|
- | - | - | - | 0.1 | |||||||||||||||
|
Utilities
|
- | - | - | - | - | |||||||||||||||
|
Insurance
|
- | - | - | - | 3.2 | |||||||||||||||
|
Credit card fees
|
- | - | - | - | (0.1 | ) | ||||||||||||||
|
Professional fees
|
- | - | - | - | 7.7 | |||||||||||||||
|
Repairs/maintenance
|
- | - | - | - | 0.1 | |||||||||||||||
|
Store support
|
- | - | - | - | - | |||||||||||||||
|
Licenses
|
- | - | - | - | 0.3 | |||||||||||||||
|
Postage & copy & office
|
- | - | - | - | - | |||||||||||||||
|
Other SG&A
|
- | - | - | - | 0.7 | |||||||||||||||
|
Other outside (inc)/exp
|
- | - | - | - | 2.6 | |||||||||||||||
|
Selling, general & administrative expenses
|
- | - | - | - | 15.3 | |||||||||||||||
|
Depreciation and amortization
|
- | - | - | - | - | |||||||||||||||
|
Impairment of long-lived assets
|
- | - | - | - | 3.6 | |||||||||||||||
|
Total operating expenses
|
- | - | - | - | 18.9 | |||||||||||||||
|
Operating loss
|
- | - | - | - | (19.8 | ) | ||||||||||||||
|
Interest expense, net
|
- | - | - | - | - | |||||||||||||||
|
Other income, net
|
- | - | - | - | 12.8 | |||||||||||||||
|
Loss before income taxes
|
- | - | - | - | (7.0 | ) | ||||||||||||||
|
Income tax expense
|
- | - | - | - | 0.5 | |||||||||||||||
|
Net loss
|
$ | - | - | - | - | $ | (7.5 | ) | ||||||||||||
|
* Does not include eliminations
|
||||||||||||||||||||
10
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Cash Flows (unaudited, in millions)
|
For the Period Ended August 29, 2015
|
||||||||||||||||||||||||||||
|
RS Legacy Corporation
|
RS Legacy Finance Corporation
|
Merchandising Support Services, Inc.
|
Ignition L.P.
|
ITC Services, Inc.
|
TRS Quality, Inc.
|
RS Ig Holdings Inc.
|
||||||||||||||||||||||
|
Net cash provided (used) by operating activities
|
$ | (7.4 | ) | - | - | (1.1 | ) | - | - | - | ||||||||||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||||||||||||||
|
Capital expenditures
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Proceeds from sale of assets
|
0.7 | - | - | - | - | - | - | |||||||||||||||||||||
|
Changes in restricted cash
|
7.1 | - | - | - | - | - | - | |||||||||||||||||||||
| 7.8 | - | - | - | - | - | - | ||||||||||||||||||||||
|
Cash flows provided (used) by financing activities:
|
||||||||||||||||||||||||||||
|
Repayments of long-term debt
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Changes in cash overdrafts
|
(0.7 | ) | - | - | - | - | - | - | ||||||||||||||||||||
|
Change in intercompany receivable/payable
|
(1.9 | ) | - | - | 1.1 | - | - | - | ||||||||||||||||||||
| (2.6 | ) | - | - | 1.1 | - | - | - | |||||||||||||||||||||
|
Net increase (decrease) in cash and equivalents
|
(2.2 | ) | - | - | - | - | - | - | ||||||||||||||||||||
|
Cash and equivalents, beginning of period
|
22.1 | 57.9 | - | - | - | - | - | |||||||||||||||||||||
|
Cash and equivalents, end of period
|
$ | 19.9 | 57.9 | - | - | - | - | - | ||||||||||||||||||||
|
For the Period Ended August 29, 2015
|
||||||||||||||||||||||||||||
|
RS Legacy Global Sourcing Limited Partnership
|
RS Legacy Global Sourcing Corporation
|
RS Legacy Holdings, Inc.
|
RS Legacy Global Sourcing, Inc.
|
Atlantic Retail Ventures, Inc.
|
RS Legacy Int’l Corp.
|
SCK, Inc.
|
||||||||||||||||||||||
|
Net cash provided (used) by operating activities
|
$ | (1.3 | ) | - | - | - | - | - | (0.1 | ) | ||||||||||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||||||||||||||
|
Capital expenditures
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Proceeds from sale of assets
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Changes in restricted cash
|
- | - | - | - | - | - | - | |||||||||||||||||||||
| - | - | - | - | - | - | - | ||||||||||||||||||||||
|
Cash flows provided (used) by financing activities:
|
||||||||||||||||||||||||||||
|
Repayments of long-term debt
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Changes in cash overdrafts
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Change in intercompany receivable/payable
|
1.3 | - | - | (0.1 | ) | - | - | 0.1 | ||||||||||||||||||||
| 1.3 | - | - | (0.1 | ) | - | - | 0.1 | |||||||||||||||||||||
|
Net increase (decrease) in cash and equivalents
|
- | - | - | (0.1 | ) | - | - | - | ||||||||||||||||||||
|
Cash and equivalents, beginning of period
|
- | 0.1 | - | 0.4 | - | - | - | |||||||||||||||||||||
|
Cash and equivalents, end of period
|
$ | - | 0.1 | - | 0.3 | - | - | - | ||||||||||||||||||||
11
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidating Statements of Cash Flows (unaudited, in millions) – continued
|
For the Period Ended August 29, 2015
|
||||||||||||||||||||
|
TE Electronics LP
|
RS Legacy Customer Service LLC
|
Trade and Save LLC
|
RS Ignite LLC
|
Total Debtors*
|
||||||||||||||||
|
Net cash provided (used) by operating activities
|
$ | - | - | - | - | $ | (9.9 | ) | ||||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||||||
|
Capital expenditures
|
- | - | - | - | - | |||||||||||||||
|
Proceeds from sale of assets
|
- | - | - | - | 0.7 | |||||||||||||||
|
Changes in restricted cash
|
- | - | - | - | 7.1 | |||||||||||||||
| - | - | - | - | 7.8 | ||||||||||||||||
|
Cash flows provided (used) by financing activities:
|
||||||||||||||||||||
|
Repayments of long-term debt
|
- | - | - | - | - | |||||||||||||||
|
Changes in cash overdrafts
|
- | - | - | - | (0.7 | ) | ||||||||||||||
|
Change in intercompany receivable/payable
|
- | - | - | - | 0.5 | |||||||||||||||
| - | - | - | - | (0.2 | ) | |||||||||||||||
|
Net increase (decrease) in cash and equivalents
|
- | - | - | - | (2.3 | ) | ||||||||||||||
|
Cash and equivalents, beginning of period
|
- | - | - | - | 80.5 | |||||||||||||||
|
Cash and equivalents, end of period
|
$ | - | - | - | - | $ | 78.2 | |||||||||||||
|
* Does not include eliminations
|
||||||||||||||||||||
12
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements By Filed Legal Entity (unaudited, in millions)
|
For the Period Ended August 29, 2015
|
|||||||
|
Legal Entity
|
Case Number
|
Disbursements
|
|||||
|
RS Legacy Corporation
|
15-10197
|
$ 21.2
|
|||||
|
RS Legacy Finance Corporation
|
15-10211
|
||||||
|
Merchandising Support Services Inc
|
15-10202
|
||||||
|
Ignition LP
|
15-10200
|
$ 0.2
|
|||||
|
ITC Services, Inc
|
15-10201
|
||||||
|
TRS Quality Inc
|
15-10217
|
||||||
|
RS Ig Holdings Inc
|
15-10208
|
||||||
|
RS Legacy Global Sourcing LP
|
15-10206
|
||||||
|
RS Legacy Global Sourcing Corp
|
15-10204
|
||||||
|
RS Legacy Holdings, Inc
|
15-10212
|
||||||
|
RS Legacy Global Sourcing Inc
|
15-10207
|
||||||
|
Atlantic Retail Ventures, Inc
|
15-10199
|
||||||
|
RS Legacy International Corporation
|
15-10213
|
||||||
|
SCK Inc
|
15-10210
|
||||||
|
TE Electronics LP
|
15-10214
|
$ 0.1
|
|||||
|
RS Legacy Customer Service LLC
|
15-10203
|
||||||
|
Trade and Save LLC
|
15-10215
|
||||||
|
RS Ignite LLC
|
15-10209
|
||||||
13
DEBTORS AND DEBTORS IN POSSESSION
Schedule of Federal, State and Local Taxes Collected, Received, Due or Withheld (unaudited, in millions)
|
For the Period Ended August 29, 2015
|
|||||||
|
Payroll Taxes
|
|||||||
|
Payroll taxes withheld employee
|
$ 1.3
|
||||||
|
Payroll taxes withheld employer
|
0.4
|
||||||
|
Total payroll taxes withheld
|
$ 1.7
|
||||||
|
Amount of payroll tax remitted to tax authorities (1) (2)
|
$ 1.7
|
||||||
|
Date(s) remitted to tax authorities
|
Various
|
||||||
|
Sales & Use Taxes
|
|||||||
|
Sales & use tax collected and incurred
|
$ -
|
||||||
|
Amount of sales & use tax remitted to tax authorities (3)
|
$ -
|
||||||
|
Date(s) remitted to tax authorities
|
Various
|
||||||
|
Property taxes paid (4)
|
$ 0.4
|
||||||
|
Other taxes paid (4)
|
$ -
|
||||||
|
(1) Excludes Puerto Rico income tax withholding that is not remitted due to a settlement with the Puerto Rico Treasury.
|
|||||||
|
(2) Payroll taxes remitted does not equal taxes withheld because of tax entity payment timing requirements and note (1).
|
|||||||
|
(3) Tax is remitted one month in arrears of collection month.
|
|||||||
|
(4) Payments include pre-petition liabilities.
|
|||||||
14
DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements to Retained Professionals (unaudited, in millions)
|
For the Period Ended August 29, 2015
|
||||||||||
|
Retained Professionals
|
Approved Amounts
|
Disbursements
|
||||||||
|
Jones Day
|
Legal Services
|
$ 0.7
|
||||||||
|
Lazard Freras & Co.
|
Claims Noticing Agent
|
$ 0.3
|
||||||||
|
Pepper Hamilton LLP
|
Legal Services
|
$ 0.4
|
||||||||
|
FTI Consulting
|
Bankruptcy Services
|
$ 1.0
|
||||||||
|
* Disbursements represent payments by the Debtors into the professional fee escrow fund maintained by Pepper Hamilton LLP and direct
|
||||||||||
|
payments made to professionals, and do not represent actual remittances made to professionals during the month.
|
||||||||||
|
* Approved Amounts represent the amounts approved by Court orders.
|
||||||||||
15
DEBTORS AND DEBTORS IN POSSESSION
Accounts Receivable Aging (unaudited, in millions)
|
August 29, 2015
|
||||||
|
Accounts Receivable Aging
|
Amount
|
|||||
| 0-30 | $ | 0.5 | ||||
| 30-60 | - | |||||
| 60-90 | 0.1 | |||||
| 91+ | 18.0 | |||||
|
Total Accounts Receivable
|
18.6 | |||||
|
Amount Considered Uncollectible
|
(2.6) | |||||
|
Accounts Receivable, Net
|
$ | 16.0 | ||||
16
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
Summary of Unpaid Post-Petition Debts (unaudited, in millions)
|
August 29, 2015
|
|||||||
|
Accounts Payable Aging
|
Amount
|
||||||
|
0-30
|
$ 1.0
|
||||||
|
30-60
|
0.1
|
||||||
|
60-90
|
0.1
|
||||||
|
91+
|
0.3
|
||||||
|
Total Accounts Payable*
|
$ 1.5
|
||||||
|
* Represents total post-petition trade accounts payable
|
|||||||
17
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Bank Reconciliations (unaudited)
|
G/L Acct
|
Account Name
|
Bank Acct #
|
Debtor
|
Description
|
Bank
Balance $
|
Ledger
Balance $
|
As of Date
|
Reconciled
8/29/15
|
|||||||||
|
100700
|
BANK OF TEXAS - CASHIER CHECK
|
XXXXX3264
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
PAYCARD
|
XXXXXXXXXXXX0015
|
RS Legacy Corporation
|
Disbursement
|
3,000
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA
|
XXXXXX8593
|
RS Legacy Finance Corporation
|
Disbursement
|
57,850,000
|
57,850,000
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
CITIBANK
|
XXXX4989
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
WACHOVIA - DTC
|
XXXXXXXXX0466
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA - A/R LOCKBOX
|
XXXXXX4945
|
RS Legacy Corporation
|
Disbursement
|
5,000
|
5,000
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
WELLS FARGO BANK -P CARD
|
XXXXXX6839
|
RS Legacy Corporation
|
Disbursement
|
0
|
1,975
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA - UHC-MEDICAL
|
XXXXXXXX2301
|
RS Legacy Corporation
|
Disbursement
|
2,471,835
|
2,583,287
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERCIA - UHC-FSA
|
XXXXXXXX2291
|
RS Legacy Corporation
|
Disbursement
|
54,284
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
WELLS FARGO BANK FUNDING
|
XXXXXX3027
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
WELLS FARGO BANK P/R
|
XXXXXX0674
|
RS Legacy Corporation
|
Payroll Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
WELLS FARGO BANK A/P
|
XXXXXX0689
|
RS Legacy Corporation
|
APAY Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA - RS MASTER DEPOSITORY
|
XXXXXX5688
|
RS Legacy Corporation
|
Depository Account
|
0
|
(100)
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
CITIZENS - ACCOUNTS PAYABLE
|
XXXXXX0970
|
RS Legacy Corporation
|
APAY Disbursement
|
357,933
|
(689,695)
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
CITIZENS - PAYROLL
|
XXXXXX0962
|
RS Legacy Corporation
|
Payroll Disbursement
|
303,102
|
257,803
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA - RS.COM
|
XXXXXX7003
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA - RS CENTRAL FRANCHISE
|
XXXXXX4765
|
RS Legacy Corporation
|
Disbursement
|
0
|
4,820
|
8/29/2015
|
Yes
|
|||||||||
|
100000
|
BANK OF AMERICA - RS FRANCHISE INTER.
|
XXXXXX2881
|
RS Legacy Corporation
|
Disbursement
|
0
|
(50,224)
|
8/29/2015
|
Yes
|
|||||||||
|
101000
|
BANK OF AMERICA - A&A LA OFFICE
|
XXXXXX2696
|
RS Legacy Global Sourcing LP
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
101100
|
CITIZENS - INVESTMENT
|
XXXX1041
|
RS Legacy Finance Corporation
|
Dormant
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
101300
|
BANK OF AMERICA - CORP
|
XXXXXX6508
|
RS Legacy Corporation
|
Disbursement
|
8,467,565
|
8,467,565
|
8/29/2015
|
Yes
|
|||||||||
|
101400
|
BANK OF AMERICA - A&A INTERNATIONAL
|
XXXXXX2572
|
RS Legacy Global Sourcing LP
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
101700
|
BANK OF AMERICA - RS SALUS RESIDUAL
|
XXXXXX5933
|
RS Legacy Corporation
|
Disbursement
|
50,000
|
50,000
|
8/29/2015
|
Yes
|
|||||||||
|
101800
|
BANK OF AMERICA - RS SUB-OPERATING ACCT
|
XXXXXX6398
|
RS Legacy Corporation
|
Disbursement
|
6,932,279
|
6,932,279
|
8/29/2015
|
Yes
|
|||||||||
|
102000
|
CITIZENS - OPERATING ACCOUNT
|
XXXX0991
|
RS Legacy Corporation
|
Disbursement
|
54,777
|
(718,496)
|
8/29/2015
|
Yes
|
|||||||||
|
102100
|
CITIZENS - SUB-OPERATING ACCOUNT
|
XXXX1025
|
RS Legacy Corporation
|
Disbursement
|
1,000,002
|
1,000,002
|
8/29/2015
|
Yes
|
|||||||||
|
104000
|
CITIZENS - ACH TAX
|
XXXX1017
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
105200
|
BANK OF AMERICA
|
XXXXXX8427
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
105201
|
BANK OF TEXAS
|
XXXXXX7280
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
105202
|
TCF BANK
|
XXXXXX9498
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
105203
|
BB&T BANK
|
XXXXXXXX8535
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
|
105204
|
SOVEREIGN BANK
|
XXXXXXX0260
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
|||||||||
18
RS LEGACY CORPORATION, ET AL.
DEBTORS AND DEBTORS IN POSSESSION
*Bank Reconciliations (unaudited)
|
G/L Acct
|
Account Name
|
Bank Acct #
|
Debtor
|
Description
|
Bank
Balance $
|
Ledger
Balance $
|
As of Date
|
Reconciled
8/29/15
|
||||||||
|
105205
|
KEY BANK
|
XXXXXXXX8617
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
105206
|
JP MORGAN CHASE
|
XXXXX0554
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
105207
|
DEUTSCHE BANK
|
XXXX5788
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
105208
|
STONECASTLE BANK
|
XXXXXXXX1495
|
RS Legacy Finance Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
107000
|
WACHOVIA - A&A
|
XXXXXXXXX1076
|
RS Legacy Global Sourcing LP
|
Disbursement
|
12,593
|
13,665
|
8/29/2015
|
Yes
|
||||||||
|
143800
|
BANK OF AMERICA - RS LOC
|
XXXXXX3724
|
RS Legacy Corporation
|
Disbursement
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
103200
|
RS PROFESSIONAL FEES
|
XXXXXX9022
|
RS Legacy Corporation
|
Escrow
|
6,200,000
|
6,200,000
|
8/29/2015
|
Yes
|
||||||||
|
103300
|
BANK OF AMERICA
|
XXXXXX9006
|
RS Legacy Corporation
|
Escrow
|
1,940,268
|
1,940,268
|
8/29/2015
|
Yes
|
||||||||
|
103400
|
BANK OF AMERICA
|
XXXXXX9187
|
RS Legacy Corporation
|
Escrow
|
103,152
|
103,152
|
8/29/2015
|
Yes
|
||||||||
|
103600
|
BANK OF AMERICA
|
XXXXXX9909
|
RS Legacy Corporation
|
Escrow
|
96,140
|
96,140
|
8/29/2015
|
Yes
|
||||||||
|
103700
|
BANK OF AMERICA
|
XXXXXX9899
|
RS Legacy Corporation
|
Escrow
|
350,254
|
350,254
|
8/29/2015
|
Yes
|
||||||||
|
102600
|
CITIZENS
|
XXXX1068
|
RS Legacy Corporation
|
Dormant
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
100000
|
CAPTIAL ONE
|
XXXX6047
|
RS Legacy Corporation
|
Acct of 1st Deposit
|
82,104
|
81,977
|
8/29/2015
|
Yes
|
||||||||
|
103100
|
BANK OF AMERICA
|
XXXXXX9019
|
RS Legacy Corporation
|
Escrow
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
103500
|
BANK OF AMERICA
|
XXXXXX9611
|
RS Legacy Corporation
|
Escrow
|
4,021,411
|
4,021,411
|
8/29/2015
|
Yes
|
||||||||
|
103800
|
BANK OF AMERICA
|
XXXXXX2129
|
RS Legacy Corporation
|
Escrow
|
82,053
|
82,053
|
8/29/2015
|
Yes
|
||||||||
|
103900
|
BANK OF AMERICA
|
XXXXXX4240
|
RS Legacy Corporation
|
Escrow
|
0
|
0
|
8/29/2015
|
Yes
|
||||||||
|
*(does not reflect retail location accounts)
|
||||||||||||||||
19
DEBTORS AND DEBTORS IN POSSESSION
Questionnaire
|
Yes
|
No
|
||||
|
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
Sales of assets in compliance with bankruptcy court orders.
|
X
|
||||
|
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
|
||||
|
Account Name
|
Purpose
|
Business Unit
|
Account Number
|
Bank Name
|
Date Opened
|
|
|
|
||||
20