UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of the earliest event reported): May 4,
2009
SPORT
CHALET, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-20736
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95-4390071
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(State
or other jurisdiction
of
incorporation or organization)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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One Sport
Chalet Drive, La Canada, CA 91011
(Address
of principal executive offices) (Zip Code)
(818)
949-5300
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01. Entry Into a Material
Definitive Agreement.
On May 4,
2009, Sport Chalet, Inc. and certain of its subsidiaries (collectively, the
"Company") entered into a Fourth Amendment to Amended and Restated Loan and
Security Agreement (the "Fourth Amendment") dated as of May 4, 2009 with Bank of
America, N.A. (the "Bank") as agent for the lenders under that certain Amended
and Restated Loan and Security Agreement, as amended, dated as of June 20, 2008
(the “Loan Agreement”).
Under the terms of the Fourth
Amendment, up to an additional $10.0 million will be available to the Company
through a special advance facility. The amount available under the
special advance facility will be reduced by $2.5 million on the first day of
each month commencing on July 1, 2010 and the special advance facility will
terminate on October 1, 2010. This effectively increases the revolver
limit to $55 million from January 1st of each
year until August 31st and
also allows for seasonal advances up to $75.0 million from September 1st to
December 31st.,
subject to the scheduled reductions.
The
foregoing summary is qualified in its entirety by reference to the copy of the
Fourth Amendment which is attached as Exhibit 99.1 to this Report and is
incorporated herein by this reference.
Item
2.02 Results
of Operations and Financial Condition.
On May 5,
2009, the Company issued a press release providing an update concerning its
anticipated financial results for its fourth quarter and fiscal year ended March
29, 2009. A copy of the press release is attached as Exhibit 99.2 to
this Report and is incorporated herein by this reference.
The
information furnished in Item 2.02 of this Report, including the exhibits
incorporated by reference, will not be treated as “filed” for the purposes of
Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or
otherwise subject to the liabilities of that section. This
information will not be deemed incorporated by reference into a filing under the
Securities Act of 1933, or into another filing under the Exchange Act, unless
that filing expressly refers to specific information in this
Report.
Item
2.03 Creation
of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet
Arrangement of a Registrant.
On May 4,
2009, the Company entered into the Fourth Amendment described in Item 1.01
above, which description is incorporated in this Item 2.03 by this
reference.
Item
7.01
Regulation
FD Disclosure.
On May 5,
2009, the Company issued a press release announcing that it has entered into the
Fourth Amendment described in Item 1.01 above. A copy of the press
release is attached as Exhibit 99.2 to this Report and is incorporated herein by
this reference.
The
information furnished in Item 7.01 of this Report, including the exhibits
incorporated by reference, will not be treated as “filed” for the purposes of
Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or
otherwise subject to the liabilities of that section. This
information will not be deemed incorporated by reference into a filing under the
Securities Act of 1933, or into another filing under the Exchange Act, unless
that filing expressly refers to specific information in this
Report. The furnishing of the information in Item 7.01 is not
intended to, and does not, constitute a representation that such furnishing is
required by Regulation FD or that the information this Report contains is
material investor information that is not otherwise publicly
available.
Item
9.01
Financial
Statements and Exhibits.
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Exhibit
Number
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Description of
Exhibit
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99.1
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Fourth
Amendment to Amended and Restated Loan and Security Agreement dated as of
May 4, 2009.
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99.2
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Press
release dated May 5, 2009, entitled: "Sport Chalet Amends and
Expands Its Existing Credit Facility with Bank of
America."
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SPORT
CHALET, INC.
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Date: May
6, 2009
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By:
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/s/
Howard K. Kaminsky |
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Howard
K. Kaminsky, Executive Vice President-Finance, Chief Financial Officer and
Secretary
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EXHIBIT
INDEX
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Exhibit
Number
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Description of
Exhibit
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99.1
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Fourth
Amendment to Amended and Restated Loan and Security Agreement dated as of
May 4, 2009.
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99.2
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Press
release dated May 5, 2009, entitled: "Sport Chalet Amends and
Expands Its Existing Credit Facility with Bank of
America."
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