SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): OCTOBER 29, 2003
FRIEDMAN'S INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-22356 58-20583
(State or other jurisdiction (Commission File Number) (IRS Employer Identification No.)
of incorporation)
171 CROSSROADS PARKWAY
SAVANNAH, GEORGIA 31422
(Address of principal executive offices)
(912) 233-9333
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
Friedman's Inc. today announced that its Board of Directors has placed
the Company's Chief Financial Officer, Victor M. Suglia on a leave of absence.
Management and the Board are considering their alternatives with regard to an
interim Chief Financial Officer.
On October 29, 2003, Friedman's was advised by the Securities and
Exchange Commission that the SEC has issued a formal order of a private
investigation with respect to the Company. As previously disclosed, on September
8, 2003, Friedman's was contacted by the SEC and informed that the SEC had
opened an informal inquiry into the allegations contained in a lawsuit filed
against Cosmopolitan Gem Corporation (a former vendor of Friedman's) and a
number of other defendants, including Friedman's, Crescent Jewelers and
Whitehall Jewellers by Capital Factors, Inc., a former factor of Cosmopolitan.
The formal investigation has been expanded and also includes a review of the
Company's allowance for doubtful accounts and other financial matters and seeks
to determine whether Friedman's may have issued materially false or misleading
disclosures under the Securities Act of 1933 and Securities Exchange Act of 1934
and whether there are possible violations of the internal controls and books and
records provisions under the Exchange Act, for the period January 1, 2000
through the present. In addition, the Company announced that the previously
reported investigation by the United States Justice Department into the Capital
Factors matter has been expanded to include a review of the Company's allowance
for doubtful accounts and other financial matters.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 11, 2003, Friedman's Inc. issued a press release announcing
an increase of its allowance for doubtful accounts at September 27, 2003. The
text of the press release relating to an increase in the Company's allowance for
doubtful accounts (paragraphs 3, 4 and 5), which is attached at Exhibit 99.1, is
incorporated by reference into this Item.
EXHIBITS
99.1 Press Release Dated November 11, 2003.
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.
FRIEDMAN'S INC.
(Registrant)
Date: November 11, 2003 By: /s/ Bradley J. Stinn
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Bradley J. Stinn
Chief Executive Officer