Live Ventures Incorporated (NASDAQ:LIVE) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure.
In response to the impacts of COVID-19 on the business of Live Ventures Incorporated (the “Company”), the Company hereby provides the following business update.
As of the date of this Current Report on Form 8-K (this “Form 8-K”), Vintage Stock, Inc. (“Vintage Stock”), a subsidiary of the Company, has closed all 62 stores and laid off most of its employees. Vintage Stock has informed its landlords that it will not pay rent for April 2020 and plans to evaluate whether it will pay rent for future months based on how events surrounding the COVID-19 virus evolve, including government actions, declarations, and other orders, and any other government actions to financially assist retailers and landlords such as Vintage Stock. Vintage Stock continues to operate and serve its customers online at www.vintagestock.com.
As of the date of this Form 8-K, the business of Marquis Industries, Inc. and its affiliated entities (collectively, “Marquis”), a subsidiary of the Company, is continuing to operate on a scaled down basis to meet continuing demand and service its customers. Sales, administration, warehouse, distribution, and some manufacturing facilities remain open with temporarily reduced staffing. Marquis has agreed to file for unemployment benefits for employees who are temporarily furloughed during this time.
On April 6, 2020, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
This Current Report on Form 8-K includes certain disclosures which contain “forward-looking statements” within the meaning of the U.S. federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as “subject to,” “expect” or similar expressions that concern the Company’s strategy, plans or intentions, including statements as to whether Vintage Stock will pay rent in moths after April 2020. Forward-looking statements are based on the Company’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from the Company’s expectations are set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019, as revised or supplemented by its subsequent quarterly reports on Form 10-Q or its subsequent current reports on Form 8-K, as well as any amendments thereto.
Item 9.01. Financial Statements and Exhibits
LIVE VENTURES Inc Exhibit
EX-99.1 2 live-ex991_17.htm EX-99.1 live-ex991_17.htm Exhibit 99.1 Live Ventures Provides Business Update LAS VEGAS,…
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About Live Ventures Incorporated (NASDAQ:LIVE)
Live Ventures Incorporated, formerly LiveDeal, Inc., is a holding company. The Company offers LiveDeal.com, a real-time deal engine that connects restaurants across the United States and consumers via a platform. The Company operates in three segments: legacy merchant’s services; online marketplace platform, and manufacturing. The legacy merchants’ services segment consists of local exchange carrier (LEC) and Velocity Local. The online marketplace platform segment consists of LiveDeal.com and various consumer products entities. The manufacturing segment includes the operations of Marquis Industries, Inc. (Marquis Industries). Marquis Industries is a carpet manufacturer and a manufacturer of yarn products, as well as a reseller of hard surface flooring products. LiveDeal.com provides marketing solutions to restaurants to boost customer awareness and merchant visibility on the Internet.