Current Report Filing (8-k)
August 08 2016 - 10:23AM
Edgar (US Regulatory)
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 earliest event reported)
July
31, 2016
EPIC STORES CORP.
(Exact name of registrant as specified in its
charter)
Nevada
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000-55511
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45-5355653
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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20805 North 19
th
Avenue, #2, Phoenix, AZ
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85027
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code
(855) 636-3742
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Not Applicable
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(Former name or former address, if changed since last report.)
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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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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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))
Item 1.02 Termination of a Material Definitive
Agreement and
Item 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
On July 31, 2016 Bluechip Accounting, LLC (“Bluechip”)
provided written notice of termination of all agreements with Epic Stores Corp. (“Epic”) and Epic Stores, LLC (“Epic
LLC”) for breach of contract and non-payment. Pursuant to these agreements the Company agreed to pay Bluechip a consulting
fee of $5,500 per month, plus expenses incurred, in exchange for Mr. Bradford’s CFO services. Epic also entered into certain
agreements with Bluechip pursuant to which Bluechip agreed to provide controller and accounting services for base fee compensation
of $8,000 per month, plus expenses, plus an additional fee of $200 per month for each operating store over five open during the
month of service. Epic also entered into a further agreement with Bluechip pursuant to which Bluechip agreed to provide services
to Epic in connection with the preparation of financial statements and other public filings for $2,000 a month. As of July 1, 2016,
$90,236 in unpaid fees related to the above engagements remained due for services and unreimbursed expenses and services were suspended.
As a result, Bluechip Accounting has terminated
all of its agreements with Epic, and Zachary Bradford has resigned from his position as a member of the board of directors and
as the Chief financial officer of Epic.
The Epic Board of Directors anticipates that
Epic will execute a Separation Agreement with Bluechip and Mr. Bradford which will contain confidentiality and non-disparagement
provisions and a general release of Epic, Epic LLC, Bluechip, and Mr. Bradford.
Item 8.01 Other Items.
At its meeting on August
2, 2016, the Board of Directors (the “Board”) of Epic Stores Corp. (“Epic”) discussed actions that the
Board can take in the best interests of Epic and its shareholders given Epic’s and its subsidiary Epic Stores, LLC’s
pending liquidation. The Board resolved to that it will continue it operations to monetize the assets of the Company. It was further
resolved to explore potential merger transactions between Epic and a third party. The Board has not yet identified a third party
interested in such a merger transaction, but the Board is actively exploring this possibility.
SIGNATURE
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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Epic Stores Corp.
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(Registrant)
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Date:
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August 8, 2016
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/s/
Brian Davidson
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Brian Davidson
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President, Chief Executive Officer, Secretary, Treasurer and Director
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