Edward Lampert, the manager of ESL Investments, has continued his buying spree of Lands’ End, Inc. (NASDAQ:LE). As reported in a recently amended filing with the Securities and Exchange Commission, Lampert has personally acquired 348,253 shares for approximately $5 million, taking his overall investment to 18.8 million shares or 58.7% of the company’s outstanding stock.
A retailer of casual clothing and accessories, Lands’ End, Inc. (NASDAQ:LE) stock has struggled of late. Shares have ended Monday’s trading session at $14.41 apiece, down by 37% since the start of the year. The company has made some leadership changes recently, as it struggles to remain profitable in the current retail market.
Lands’ End has appointed a new chief marketing officer, as well as new head for e-commerce, digital marketing and innovation, and multi-channel marketing departments. “[…] we continue to focus on strategically building a stronger analytics team to elevate the customer experience, while creating and communicating enticing brand messages and personalized content, both in our catalog and across all digital channels,” commented Federica Marchionni, Lands’ End CEO. The company is expected to release its next quarterly report on September 1, with analysts’ having projected earnings of $0.02 per share and $292 million in revenues.
Hedge fund interest in Lands’ End, Inc. (NASDAQ:LE) was roughly unchanged during the first quarter, as the numer of long positions stood at 12 at the end of March, the same as a quarter before. Bruce Berkowitz‘s Fairholme (FAIRX) cut its exposure by 5% to 2.92 million shares, while Eugene Lee and Paul Singh’s Fort Warren Capital Management reduced its holding by 27% to 385,036, as reported in its latest 13F filing.
You can access the original SEC filing by clicking here.
Ownership Summary Table
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
ESL Partners | 6,615,280 | 0 | 6,615,280 | 12,089,599 | 18,704,879 | 58.4% |
SPE I Partners | 45,156 | 0 | 45,156 | 011 | 45,156 | 0.1% |
SPE Master I | 58,156 | 0 | 58,156 | 011 | 58,156 | 0.2% |
RBS Partners | 6,718,592 | 0 | 6,718,592 | 12,089,599 | 18,808,191 | 58.7% |
ESL Investments, Inc | 6,718,592 | 0 | 6,718,592 | 12,089,599 | 18,808,191 | 58.7% |
Edward S. Lampert | 18,808,191 | 0 | 6,718,592 | 12,089,599 | 18,808,191 | 58.7% |
Page 1 of 12 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 12)*
Lands
End, Inc.
(Name of Issuer)
Common Stock
(Title of
Class of Securities)
51509F105
(CUSIP Number)
Janice V.
Sharry, Esq.
Haynes and Boone, LLP
2323 Victory Avenue, Suite 700
Dallas, Texas 75219
(214) 651-5000
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)
July 29, 2016
(Date of Event which Requires Filing of this Statement)
If the filing
person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7
for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page
shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
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Page 2 of 12 – SEC Filing
CUSIP No. 51509F105 |
1. | Names of ESL Partners, L.P. | |||||
2. | Check the Appropriate Box if a Member (a) x (b) ¨ | |||||
3. | SEC Use Only | |||||
4. | Source of Funds (See Instructions) OO | |||||
5. | Check if Disclosure of Legal | |||||
6. | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power 6,615,280 | ||||
8. | Shared Voting Power 0 | |||||
9. | Sole Dispositive Power 6,615,280 | |||||
10. | Shared Dispositive Power 12,089,599 | |||||
11. | Aggregate Amount Beneficially Owned by Each Reporting Person 18,704,879 | |||||
12. | Check if the Aggregate Amount in Row | |||||
13. | Percent of Class Represented by Amount 58.4% (1) | |||||
14. | Type of Reporting Person (See PN |
(1) | Based upon 32,029,359 shares of Common Stock outstanding as of June 2, 2016, as disclosed in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended April 29, 2016, that was filed by the Issuer with the Securities and Exchange Commission on June 2, 2016. |
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Page 3 of 12 – SEC Filing
CUSIP No. 51509F105 |
1. | Names of SPE I Partners, LP | |||||
2. | Check the Appropriate Box if a Member (a) x (b) ¨ | |||||
3. | SEC Use Only | |||||
4. | Source of Funds (See Instructions) OO | |||||
5. | Check if Disclosure of Legal | |||||
6. | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power 45,156 | ||||
8. | Shared Voting Power 0 | |||||
9. | Sole Dispositive Power 45,156 | |||||
10. | Shared Dispositive Power 0 | |||||
11. | Aggregate Amount Beneficially Owned by Each Reporting Person 45,156 | |||||
12. | Check if the Aggregate Amount in Row | |||||
13. | Percent of Class Represented by Amount 0.1% (1) | |||||
14. | Type of Reporting Person (See PN |
(1) | Based upon 32,029,359 shares of Common Stock outstanding as of June 2, 2016, as disclosed in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended April 29, 2016, that was filed by the Issuer with the Securities and Exchange Commission on June 2, 2016. |
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Page 4 of 12 – SEC Filing
CUSIP No. 51509F105 |
1. | Names of SPE Master I, LP | |||||
2. | Check the Appropriate Box if a Member (a) x (b) ¨ | |||||
3. | SEC Use Only | |||||
4. | Source of Funds (See Instructions) OO | |||||
5. | Check if Disclosure of Legal | |||||
6. | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power 58,156 | ||||
8. | Shared Voting Power 0 | |||||
9. | Sole Dispositive Power 58,156 | |||||
10. | Shared Dispositive Power 0 | |||||
11. | Aggregate Amount Beneficially Owned by Each Reporting Person 58,156 | |||||
12. | Check if the Aggregate Amount in Row | |||||
13. | Percent of Class Represented by Amount 0.2% (1) | |||||
14. | Type of Reporting Person (See PN |
(1) | Based upon 32,029,359 shares of Common Stock outstanding as of June 2, 2016, as disclosed in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended April 29, 2016, that was filed by the Issuer with the Securities and Exchange Commission on June 2, 2016. |
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Page 5 of 12 – SEC Filing
CUSIP No. 51509F105 |
1. | Names of RBS Partners, L.P. | |||||
2. | Check the Appropriate Box if a Member (a) x (b) ¨ | |||||
3. | SEC Use Only | |||||
4. | Source of Funds (See Instructions) OO | |||||
5. | Check if Disclosure of Legal | |||||
6. | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power 6,718,592 | ||||
8. | Shared Voting Power 0 | |||||
9. | Sole Dispositive Power 6,718,592 | |||||
10. | Shared Dispositive Power 12,089,599 | |||||
11. | Aggregate Amount Beneficially Owned by Each Reporting Person 18,808,191 | |||||
12. | Check if the Aggregate Amount in Row | |||||
13. | Percent of Class Represented by Amount 58.7% (1) | |||||
14. | Type of Reporting Person (See PN |
(1) | Based upon 32,029,359 shares of Common Stock outstanding as of June 2, 2016, as disclosed in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended April 29, 2016, that was filed by the Issuer with the Securities and Exchange Commission on June 2, 2016. |
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Page 6 of 12 – SEC Filing
CUSIP No. 51509F105 |
1. | Names of ESL Investments, Inc. | |||||
2. | Check the Appropriate Box if a Member (a) x (b) ¨ | |||||
3. | SEC Use Only | |||||
4. | Source of Funds (See Instructions) OO | |||||
5. | Check if Disclosure of Legal | |||||
6. | Citizenship or Place of Delaware | |||||
Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power 6,718,592 | ||||
8. | Shared Voting Power 0 | |||||
9. | Sole Dispositive Power 6,718,592 | |||||
10. | Shared Dispositive Power 12,089,599 | |||||
11. | Aggregate Amount Beneficially Owned by Each Reporting Person 18,808,191 | |||||
12. | Check if the Aggregate Amount in Row | |||||
13. | Percent of Class Represented by Amount 58.7% (1) | |||||
14. | Type of Reporting Person (See CO |
(1) | Based upon 32,029,359 shares of Common Stock outstanding as of June 2, 2016, as disclosed in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended April 29, 2016, that was filed by the Issuer with the Securities and Exchange Commission on June 2, 2016. |
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Page 7 of 12 – SEC Filing
CUSIP No. 51509F105 |
1. | Names of Edward S. Lampert | |||||
2. | Check the Appropriate Box if a Member (a) x (b) ¨ | |||||
3. | SEC Use Only | |||||
4. | Source of Funds (See Instructions) PF | |||||
5. | Check if Disclosure of Legal | |||||
6. | Citizenship or Place of United States | |||||
Number of Shares Beneficially Owned by Each Reporting Person With | 7. | Sole Voting Power 18,808,191 | ||||
8. | Shared Voting Power 0 | |||||
9. | Sole Dispositive Power 6,718,592 | |||||
10. | Shared Dispositive Power 12,089,599 | |||||
11. | Aggregate Amount Beneficially Owned by Each Reporting Person 18,808,191 | |||||
12. | Check if the Aggregate Amount in Row | |||||
13. | Percent of Class Represented by Amount 58.7% (1) | |||||
14. | Type of Reporting Person (See IN |
(1) | Based upon 32,029,359 shares of Common Stock outstanding as of June 2, 2016, as disclosed in the Issuers Quarterly Report on Form 10-Q for the quarterly period ended April 29, 2016, that was filed by the Issuer with the Securities and Exchange Commission on June 2, 2016. |
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Page 8 of 12 – SEC Filing
This Amendment No. 12 to Schedule 13D (this Amendment) relates to shares of
common stock, par value $0.01 per share (the Common Stock), of Lands End, Inc., a Delaware corporation (the Issuer). This Amendment amends the Schedule 13D, as previously amended, filed with the Securities
and Exchange Commission by ESL Partners, L.P., a Delaware limited partnership (Partners), SPE I Partners, LP, a Delaware limited partnership (SPE I), SPE Master I, LP, a Delaware limited partnership
(SPE Master I), RBS Partners, L.P., a Delaware limited partnership (RBS), ESL Institutional Partners, L.P., a Delaware limited partnership, RBS Investment Management, L.L.C., a Delaware limited liability
company, CRK Partners, LLC, a Delaware limited liability company, ESL Investments, Inc., a Delaware corporation (ESL), and Edward S. Lampert, a United States citizen, by furnishing the information set forth below. Except as
otherwise specified in this Amendment, all previous Items are unchanged. Capitalized terms used herein which are not defined herein have the meanings given to them in the Schedule 13D, as previously amended, filed with the Securities and Exchange
Commission.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and
supplemented as follows:
In various open market purchases between July 20, 2016 and August 1, 2016, Mr. Lampert acquired an
aggregate of 348,253 shares of Common Stock for aggregate consideration of approximately $4,999,642 (excluding commissions) using personal funds.
Item 5. | Interest in Securities of the Issuer. |
Item 5 is hereby amended and restated in its
entirety as follows:
(a)-(b) Each Reporting Person declares that neither the filing of this statement nor anything herein shall be
construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
Each Reporting Person may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purposes of
Section 13(d) or 13(g) of the Act. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any
other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with
respect to the Issuer or any securities of the Issuer or (ii) a member of any syndicate or group with respect to the Issuer or any securities of the Issuer.
As of the time of filing on August 2, 2016, the Reporting Persons may be deemed to beneficially own the shares of the Common Stock of the
Issuer set forth in the table below.
REPORTING PERSON | NUMBER OF SHARES BENEFICIALLY OWNED | PERCENTAGE OF OUTSTANDING SHARES | SOLE VOTING POWER | SHARED VOTING POWER | SOLE DISPOSITIVE POWER | SHARED DISPOSITIVE POWER | ||||||||||||||||||
ESL Partners, L.P. | 18,704,879 | (1) | 58.4 | % | 6,615,280 | 0 | 6,615,280 | 12,089,599 | (1) | |||||||||||||||
SPE I Partners, LP | 45,156 | 0.1 | % | 45,156 | 0 | 45,156 | 0 | |||||||||||||||||
SPE Master I, LP | 58,156 | 0.2 | % | 58,156 | 0 | 58,156 | 0 | |||||||||||||||||
RBS Partners, L.P. | 18,808,191 | (1)(2) | 58.7 | % | 6,718,592 | (2) | 0 | 6,718,592 | (2) | 12,089,599 | (1) | |||||||||||||
ESL Investments, Inc. | 18,808,191 | (1)(3) | 58.7 | % | 6,718,592 | (4) | 0 | 6,718,592 | (3) | 12,089,599 | (1) | |||||||||||||
Edward S. Lampert | 18,808,191 | (1)(4) | 58.7 | % | 18,808,191 | (1)(4) | 0 | 6,718,592 | (4) | 12,089,599 | (1) |
(1) | This number includes 12,089,599 shares of Common Stock held by Mr. Lampert. Partners has entered into the Lock-Up Agreement with Mr. Lampert that restricts the purchase and sale of securities owned by Mr. Lampert. Pursuant to the Lock-Up Agreement, Partners may be deemed to have shared dispositive power over, and to indirectly beneficially own, securities beneficially owned by Mr. Lampert. RBS, ESL and Mr. Lampert may also be deemed to have shared dispositive power over, and to indirectly beneficially own, such securities. |
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Page 9 of 12 – SEC Filing
(2) | This number includes 6,615,280 shares of Common Stock held by Partners, 45,156 shares of Common Stock held by SPE I and 58,156 shares of Common Stock held by SPE Master I. RBS is the general partner of, and may be deemed to indirectly beneficially own securities beneficially owned by, Partners, SPE I and SPE Master I. |
(3) | This number includes 6,615,280 shares of Common Stock held by Partners, 45,156 shares of Common Stock held by SPE I and 58,156 shares of Common Stock held by SPE Master I. ESL is the general partner of, and may be deemed to indirectly beneficially own securities beneficially owned by, RBS. |
(4) | This number includes 6,615,280 shares of Common Stock held by Partners, 45,156 shares of Common Stock held by SPE I and 58,156 shares of Common Stock held by SPE Master I. Mr. Lampert is the Chairman, Chief Executive Officer and Director of, and may be deemed to indirectly beneficially own securities beneficially owned by, ESL. |
(c) Other than as set forth on Annex B hereto, there have been no transactions in the class of securities reported on that were effected
by the Reporting Persons during the past sixty days or since the most recent filing of Schedule 13D, whichever is less.
(d) Not
applicable.
(e) Not applicable.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended and restated in its entirety
as follows:
The following exhibits are filed as exhibits hereto:
Exhibit | Description of Exhibit | |
99.1 | Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Schedule 13D filed on April 8, 2014). | |
99.2 | Letter Agreement, dated June 2, 2010, by and between ESL Partners, L.P. and Edward S. Lampert (incorporated by reference to Exhibit 99.2 to the Schedule 13D filed on April 8, 2014). | |
99.3 | Form of Purchase and Sale Agreement, dated as of July 2, 2015, by and among the Participating Limited Partner, RBS Partners, L.P. and RBS Partners, L.P., in its capacity as general partner of either SPE I Partners, LP or SPE Master I, LP (incorporated by reference to Exhibit 99.3 to the Amendment to the Schedule 13D filed on July 6, 2015). | |
99.4 | Rule 10b5-1(c) Plan, dated July 2, 2015, by SPE I Partners, LP and RBS Partners, L.P. (incorporated by reference to Exhibit 99.4 to the Amendment to the Schedule 13D filed on July 6, 2015). | |
99.5 | Rule 10b5-1(c) Plan, dated July 2, 2015, by SPE Master I, LP and RBS Partners, L.P. (incorporated by reference to Exhibit 99.5 to the Amendment to the Schedule 13D filed on July 6, 2015). | |
99.6 | Stock Purchase Plan, dated December 11, 2015, among Edward S. Lampert, ESL Partners, L.P. and Watermill Institutional Trading LLC (incorporated by reference to Exhibit 99.6 to the Amendment to the Schedule 13D filed on December 14, 2015). |
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Page 10 of 12 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: August 2, 2016 | ESL PARTNERS, L.P. | |||||||
By: RBS Partners, L.P., as its general partner | ||||||||
By: ESL Investments, Inc., as its general partner | ||||||||
By: | /s/ Edward S. Lampert | |||||||
Name: | Edward S. Lampert | |||||||
Title: | Chief Executive Officer | |||||||
SPE I PARTNERS, LP | ||||||||
By: RBS Partners, L.P., as its general partner | ||||||||
By: ESL Investments, Inc., as its general partner | ||||||||
By: | /s/ Edward S. Lampert | |||||||
Name: | Edward S. Lampert | |||||||
Title: | Chief Executive Officer | |||||||
SPE MASTER I, LP | ||||||||
By: RBS Partners, L.P., as its general partner | ||||||||
By: ESL Investments, Inc., as its general partner | ||||||||
By: | /s/ Edward S. Lampert | |||||||
Name: | Edward S. Lampert | |||||||
Title: | Chief Executive Officer | |||||||
RBS PARTNERS, L.P. | ||||||||
By: ESL Investments, Inc., as its general partner | ||||||||
By: | /s/ Edward S. Lampert | |||||||
Name: | Edward S. Lampert | |||||||
Title: | Chief Executive Officer | |||||||
ESL INVESTMENTS, INC. | ||||||||
By: | /s/ Edward S. Lampert | |||||||
Name: | Edward S. Lampert | |||||||
Title: | Chief Executive Officer | |||||||
EDWARD S. LAMPERT | ||||||||
By: | /s/ Edward S. Lampert |
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Page 11 of 12 – SEC Filing
ANNEX B
RECENT TRANSACTIONS BY THE REPORTING PERSONS IN THE SECURITIES OF LANDS END, INC.
Entity | Date of Transaction | Description of Transaction | Shares Acquired | Shares Disposed | Price Per Share | |||||||||||||||
Edward S. Lampert | 07/20/2016 | Open Market Purchases | 1,200 | $ | 14.6467 | |||||||||||||||
Edward S. Lampert | 07/21/2016 | Open Market Purchases | 29,924 | $ | 14.6427 | |||||||||||||||
Edward S. Lampert | 07/27/2016 | Open Market Purchases | 166,450 | $ | 14.3967 | |||||||||||||||
Edward S. Lampert | 07/28/2016 | Open Market Purchases | 65,299 | $ | 14.3406 | |||||||||||||||
Edward S. Lampert | 07/29/2016 | Open Market Purchases | 74,680 | $ | 14.1839 | |||||||||||||||
Edward S. Lampert | 08/01/2016 | Open Market Purchases | 10,700 | $ | 14.1950 |
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Page 12 of 12 – SEC Filing
EXHIBIT INDEX
Exhibit | Description of Exhibit | |
99.1 | Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to the Schedule 13D filed on April 8, 2014). | |
99.2 | Letter Agreement, dated June 2, 2010, by and between ESL Partners, L.P. and Edward S. Lampert (incorporated by reference to Exhibit 99.2 to the Schedule 13D filed on April 8, 2014). | |
99.3 | Form of Purchase and Sale Agreement, dated as of July 2, 2015, by and among the Participating Limited Partner, RBS Partners, L.P. and RBS Partners, L.P., in its capacity as general partner of either SPE I Partners, LP or SPE Master I, LP (incorporated by reference to Exhibit 99.3 to the Amendment to the Schedule 13D filed on July 6, 2015). | |
99.4 | Rule 10b5-1(c) Plan, dated July 2, 2015, by SPE I Partners, LP and RBS Partners, L.P. (incorporated by reference to Exhibit 99.4 to the Amendment to the Schedule 13D filed on July 6, 2015). | |
99.5 | Rule 10b5-1(c) Plan, dated July 2, 2015, by SPE Master I, LP and RBS Partners, L.P. (incorporated by reference to Exhibit 99.5 to the Amendment to the Schedule 13D filed on July 6, 2015). | |
99.6 | Stock Purchase Plan, dated December 11, 2015, among Edward S. Lampert, ESL Partners, L.P. and Watermill Institutional Trading LLC (incorporated by reference to Exhibit 99.6 to the Amendment to the Schedule 13D filed on December 14, 2015). |