0001213900-20-027884.txt : 20200923 0001213900-20-027884.hdr.sgml : 20200923 20200922183721 ACCESSION NUMBER: 0001213900-20-027884 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200923 DATE AS OF CHANGE: 20200922 GROUP MEMBERS: DAVID L. KANEN GROUP MEMBERS: KANEN WEALTH MANAGEMENT , LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BUILD A BEAR WORKSHOP INC CENTRAL INDEX KEY: 0001113809 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-HOBBY, TOY & GAME SHOPS [5945] IRS NUMBER: 431883836 STATE OF INCORPORATION: DE FISCAL YEAR END: 0130 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80499 FILM NUMBER: 201190533 BUSINESS ADDRESS: STREET 1: 1954 INNERBELT BUSINESS CENTRE DRIVE CITY: ST LOUIS STATE: MO ZIP: 63114 BUSINESS PHONE: 314-423-8000 MAIL ADDRESS: STREET 1: 1954 INNERBELT BUSINESS CENTRE DRIVE CITY: ST LOUIS STATE: MO ZIP: 63114 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Philotimo Fund, LP CENTRAL INDEX KEY: 0001688522 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 5850 CORAL RIDGE DRIVE, SUITE 309 CITY: CORAL SPRINGS STATE: FL ZIP: 33076 BUSINESS PHONE: 631-863-3100 MAIL ADDRESS: STREET 1: 5850 CORAL RIDGE DRIVE, SUITE 309 CITY: CORAL SPRINGS STATE: FL ZIP: 33076 SC 13D/A 1 ea127212-sc13da2philo_build.htm AMENDMENT NO. 2 TO SCHEDULE 13D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 24.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§240.13d-2(a)

 

(Amendment No. 2)1

 

Build-A-Bear Workshop, Inc.

(Name of Issuer)

 

Common Stock, $0.01 par value

(Title of Class of Securities)

 

120076104

(CUSIP Number)

 

MR. DAVID L KANEN

KANEN WEALTH MANAGEMENT, LLC

5850 Coral Ridge Drive, Suite 309

Coral Springs, FL 33076

(631) 863-3100

(Name, Address of Telephone Number of Person

Authorized to Receive Notices and Communications)

 

September 18th, 2020

(Date of Event Which Requires Filing of This Statement)

 

If 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 the schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

 

 

1The remainder of this cover page shall be filled out for a reporting person’s 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 the “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“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).

 

 

 

 

 

CUSIP NO. 05551A109

 

1

NAME OF REPORTING PERSON

 

PHILOTIMO FUND, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b) ☐

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS

 

WC

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

DELAWARE

NUMBER OF SHARES BENEFICALLY OWNED BY EACH REPORTING PERSON WITH 7

SOLE VOTING POWER

 

-0-

8

SHARED VOTING POWER

 

10,007

9

SOLE DISPOSITIVE POWER

 

-0-

10

SHARED DISPOSITIVE POWER

 

10,007

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

10,007

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

<0.1%

14

TYPE OF REPORTING PERSON

 

IA, PN

  

1

 

CUSIP NO. 05551A109

 

1

NAME OF REPORTING PERSON

 

KANEN WEALTH MANAGEMENT , LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ☐

(b)

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS

 

AF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

FLORIDA

NUMBER OF SHARES BENEFICALLY OWNED BY EACH REPORTING PERSON WITH 7

SOLE VOTING POWER

 

-0-

8

SHARED VOTING POWER

 

811,996

9

SOLE DISPOSITIVE POWER

 

-0-

10

SHARED DISPOSITIVE POWER

 

811,996

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

811,996

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES 

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

5.2%

14

TYPE OF REPORTING PERSON

 

IA, OO

  

2

 

CUSIP NO. 05551A109

 

1

NAME OF REPORTING PERSON

 

DAVID L. KANEN

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

(a) ☐

(b) ☐

 

3

SEC USE ONLY

 

4

SOURCE OF FUNDS

 

PF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) 

 

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

DELAWARE

NUMBER OF SHARES BENEFICALLY OWNED BY EACH REPORTING PERSON WITH 7

SOLE VOTING POWER

 

52,584

8

SHARED VOTING POWER

 

811,996

9

SOLE DISPOSITIVE POWER

 

52,584

10

SHARED DISPOSITIVE POWER

 

811,996

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

864,580

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

5.5%

14

TYPE OF REPORTING PERSON

 

IN

 

3

 

CUSIP NO. 05551A109

 

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 1”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.

 

Item 3.Source and Amount of Funds or Other Consideration.

 

The Shares previously purchased by Philotimo were purchased with working capital (which may, at any given time include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The Shares previously purchased by KWM were purchased with funds for the accounts of its customers (which may, at any given time include margin loans made by brokerage firms in the ordinary course of business) in open market transactions. The Shares previously purchased by Mr. Kanen were purchased with personal funds (which may, at any given time include margin loans made by brokerage firms in the ordinary course of business) in open market transactions.

 

Item 4.Purpose of Transaction.

 

Item 4 is hereby amended to add the following.

 

On September 8th, David Kanen resigned from the Board of Directors of the Issuer.

 

Item 5.Interest in the Securities of the Issuer.

 

The aggregate percentage of Shares reported owned by each person named herein is based upon 15,591,553 Shares outstanding as of September 7th, 2020 as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on September 10th, 2020.

 

A.Philotimo

 

  (a) As of the close of business on Sept. 22nd, 2020 Philotimo beneficially owned 10,007 Shares.
   
    Percentage: Approximately <0.1%
   
  (b) 1. Sole power to vote or direct: 0
    2. Shared power to vote or direct vote: 10,007
    3. Sole power to dispose or direct the disposition: 0
    4. Shared power to dispose or direct the disposition: 10,007
   
  (c) The transactions in the Shares by Philotimo made in the past sixty days are set forth in Schedule A and are incorporated herein by reference.

 

B.KWM

 

  (a) As of the close of business on September 22nd,, 2020, KWM beneficially owned 801,989 Shares. KWM, as the general partner of Philotimo, may be deemed to be the beneficial owner of the 10,007 Shares owned by Philotimo.
   
    Percentage: Approximately 5.2%
   
  (b) 1. Sole power to vote or direct: 0
    2. Shared power to vote or direct vote: 811,996

 

4

 

CUSIP NO. 05551A109

 

    3. Sole power to dispose or direct the disposition: 0
    4. Shared power to dispose or direct the disposition: 811,996
   
  (c) The transactions in the Shares by Philotimo made in the past sixty days are set forth in Schedule A and are incorporated herein by reference.

 

C.Mr. Kanen

 

  (a) As of the close of business on Sept. 22nd, 2020, Mr. Kanen beneficially owned 52,584 Shares. Mr. Kanen, as the managing member of KWM, may be deemed to be the beneficial owner of the (i) 801,989 Shares owned by KWM and (ii) 10,007 Shares owned by Philotimo.
   
    Percentage: Approximately 5.5%
   
  (b) 1. Sole power to vote or direct: 52,584
    2. Shared power to vote or direct vote: 811,996
    3. Sole power to dispose or direct the disposition: 10,007
    4. Shared power to dispose or direct the disposition: 811,996
   
  (c) Mr. Kanen has not entered into any transactions in the Shares of the Issuer during the past sixty days.

 

KWM, in its role as investment manager to several customer accounts (collectively, the “Accounts”) to which it furnishes investment advice, and Mr. Kanen, as the managing member of KWM, may each be deemed to beneficially own shares of the Issuer’s Shares held in the Accounts.

 

Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the shares directly owned by the other Reporting Persons. Each Reporting Person disclaims the beneficial ownership of such Shares except to the extent of his or its pecuniary interest therein.

 

  (d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.
   
  (e) Not applicable.

 

5

 

CUSIP NO. 05551A109

 

SIGNATURES

 

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: 09/22/2020

 

  KANEN WEALTH MANAGEMENT, LLC
   
  By:

/s/ David L. Kanen

    Name: David L. Kanen
    Title: Managing Member
       
  PHILOTIMO FUND, LP
     
  By:

Kanen Wealth Management, LLC

its general partner

     
  By:

/s/ David L. Kanen

    Name: David L. Kanen
    Title: Managing Member

 

 

/s/ David L. Kanen

  DAVID L. KANEN

 

6

 

CUSIP NO. 05551A109

 

SCHEDULE A

 

Schedule of Transactions in the Shares

 

Nature of the Transaction   Amount of Shares
Purchased/(Sold)
  Price per Share ($)   Date of
Purchase/Sale

 

KANEN WEALTH MANAGEMENT, llC

 

Sale of Common Stock   56,207   3.2651   08/21/2020
Sale of Common Stock   9,024   3.2510   08/22/2020

  

Philotimo fund, lp

 

Sale of Common Stock   525,000   3.4119   09/18/2020

 

 

7