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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 2)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-
1(A) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
Steven Madden, Ltd.
-------------------
(Name of Issuer)
Common Stock, par value $0.0001 per share
-----------------------------------------
(Title of Class of Securities)
556269108
---------
(CUSIP Number)
Mr. James A. Mitarotonda
c/o Barington Companies Equity Partners, L.P.
888 Seventh Avenue, 17th Floor
New York, NY 10019
(212) 974-5700
--------------
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
November 16, 2004
-----------------
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f), or 13d-1(g), check the following
box: |_|.
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 2 of 13 Pages
- ---------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barington Companies Equity Partners, L.P. 13-4088890
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 288,937
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
none
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
288,937
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
288,937
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.21%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 3 of 13 Pages
- ---------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Barington Companies Offshore Fund, Ltd. (BVI)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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
British Virgin Islands
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 48,535
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
none
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
48,535
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
48,535
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.37%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 4 of 13 Pages
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================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Parche, LLC 20-0870632
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 105,496
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
none
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
105,496
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
105,496
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.81%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 5 of 13 Pages
- ---------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Starboard Value & Opportunity Fund, LLC 37-1484524
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 553,852
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
none
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
553,852
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
553,852
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.24%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 6 of 13 Pages
- ---------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RJG Capital Partners, LP 20-0133443
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X/
(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 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 8,600
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
none
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
8,600
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
8,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.066%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 7 of 13 Pages
- ---------------------------- -------------------------
This Amendment No. 2 amends and supplements the Schedule 13D filed with the
Securities and Exchange Commission on July 30, 2004, as amended by that
Amendment No. 1 filed on November 12, 2004 (the "Statement"), by and on behalf
of Barington Companies Equity Partners, L.P., Barington Companies Offshore Fund,
Ltd., Parche, LLC, Starboard Value & Opportunity Fund, LLC and RJG Capital
Partners, LP (each, a "Reporting Entity" and, collectively, the "Reporting
Entities") with respect to the common stock, par value $0.0001 per share (the
"Common Stock"), of Steven Madden, Ltd., a Delaware corporation (the "Company").
The principal executive offices of the Company are located at 52-16 Barnett
Avenue, Long Island City, New York 11104.
Item 2. IDENTITY AND BACKGROUND.
The second paragraph under Item 2(a) - (c) of the Statement is
hereby amended and restated as follows:
As of the date of this filing, the Reporting Entities are the
beneficial owners of, in the aggregate, 1,005,420 shares of Common Stock,
representing approximately 7.7% of the shares of Common Stock presently
outstanding.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The information contained in Item 3 of the Statement is hereby
supplemented as follows:
Since the filing of the Statement, the Reporting Entities purchased
an aggregate of 37,000 shares of Common Stock. The amount of funds expended for
such purchases was approximately $85,259.50 by Barington Companies Offshore Fund
Ltd. (BVI), $88,286.72 by Parche, LLC and $463,505.28 by Starboard Value &
Opportunity Fund, LLC.
All purchases of Common Stock by the Reporting Entities were made in
open market transactions described in the attached Schedule. All such purchases
of Common Stock were funded by working capital, which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of business.
Item 4. PURPOSE OF TRANSACTION.
The information contained in Item 4 of the Statement is hereby
supplemented as follows:
On November 16, 2004, James A. Mitarotonda, Chairman of Chief
Executive Officer of Barington Capital Group, L.P., sent the letter attached
hereto as Exhibit 99.3 to Jamieson A. Karson, the Vice Chairman and Chief Executive
Officer of the Company. The letter was sent in response to Mr. Karson's letter
dated November 9, 2004 in which he declined the request of Mr. Mitarotonda to
meet with him and the Company's Chief Operating Officer and Chief Financial
Officer.
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CUSIP No. 556269108 13D Page 8 of 13 Pages
- ---------------------------- -------------------------
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5(a) is hereby amended and restated as follows:
(a) As of the date hereof, Barington Companies Equity Partners, L.P.
beneficially owns an aggregate of 288,937 shares of Common Stock, representing
approximately 2.21% of the shares of Common Stock presently outstanding based
upon based upon the 13,053,505 shares of Common Stock reported by the Company to
be issued and outstanding as of November 3, 2004 in its Form 10-Q filed with the
Securities and Exchange Commission on November 9, 2004 (the "Issued and
Outstanding Shares").
As of the date hereof, Barington Companies Offshore Fund, Ltd. (BVI)
beneficially owns an aggregate of 48,535 shares of Common Stock, representing
approximately 0.37% of the shares of Common Stock presently outstanding based
upon the Issued and Outstanding Shares.
As of the date hereof, Parche, LLC beneficially owns an aggregate of
105,496 shares of Common Stock, representing approximately 0.81% of the shares
of Common Stock presently outstanding based upon the Issued and Outstanding
Shares.
As of the date hereof, Starboard Value & Opportunity Fund, LLC
beneficially owns an aggregate of 553,852 shares of Common Stock, representing
approximately 4.24% of the outstanding shares of Common Stock based upon the
Issued and Outstanding Shares.
As of the date hereof, RJG Capital Partners, LP beneficially owns an
aggregate of 8,600 shares of Common Stock, representing approximately 0.066% of
the outstanding shares of Common Stock based upon the Issued and Outstanding
Shares.
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 9 of 13 Pages
- ---------------------------- -------------------------
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Item 7 is hereby amended and restated as follows:
Exhibit No. 1 Exhibit Description
99.1 Agreement of Joint Filing among Barington Companies
Equity Partners, L.P., Barington Companies Offshore
Fund, Ltd. (BVI), Parche, LLC, Starboard Value &
Opportunity Fund, LLC and RJG Capital Partners, LP
dated July 30, 2004. *
99.2 Letter from James A. Mitarotonda of Barington
Capital Group, L.P. to Jamieson A. Karson, Vice
Chairman and Chief Executive Officer of Steven
Madden, Ltd., dated November 5, 2004.*
99.3 Letter from James A. Mitarotonda of Barington
Capital Group, L.P. to Jamieson A. Karson, Vice
Chairman and Chief Executive Officer of Steven
Madden, Ltd., dated November 16, 2004.
- --------------------------------------
* Previously Filed
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 10 of 13 Pages
- ---------------------------- -------------------------
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: November 17, 2004
BARINGTON COMPANIES EQUITY
PARTNERS, L.P.
By: Barington Companies Investors, LLC, its
general partner
By: /s/ James A. Mitarotonda
-----------------------------------------------
Name: James A. Mitarotonda
Title: Manager
BARINGTON COMPANIES OFFSHORE FUND, LTD. (BVI)
By: /s/ James A. Mitarotonda
-----------------------------------------------
Name: James A. Mitarotonda
Title: Manager
PARCHE, LLC
By: Admiral Advisors, LLC, its managing
member
By: /s/ Jeffrey M. Solomon
-----------------------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
STARBOARD VALUE & OPPORTUNITY
FUND, LLC
By: Admiral Advisors, LLC, its managing
member
By: /s/ Jeffrey M. Solomon
-----------------------------------------------
Name: Jeffrey M. Solomon
Title: Authorized Signatory
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 11 of 13 Pages
- ---------------------------- -------------------------
RJG CAPITAL PARTNERS, LP
By: RJG Capital Management, LLC, its general partner
By: /s/ Ronald J. Gross
-----------------------------------------------
Name: Ronald J. Gross
Title: Managing Member
- ---------------------------- -------------------------
CUSIP No. 556269108 13D Page 12 of 13 Pages
- ---------------------------- -------------------------
SCHEDULE
This schedule sets forth information with respect to each purchase of
Common Stock which was effectuated by a Reporting Entity since the filing of the
Statement. All transactions were effectuated in the open market through a
broker.
Shares purchased by Barington Companies Offshore Fund, Ltd.
Number of
Date Shares Price Per Share Cost(1)
- ---- --------- --------------- -----------
11/11/04 5,000 $17.0519 $85,259.50
- ----------
(1) Excludes commissions and other execution-related costs.
Shares purchased by Parche, LLC
Number of
Date Shares Price Per Share Cost(2)
- ---- --------- --------------- -----------
11/11/04 2400 $17.0519 $40,924.64
11/10/04 2720 $17.4125 $47,362.08
- ----------
(2) Excludes commissions and other execution-related costs.
Shares purchased by Starboard Value & Opportunity Fund, LLC
Number of
Date Shares Price Per Share Cost(3)
- ---- --------- --------------- -----------
11/11/04 12,600 $17.0519 $214,854.36
11/12/04 14,280 $17.4125 $248,650.92
- ----------
(3) Excludes commissions and other execution-related costs.
EXHIBIT 99.3
Barington Capital Group
November 16, 2004
Mr. Jamieson A. Karson
Vice Chairman and Chief Executive Officer
Steven Madden, Ltd.
52-16 Barnett Avenue
Long Island City, New York 11104
Dear Jamie:
Thank you for your letter dated November 9, 2004. We were
disappointed that as the steward of a publicly-owned company you would refuse to
meet with one of your largest stockholders.
With respect to our Schedule 13D filings, we are confident that they
are in full compliance with applicable law. Furthermore, your claim that we
asked one of your directors that the Company repurchase our shares is incorrect
- -- our interest is to enhance shareholder value for the benefit of all
stockholders of Steven Madden, Ltd.
It appears that you have misread our good intentions. As a concerned
stockholder, we remain hopeful that you and your Board of Directors will
reconsider your decision and agree to meet with me and my colleagues to discuss
constructive measures that we believe will enhance the profitability and share
price performance of the Company for the benefit of all of its stockholders.
Very truly yours,
/s/ Jim
-------------------------------------
James A. Mitarotonda