UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
(Amendment No. 1)
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 10, 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: |_|.
SCHEDULE 13D
CUSIP No. 556269108
- -------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 288,937
SHARES ----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 288,937
WITH ----------------------------------------------------
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
- --------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 556269108
- -------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 43,535
SHARES ------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 43,535
WITH ------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
43,535
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.33%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 556269108
- -------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 100,376
SHARES --------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH --------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 100,376
WITH --------------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,376
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.77%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 556269108
- -------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 526,972
SHARES -----------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH -----------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 526,972
WITH -----------------------------------------------------
10) SHARED DISPOSITIVE POWER
none
- --------------------------------------------------------------------------------
11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
526,972
- --------------------------------------------------------------------------------
12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|_|
- --------------------------------------------------------------------------------
13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.04%
- --------------------------------------------------------------------------------
14) TYPE OF REPORTING PERSON
OO
- --------------------------------------------------------------------------------
SCHEDULE 13D
CUSIP No. 556269108
- -------------------
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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
ITEMS 2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7) SOLE VOTING POWER
NUMBER OF 8,600
SHARES ------------------------------------------------------
BENEFICIALLY 8) SHARED VOTING POWER
OWNED BY none
EACH ------------------------------------------------------
REPORTING 9) SOLE DISPOSITIVE POWER
PERSON 8,600
WITH ------------------------------------------------------
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
- --------------------------------------------------------------------------------
This Amendment No. 1 amends and supplements the Schedule 13D (the
"Statement") filed with the Securities and Exchange Commission on July 30, 2004
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, 968,420 shares of Common Stock, representing
approximately 7.4% 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 155,700 shares of Common Stock. The amount of funds expended for
such purchases was approximately $580,316.14 by Barington Companies Equity
Partners, L.P., $149,658.04 by Barington Companies Offshore Fund Ltd. (BVI),
$326,640.72 by Parche, LLC and $1,714,872.85 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.
Certain shares reported in the Statement as owned by Parche, LLC were
acquired in private transactions with various transferors for which Ramius
Capital Group, LLC or an affiliate serves as the investment manager, the
managing member, or the managing member of the investment manager. Parche, LLC
acquired from such transferors an aggregate of 59,444 shares of Common Stock on
July 20, 2004 at a per share price of $19.00, equal to the last reported sales
price on the NASDAQ National Market System on the date the transaction was
completed, or an aggregate of $1,129,436. Ramius Capital Group, LLC is the sole
member of Admiral Advisors, LLC, which is the managing member of each of
Starboard Value & Opportunity Fund, LLC and Parche, LLC. The total of 59,444
shares transferred to Parche, LLC were initially acquired by the transferors for
an aggregate of $1,138,572.26 (excluding commissions and other execution-related
costs). Such transferors had, within the 60 days prior to the filing of the
Statement, effected the following transactions in the Common Stock: 6/25/04
purchased 2,667 shares at a price per share of $19.4691; 7/1/04 purchased 3,285
shares at a price per share of $19.7835;
7/2/04 purchased 512 shares at a price per share of $19.7756; 7/6/04 purchased
1,200 shares at a price per share of $19.6035; 7/7/04 purchased 400 shares at a
price per share of $19.5484; 7/8/04 purchased 1,200 shares at a price per share
of $19.4420; 7/12/04 purchased 295 shares at a price per share of $19.5060;
7/13/04 purchased 480 shares at a price per share of $19.6910; 7/14/04 purchased
3,120 shares at a price per share of $19.9434; 7/15/04 purchased 7,088 shares at
a price per share of $19.7000; 7/15/04 purchased 376 shares at a price per share
of $19.6689; 7/16/04 purchased 4,000 shares at a price per share of $19.9000;
7/16/04 purchased 9,882 shares at a price per share of $19.2310; 7/19/04
purchased 6,120 shares at a price per share of $18.4187; 7/20/04 purchased 1,836
shares at a price per share of $18.9595; 7/20/04 sold 59,444 shares at a price
per share of $19.0000. All purchases of Common Stock referenced above were
funded by working capital, which may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business. The Reporting
Entities do not believe that the above information is called for by the Items of
Schedule 13D and are disclosing it for supplemental informational purposes only.
Item 4. Purpose of Transaction.
----------------------
The information contained in Item 4 of the Statement is hereby
supplemented as follows:
On November 5, 2004, James A. Mitarotonda, Chairman of Chief Executive
Officer of Barington Capital Group, L.P., sent the letter attached hereto as
Exhibit 99.2 to Jamieson A. Karson, the Vice Chairman and Chief Executive
Officer of the Company. As of the date of the filing of this Amendment No. 1 to
the Statement, the Company had not responded to the request of the Reporting
Entities to meet with the Company's management and Board of Directors.
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 43,535 shares of Common Stock, representing
approximately 0.33% 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
100,376 shares of Common Stock, representing approximately 0.77% 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 526,972 shares of Common Stock, representing
approximately 4.04% 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.
Item 7. Material to be Filed as Exhibits.
--------------------------------
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.
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 11, 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
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 Equity Partners, L.P.
Number of
Date Shares Price Per Share Cost(1)
- ---- --------- --------------- -----------
9/17/04 3,240 $18.15 $58,806.00
9/20/04 4,601 $18.14 $83,462.14
9/24/04 16,200 $18.10 $293,220.00
9/28/04 8,100 $17.88 $144,828.00
- ----------
(1) Excludes commissions and other execution-related costs.
Shares purchased by Barington Companies Offshore Fund, Ltd.
Number of
Date Shares Price Per Share Cost(2)
- ---- --------- --------------- -----------
9/17/04 360 $18.15 $6,534.00
9/20/04 511 $18.14 $9,269.54
9/24/04 1,800 $18.10 $32,580.00
9/28/04 900 $17.88 $16,092.00
11/10/04 5,000 $17.0365 $85,182.50
- ----------
(2) Excludes commissions and other execution-related costs.
Shares purchased by Parche, LLC
Number of
Date Shares Price Per Share Cost(3)
- ---- --------- --------------- -----------
9/17/04 1024 $18.15 $18,585.60
9/20/04 1454 $18.14 $26,375.56
9/24/04 5120 $18.10 $92,672.00
9/28/04 2560 $17.88 $45,772.80
10/05/04 4000 $17.75 $71,000.00
11/10/04 4240 $17.0365 $72,234.76
- ----------
(3) Excludes commissions and other execution-related costs.
Shares purchased by Starboard Value & Opportunity Fund, LLC
Number of
Date Shares Price Per Share Cost(4)
- ---- --------- --------------- -----------
9/17/04 5,376 $18.15 $97,574.40
9/20/04 7,634 $18.14 $138,480.76
9/24/04 26,880 $18.10 $486,528.00
9/28/04 13,440 $17.88 $240,307.20
10/5/04 21,000 $17.75 $372,750.00
11/10/04 22,260 $17.0365 $379,232.49
- ----------
(4) Excludes commissions and other execution-related costs.
EXHIBIT 99.2
Barington Capital Group
November 5, 2004
Jamieson A. Karson
Vice Chairman and Chief Executive Officer
Steven Madden, Ltd.
52-16 Barnett Avenue
Long Island City, New York 11104
Dear Mr. Karson:
As one of the largest investors in Steven Madden, Ltd., we have been
concerned with the financial and share price performance of the Company. As you
know, we disclosed our interest in meeting with management and the Board of
Directors to discuss measures to maximize stockholder value in our Schedule 13D
filing made over three months ago. Since that time, I have attempted to get in
touch with you numerous times to schedule such a meeting without success.
I am therefore writing you to once again request the opportunity to meet
with you and the Company's Chief Operating Officer and Chief Financial Officer
in order to understand your vision for the Company, the way in which the Company
is being managed and your plans to improve the performance of the Company. Based
on our extensive experience working with companies in your industry, we believe
that we can also offer suggestions of ways that the Company might improve
shareholder value, and would appreciate the opportunity to share these
suggestions with you.
Thank you. I look forward to meeting with you and your management team at
your earliest available opportunity.
Very truly yours,
/s/ James A. Mitarotonda
James A. Mitarotonda