13G Filing: Is Glenview Capital Losing Faith in PVH Corp. (PVH)?

Form 13G’s must be filed with the SEC upon any investor or entity amassing at least 5% of a company’s outstanding shares, or alternatively, an investment falling beneath the 5% ownership threshold. Investors should closely monitor this filing activity, as it represents the trading activity of some of the company’s biggest supporters, who have doubtlessly done an immense amount of research on the company and its sector and have a good understanding of its value and potential. Below we have embedded just such a filing, issued by Larry RobbinsGlenview Capital, as its position in PVH Corp (NYSE:PVH) has fallen to 2.98% of the company’s shares, from 5.27% held as of the end of September. Billionaire Robbins’ firm now owns 2.44 million shares of PVH Corp.

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
GLENVIEW CAPITAL MANAGEMENT 0 2,440,609 0 2,440,609 2,440,609 2.98%
LARRY ROBBINS 0 2,440,609 0 2,440,609 2,440,609 2.98%

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Page 2 of 10 SEC Filing

CUSIP No.: 693656100
Page 2 of 10 Pages
1.
Names of Reporting Persons.
GLENVIEW CAPITAL MANAGEMENT, LLC
2.
Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
3.
SEC Use Only
4.
Citizenship or Place of Organization
Delaware
Number of
Shares
Beneficially
Owned by Each
Reporting
Person With
5.
Sole Voting Power
0
6.
Shared Voting Power
2,440,609
7.
Sole Dispositive Power
0
8.
Shared Dispositive Power
2,440,609
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
2,440,609
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
[ ]
11.
Percent of Class Represented by Amount in Row (9)
2.98%
12.
Type of Reporting Person:
OO

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Page 3 of 10 SEC Filing

CUSIP No.: 693656100
Page 3 of 10 Pages


1.
Names of Reporting Persons.
LARRY ROBBINS
2.
Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
3.
SEC Use Only
4.
Citizenship or Place of Organization
United States of America
Number of
Shares
Beneficially
Owned by Each
Reporting
Person With
5.
Sole Voting Power
0
6.
Shared Voting Power
2,440,609
7.
Sole Dispositive Power
0
8.
Shared Dispositive Power
2,440,609
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
2,440,609
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
[ ]
11.
Percent of Class Represented by Amount in Row (9)
2.98%
12.
Type of Reporting Person:
IN, HC

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Page 4 of 10 SEC Filing

Page 4 of 10 Pages
Item 1(a).
Name of Issuer
PVH Corp. (the “Issuer”)
Item 1(b).
Address of Issuer’s Principal Executive Offices:
200 Madison Avenue, New York, NY 10016
Item 2(a).
Name of Person Filing
This Statement is filed on behalf of each of the following persons (collectively, the “Reporting Persons”):
i) Glenview Capital Management, LLC (“Glenview Capital Management”);
ii) Larry Robbins (“Mr. Robbins”).
This Statement relates to Shares (as defined herein) held for the accounts of Glenview Capital Master Fund, Ltd., a Cayman Islands exempted company (“Glenview Capital Master Fund”) and Glenview Offshore Opportunity Master Fund, Ltd., a Cayman Islands exempted company (“Glenview Offshore Opportunity Master Fund”).
Glenview Capital Management serves as investment manager to each of Glenview Capital Master Fund and Glenview Offshore Opportunity Master Fund. Mr. Robbins is the Chief Executive Officer of Glenview Capital Management.
Item 2(b).
Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of Glenview Capital Management and Mr. Robbins is 767 Fifth Avenue, 44th Floor, New York, New York 10153.
Item 2(c).
Citizenship:
i) Glenview Capital Management is a Delaware limited liability company;
ii) Mr. Robbins is a citizen of the United States of America.
Item 2(d).
Title of Class of Securities:
Common stock, par value $1.00 per share (the “Shares”)

 

Item 2(e).
CUSIP Number:
693656100

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Page 5 of 10 SEC Filing

Page 5 of 10 Pages
Item 3.
If This Statement is Filed Pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c),
Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4.
Ownership:
Item 4(a)
Amount Beneficially Owned:
As of December 31, 2015, each of Glenview Capital Management and Mr. Robbins may be deemed the beneficial owner of 2,440,609 Shares. This amount consists of: (A) 1,460,943 Shares held for the account of Glenview Capital Master Fund; and (B) 979,666 Shares held for the account of Glenview Offshore Opportunity Master Fund. 
Item 4(b)
Percent of Class:
As of December 31, 2015, each of the Reporting Persons may be deemed the beneficial owner of approximately 2.98% of Shares outstanding.  (There were approximately 81,946,098 Shares outstanding as of December 2, 2015, according to the Issuer’s quarterly report on Form 10-Q, filed December 8, 2015.)
Item 4(c)
Number of Shares as to which such person has:
(i) Sole power to vote or direct the vote:
0
(ii) Shared power to vote or direct the vote:
2,440,609
(iii) Sole power to dispose or direct the disposition of:
0
(iv) Shared power to dispose or direct the disposition of:
2,440,609
Item 5.
Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date hereof each of the Reporting Persons has ceased to be the beneficial owner of more than five percent of the class of securities, check the following .
Item 6.
Ownership of More than Five Percent on Behalf of Another Person:
See disclosure in Items 2 and 4 hereof. Certain funds listed in Item 2(a) are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.

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Page 6 of 10 SEC Filing

Page 6 of 10 Pages
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person:
See disclosure in Item 2 hereof.
Item 8.
Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9.
Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10.
Certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

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Page 7 of 10 SEC Filing

Page 7 of 10 Pages
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.
GLENVIEW CAPITAL MANAGEMENT, LLC
By:
/s/ Mark J. Horowitz
Mark J. Horowitz
President of Glenview Capital Management, LLC
LARRY ROBBINS
By:
/s/ Mark J. Horowitz
Mark J. Horowitz, attorney-in-fact for Larry Robbins
February 16, 2016

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Page 8 of 10 SEC Filing

Page 8 of 10 Pages
EXHIBIT INDEX
Ex.
Page No.
A
Joint Filing Agreement
9
B
Power of Attorney
10

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Page 9 of 10 SEC Filing

Page 9 of 10 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G with respect to the Common Stock of PVH Corp. dated as of February 16, 2016 is, and any amendments thereto (including amendments on Schedule 13D) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.
GLENVIEW CAPITAL MANAGEMENT, LLC
By:
/s/ Mark J. Horowitz
Mark J. Horowitz
President of Glenview Capital Management, LLC
LARRY ROBBINS
By:
/s/ Mark J. Horowitz
Mark J. Horowitz, attorney-in-fact for Larry Robbins
February 16, 2016

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Page 10 of 10 SEC Filing

Page 10 of 10 Pages


EXHIBIT B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT, that I, Larry Robbins, hereby make, constitute and appoint Mark J. Horowitz, acting individually, as my agent and attorney-in-fact for the purpose of executing in my name, (a) in my personal capacity or (b) in my capacity as Chief Executive Officer or in other capacities of Glenview Capital Management, LLC, a Delaware limited liability company, and each of its affiliates or entities advised or controlled by me or Glenview Capital Management, LLC, all documents, certificates, instruments, statements, filings and agreements (“documents”) to be filed with or delivered to any foreign or domestic governmental or regulatory body or required or requested by any other person or entity pursuant to any legal or regulatory requirement relating to the acquisition, ownership, management or disposition of securities, futures contracts or other investments, and any other documents relating or ancillary thereto, including, without limitation, all documents relating to filings with the United States Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act of 1933, as amended, or the Securities and Exchange Act of 1934, as amended (the “Act”), and the rules and regulations promulgated thereunder, including, without limitation: (1) all documents relating to the beneficial ownership of securities required to be filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act, including, without limitation: (a) any acquisition statements on Schedule 13D or Schedule 13G and any amendments thereto, (b) any joint filing agreements pursuant to Rule 13d-1(k), and (c) any initial statements of, or statements of changes in, beneficial ownership of securities on Form 3, Form 4 or Form 5 and (2) any information statements on Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.
All past acts of the attorney-in-fact in furtherance of the foregoing are hereby ratified and confirmed.
This Power of Attorney revokes the previous Power of Attorney, executed by the undersigned on February 10, 2009, and shall remain in effect until revoked, in writing, by the undersigned.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney, this 2nd day of February, 2016.
/s/ Larry Robbins
Larry Robbins

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Page 1 of 9 SEC Filing

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