Filing Details

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

 

(Amendment No. 4)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

 

AFSHIN HAKIM, ESQ.

HAKIM LAW GROUP

11812 San Vicente Blvd., Suite 380

Los Angeles, CA 90049

(424) 299-8913

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

February 22, 2021

(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 Rule 13d-1(e), 13d-1(f) or 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 Rule 13d-7 for other parties to whom copies are to be sent.

 

 

1	The 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 be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 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).

 

(Continued on following pages)

 

 

 

1	NAME OF REPORTING PERSONS   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 BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   - 0 -
	8	SHARED VOTING POWER   802,871 (1)
	9	SOLE DISPOSITIVE POWER   - 0 -
	10	SHARED DISPOSITIVE POWER   802,871 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   802,871 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   5.03%
14	TYPE OF REPORTING PERSON   IA, PN

 

(1)

Includes options to purchase 132,000 shares of common stock of Issuer.

 

 

1	NAME OF REPORTING PERSONS   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   OO; AF
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 BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   - 0 -
	8	SHARED VOTING POWER   818,599 (1)
	9	SOLE DISPOSITIVE POWER   - 0 -
	10	SHARED DISPOSITIVE POWER   818,599 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   818,599 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   5.13%
14	TYPE OF REPORTING PERSON   IA, OO

 

(1)

Includes options to purchase 132,000 shares of common stock of Issuer.

 

 

1	NAME OF REPORTING PERSONS   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   USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   886
	8	SHARED VOTING POWER   818,599 (1)
	9	SOLE DISPOSITIVE POWER   886
	10	SHARED DISPOSITIVE POWER   818,599 (1)
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   819,485 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   5.13%
14	TYPE OF REPORTING PERSON   IN

 

(1)

Includes options to purchase 132,000 shares of common stock of Issuer.

 

 

The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.

 

Item 1.

Security and Issuer.

 

This statement relates to the common stock, $0.01 par value per share (the “Shares”), of Build-A-Bear Workshop, Inc., a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 1954 Innerbelt Business Center Drive, St. Louis, Missouri 63114.

 

Item 3.

Source and Amount of Funds or Other Consideration.

 

The Shares 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 purchased by KWM were purchased with the 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 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.

 

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

 

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

 

 

Item 5.

Interest in Securities of the Issuer.

 

The aggregate percentage of Shares reported owned by each person named herein is based upon 15,960,262 Shares outstanding, as of December 7, 2020, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 10, 2020.

 

A.

Philotimo

 

(a)

As of the close of business on March 3, 2021, Philotimo beneficially owned 802,871 Shares (which includes options to purchase 132,000 Shares).

 

Percentage: Approximately 5.03%

 

(b)

1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 802,871 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 802,871

 

(c)

The transactions in the Shares by Philotimo during 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 March 3, 2021, KWM beneficially owned 15,728 Shares. KWM, as the general partner of Philotimo, may be deemed the beneficial owner of the 802,871 Shares owned by Philotimo (which includes options to purchase 132,000 Shares).

 

Percentage: Approximately 5.13%

 

(b)

1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 818,599 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 818,599

 

 

(c)

The transactions in the Shares by KWM during the past sixty days are set forth in Schedule A and are incorporated herein by reference. The transactions in the Shares on behalf of Philotimo during 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 March 3, 2021, Mr. Kanen directly beneficially owned 886 Shares. Mr. Kanen, as the managing member of KWM, may be deemed the beneficial owner of the (i) 15,728 Shares owned by KWM and (ii) 802,871 Shares owned by Philotimo (which includes options to purchase 132,000 Shares).

 

Percentage: Approximately 5.13%

 

(b)

1. Sole power to vote or direct vote: 886 2. Shared power to vote or direct vote: 818,599 3. Sole power to dispose or direct the disposition: 886 4. Shared power to dispose or direct the disposition: 818,599

 

(c)

The transactions in the Shares by Mr. Kanen during the past sixty days are set forth in Schedule A and are incorporated herein by reference. The transactions in the Shares on behalf of each of KWM and Philotimo during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

 

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 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.

 

 

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: March 4, 2021

 

	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

 

 

SCHEDULE A

 

Transactions in the Shares of the Issuer During the Past Sixty Days

 

Nature of the Transaction

Amount of Shares Purchased/(Sold)

Price ($)

Date of Purchase/Sale

 

PHILOTIMO FUND, LP

Purchase of Option Contract	52,700	2.5500	02/02/2021
Sale of Option Contract	48,500	1.4058	02/02/2021
Purchase of Option Contract	104,800	2.6492	02/03/2021
Sale of Option Contract	210,000	1.6629	02/03/2021
Sale of Option Contract	74,800	1.6786	02/03/2021
Purchase of Option Contract	100,700	2.7350	02/04/2021
Sale of Option Contract	100	1.6500	02/04/2021
Purchase of Option Contract	102,500	2.748	02/05/2021
Purchase of Common Stock	8,500	5.1272	02/08/2021
Purchase of Option Contract	81,500	2.7399	02/08/2021
Purchase of Option Contract	5,000	2.8500	02/09/2021
Sale of Common Stock	13,500	5.3800	02/10/2021
Purchase of Common Stock	5,100	5.2000	02/10/2021
Purchase of Common Stock	17,769	5.5544	02/10/2021
Purchase of Option Contract	58,400	3.0384	02/10/2021
Purchase of Option Contract	70,000	3.0121	02/10/2021
Purchase of Common Stock	7,765	5.8515	02/16/2021
Purchase of Option Contract	11,800	3.4000	02/16/2021
Purchase of Common Stock	32,585	5.712	02/17/2021
Purchase of Common Stock	74,715	5.5267	02/18/2021
Purchase of Common Stock	464,700	2.5000	02/19/2021
Purchase of Common Stock	24,612	6.2697	02/22/2021
Option Exercised	4,647	n/a	02/22/2021
Purchase of Option Contract	9,300	3.7000	02/22/2021
Purchase of Common Stock	48,625	6.2479	02/23/2021

 

KANEN WEALTH MANAGEMENT, llC

Purchase of Common Stock	1,900	6.2400	02/23/2021
Purchase of Common Stock	13,828	6.4961	02/25/2021

 

DAvid L. Kanen

Purchase of Common Stock

886

6.4961

02/25/2021