SC 13D/A 1 a04-9862_1sc13da.htm SC 13D/A

 

 

UNITED STATES

OMB APPROVAL

 

SECURITIES AND EXCHANGE
COMMISSION

OMB Number:
3235-0145

 

Washington, D.C. 20549

Expires: December 31, 2005

 

SCHEDULE 13D

Estimated average burden hours per response. . 11

Under the Securities Exchange Act of 1934
(Amendment No. 8)*

One Price Clothing Stores, Inc.

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

682411

(CUSIP Number)

 

 

Marc J. Leder
Rodger R. Krouse
Sun Capital Partners III, LLC
5200 Town Center Circle, Suite 470
Boca Raton, Florida 33486
(561) 394-0550

 

 

Douglas C. Gessner, Esq.
James S. Rowe, Esq.
Kirkland & Ellis LLP
200 E. Randolph Drive
Chicago, Illinois 60601
(312) 861-2000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

August 20, 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 that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* 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 (“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.  682411                                                                                                                                                      Page 2 of 13 Pages

 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Sun One Price, LLC

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)
AF

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

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 
22,198,934 (see item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (see item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (see item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
OO (limited liability company)

 

2



 

CUSIP No.  682411                                                                                                                                                      Page 3 of 13 Pages

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Sun Capital Partners III, LP

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

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 
22,198,934 (See item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (See item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (See item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
PN

 

3



 

CUSIP No.  682411                                                                                                                                                      Page 4 of 13 Pages

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Sun Capital Partners III QP, LP

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

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 
22,198,934 (See item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (See item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (See item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
PN

 

4



 

CUSIP No.  682411                                                                                                                                                      Page 5 of 13 Pages

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Sun Capital Advisors III, LP

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

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 
22,198,934 (See item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (See item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (See item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
PN

 

5



 

CUSIP No.  682411                                                                                                                                                      Page 6 of 13 Pages

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Sun Capital Partners III, LLC

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

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 
22,198,934 (See item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (See item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (See item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
OO (limited liability company)

 

6



 

CUSIP No.  682411                                                                                                                                                      Page 7 of 13 Pages

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Marc J. Leder

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
United States

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power 
22,198,934 (See item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (See item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (See item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
IN

 

7



 

CUSIP No.  682411                                                                                                                                                      Page 8 of 13 Pages

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Rodger R. Krouse

 

 

2.

Check the Appropriate Box if a Member of a Group* (See Instructions)

 

 

(a)

 o

 

 

(b)

 ý

 

 

3.

SEC Use Only

 

 

4.

Source of Funds* (See Instructions)

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6.

Citizenship or Place of Organization
United States

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7.

Sole Voting Power
0

 

8.

Shared Voting Power 
22,198,934 (See item 4 and item 5)

 

9.

Sole Dispositive Power 
0

 

10.

Shared Dispositive Power 
21,802,281 (See item 4 and item 5)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person 
22,198,934 (See item 4 and item 5)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares* (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11) 
86.7%

 

 

14.

Type of Reporting Person* (See Instructions)
IN

 

8



 

Item 2.

Identity and Background

This Amendment No. 8 hereby amends the Statement on Schedule 13D previously filed on July 3, 2003, as amended by Amendment No. 1 previously filed on October 31, 2003, Amendment No. 2 previously filed on December 24, 2003, Amendment No. 3 previously filed on February 24, 2004, Amendment No. 4 previously filed on April 26, 2004, Amendment No. 5 previously filed on May 26, 2004, Amendment No. 6 previously filed on June 21, 2004 and Amendment No. 7 previously filed on July 21, 2004 (the "Schedule 13D") by Sun One Price, LLC, a Delaware limited liability company ("Sun One Price"), Sun Capital Partners III, LP, a Delaware limited partnership ("Sun Partners III LP"), Sun Capital Partners III QP, LP, a Delaware limited partnership ("Sun Partners III QP LP"), Sun Capital Advisors III, LP, a Delaware limited partnership ("Sun Advisors III"), Sun Capital Partners III, LLC, a Delaware limited liability company ("Sun Partners III LLC"), Marc J. Leder ("Leder") and Rodger R. Krouse ("Krouse") (collectively, the "Reporting Persons") with respect to the common stock of One Price Clothing Stores, Inc. (the "Issuer") as follows:

 

 

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 is amended and supplemented by adding the following:

The shares of Common Stock that are issuable, currently or within 60 days of this report, to Sun One Price pursuant to the terms of the Loan Warrant constitute approximately 11.1% of the Issuer's outstanding Common Stock.

 

Item 5.

Interest in Securities of the Issuer

Item 5 is amended and restated in its entirety as follows:

(a)           As of the date hereof, the Reporting Persons may be deemed to be the beneficial owner, within the meaning of Rule 13d-3 of the Exchange Act, of 22,198,934 shares of Common Stock, or approximately 86.7% of the Common Stock outstanding.  This number is comprised of (a) 16,733,386 shares of Common Stock that are held directly by Sun One Price, (b) 2,850,000 shares of Common Stock that are issuable, currently or within 60 days of this report, to Sun One Price pursuant to the terms of the Loan Warrant, (c) 2,218,895 shares of Common Stock that are issuable to Sun One Price pursuant to the Sun One Price Warrant, (d) 170,836 shares of Common Stock that are held directly by Randolph Street Partners V ("RSP"), (e) 22,653 shares of Common Stock that are issuable to RSP pursuant to the terms of a warrant to purchase Common Stock of the Issuer, (f) 170,836 shares of Common Stock that are held directly by H.I.G. Sun Partners, Inc. ("HIG"), (g) 22,653 shares of Common Stock that are issuable to HIG pursuant to the terms of a warrant to purchase Common Stock of the Issuer, (h) 8,542 shares of Common Stock that are held directly by Glenn Oken ("Oken") and (i) 1,133 shares of Common Stock that are issuable to Oken pursuant to the terms of a warrant to purchase Common Stock of the Issuer.

(b)           Each Reporting Person may be deemed to have shared power to vote or direct the vote of 22,198,934 shares of Common Stock, or approximately 86.7% of the Common Stock outstanding.  This number is comprised of (a) 16,733,386 shares of Common Stock that are held directly by Sun One Price, (b) 2,850,000 shares of Common Stock that are issuable, currently or within 60 days of this report, to Sun One Price pursuant to the terms of the Loan Warrant, (c) 2,218,895 shares of Common Stock that are issuable to Sun One Price pursuant to the Sun One Price Warrant, (d) 170,836 shares of Common Stock that are held directly by RSP, (e) 22,653 shares of Common Stock that are issuable to RSP

 

Page 9 of 13 Pages



 

pursuant to the terms of a warrant to purchase Common Stock of the Issuer, (f) 170,836 shares of Common Stock that are held directly by HIG, (g) 22,653 shares of Common Stock that are issuable to HIG pursuant to the terms of a warrant to purchase Common Stock of the Issuer, (h) 8,542 shares of Common Stock that are held directly by Oken and (i) 1,133 shares of Common Stock that are issuable to Oken pursuant to the terms of a warrant to purchase Common Stock of the Issuer.

Each Reporting Person may be deemed to have shared power to dispose or direct the disposition of 21,802,281 shares of Common Stock, or approximately 85.1% of the Common Stock outstanding.  This number is comprised of (a) 16,733,386 shares of Common Stock that are held directly by Sun One Price, (b) 2,250,000 shares of Common Stock that are issuable, currently or within 60 days of this report, to Sun One Price pursuant to the terms of the Loan Warrant and (c) 2,218,895 shares of Common Stock that are issuable to Sun One Price pursuant to the Sun One Price Warrant.

The Reporting Persons and the Minority Stockholders may be deemed to constitute a "group" for purposes of Section 13(d)(3) of the Exchange Act as a result of the transfer provisions contained in the Stockholders' Agreement and the registration provisions contained in the Registration Agreement.  The Reporting Persons expressly disclaim that they have agreed to act as a group with the Minority Stockholders.  The table below lists the number of shares beneficially owned by each of the Minority Stockholders in which the Reporting Persons may be deemed to have beneficial ownership because of the Stockholders' Agreement and the Registration Agreement.

 

Name:

 

Common Stock:

 

Common Stock
Issuable Upon
Exercise of
Warrants:

 

Total

 

Randolph Street Partners V

 

170,836

 

22,653

 

193,489

 

 

 

 

 

 

 

 

 

H.I.G. Sun Partners, Inc.

 

170,836

 

22,653

 

193,489

 

 

 

 

 

 

 

 

 

Glenn Oken

 

8,542

 

1,133

 

9,675

 

 

(c)           On October 14, 2003, each share of Series A Preferred Stock of the Issuer was automatically converted into 119,645 shares of Common Stock of the Issuer upon the effectiveness of an amendment to the Issuer's articles of incorporation increasing the number of authorized shares of Common Stock.  Sun One Price's 97.95 shares of Series A Preferred Stock were converted into 11,719,227 shares of Common Stock; RSP's 1 share of Series A Preferred Stock was converted into 119,645 shares of Common Stock; HIG's 1 share of Series A Preferred Stock was converted into 119,645 shares of Common Stock; and Oken's .05 shares of Series A Preferred Stock were converted into 5,982 shares of Common Stock.

(d)           Except as stated within this Item 5, to the knowledge of the Reporting Persons, only the Reporting Persons have the right to receive or the power to direct the receipt of dividends

 

Page 10 of 13 Pages



 

from, or proceeds from the sale of, the shares of Common Stock of the Issuer reported by this statement.

(e)           Inapplicable.

 

 

Item 7.

Material to Be Filed as Exhibits

 

Schedule A

-

Additional Information Required by Item 2 of Schedule 13D*

 

 

 

Exhibit A

-

Schedule 13D Joint Filing Agreement, dated June 27, 2003, by and among each of the Reporting Persons*

 

 

 

Exhibit B

-

Stock Purchase Agreement*

 

 

 

Exhibit C

-

Management Services Agreement*

 

 

 

Exhibit D

-

Sun One Price Warrant*

 

 

 

Exhibit E

 

Assignment Agreement*

 

 

 

Exhibit F

-

Stockholders' Agreement*

 

 

 

Exhibit G

-

Registration Agreement*

 

 

 

Exhibit H

 

Junior Participation Agreement*

 

 

 

Exhibit I

 

CFC Junior Participation Agreement**

 

 

 

Exhibit J

 

Loan Warrant**

 


*Previously filed as an exhibit to Schedule 13D filed by the Reporting Persons on July 3, 2003.

 

**Previously filed as an exhibit to Amendment No. 1 to the Schedule 13D filed by the Reporting Persons on October 31, 2003.

 

Page 11 of 13 Pages



 

Signature

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

 

Date:  August 23, 2004

SUN ONE PRICE, LLC

 

 

 

By:

/s/ Marc J. Leder

 

 

Name:  Marc J. Leder

 

Its:  Co-CEO

 

 

 

 

Date:  August 23, 2004

SUN CAPITAL PARTNERS III, LP

 

 

 

By:  Sun Capital Advisors III, LP

 

Its:  General Partner

 

 

 

By:  Sun Capital Partners III, LLC

 

Its:  General Partner

 

 

 

By:

/s/ Marc J. Leder

 

 

Name:  Marc J. Leder

 

Its:  Co-CEO

 

 

 

 

Date:  August 23, 2004

SUN CAPITAL PARTNERS III QP, LP

 

 

 

By:  Sun Capital Advisors III, LP

 

Its:  General Partner

 

 

 

By:  Sun Capital Partners III, LLC

 

Its:  General Partner

 

 

 

By:

/s/ Marc J. Leder

 

 

Name:  Marc J. Leder

 

Its:  Co-CEO

 

 

 

 

Date:  August 23, 2004

SUN CAPITAL ADVISORS III, LP

 

 

 

By:  Sun Capital Partners III, LLC

 

Its:  General Partner

 

 

 

By:

/s/ Marc J. Leder

 

 

Name:  Marc J. Leder

 

Its:  Co-CEO

 

Page 12 of 13 Pages



 

Date:  August 23, 2004

SUN CAPITAL PARTNERS III, LLC

 

 

 

By:

/s/ Marc J. Leder

 

 

Name:  Marc J. Leder

 

Its:  Co-CEO

 

 

 

 

Date:  August 23, 2004

/s/ Marc J. Leder

 

 

Marc J. Leder

 

 

 

 

Date:  August 23, 2004

/s/ Rodger R. Krouse

 

 

Rodger R. Krouse

 

Page 13 of 13 Pages