<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
THE ELDER-BEERMAN STORES CORP.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
284470101
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(CUSIP Number)
Stuart J. Lissner, Managing Director, PPM America, Inc.
225 West Wacker Drive, Suite 1200, Chicago, IL 60606 (312) 634-2501
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
June 7, 2000
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(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: [_]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) 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 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).
<PAGE>
SCHEDULE 13D
------------
CUSIP No. 284470101 Page 2 of 9 Pages
-------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PPM America Special Investments Fund, L.P.
36-408-6849
-------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b) x
-------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------------------------------------------------------------------------
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, USA
-------------------------------------------------------------------------
7 SOLE VOTING POWER
None
-------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------
8 SHARED VOTING POWER
1,231,244
-------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,231,244
-------------------------------------------------------------------------
-------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,231,244
-------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
-------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.25%
-------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
-------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
CUSIP No. 284470101 Page 3 of 9 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PPM America Fund Management GP. Inc.
36-408-6845
-------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b) x
-------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------------------------------------------------------------------------
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, USA
-------------------------------------------------------------------------
7 SOLE VOTING POWER
None
-------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------
8 SHARED VOTING POWER
1,231,244/1/
-------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,231,244/1/
-------------------------------------------------------------------------
-------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,231,244/1/
-------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
-------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.25%
-------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------------------------------------------------------
--------------------------
/1/ All of the securities covered by this report are owned legally by PPM
America Special Investments Fund, L.P. ("SIF I"), and none are owned directly or
indirectly by PPM America Fund Management GP, Inc. ("SIF I GP"). SIF I GP is the
general partner of SIF I. As permitted by Rule 13d-4, the filing of this
statement shall not be construed as an admission that SIF I GP is the beneficial
owner of any of the securities covered by this statement.
<PAGE>
SCHEDULE 13D
------------
CUSIP No. 284470101 Page 4 of 9 Pages
-------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PPM America Special Investments CBO II, L.P.
98-017-9401
-------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b) x
-------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------------------------------------------------------------------------
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, USA
-------------------------------------------------------------------------
7 SOLE VOTING POWER
None
-------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------
8 SHARED VOTING POWER
735,624
-------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
735,624
-------------------------------------------------------------------------
-------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,624
-------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
-------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.93%
-------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
-------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
------------
CUSIP No. 284470101 Page 5 of 9 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PPM America CBO II Management Company
98-017-9391
-------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b) x
-------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------------------------------------------------------------------------
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, USA
-------------------------------------------------------------------------
7 SOLE VOTING POWER
None
-------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
-------------------------------------------------------------------------
8 SHARED VOTING POWER
735,624/2/
-------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
-------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
735,624/2/
-------------------------------------------------------------------------
-------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
735,624/2/
-------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
-------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.93%
-------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------------------------------------------------------------------------
--------------------------
/2/ All of the securities covered by this report are owned legally by PPM
America Special Investments CBO II, L.P. ("CBO II"), and none are owned directly
or indirectly by PPM America CBO II Management Company ("CBO II GP"). CBO II GP
is the general partner of CBO II. As permitted by Rule 13d-4, the filing of this
statement shall not be construed as an admission that CBO II GP is the
beneficial owner of any of the securities covered by this statement.
<PAGE>
SCHEDULE 13D
------------
CUSIP No. 284470101 Page 6 of 9 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PPM America, Inc.
36-371-4794
-------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b) x
-------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
-------------------------------------------------------------------------
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, USA
-------------------------------------------------------------------------
7 SOLE VOTING POWER
None
-------------------------------------------------------------------------
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------------------------------------
8 SHARED VOTING POWER
1,966,868/3/
--------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
None
--------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,966,868/3/
--------------------------------------------------------------------------
--------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,966,868/3/
-------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [_]
-------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.18%
-------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
-------------------------------------------------------------------------
--------------------
/3/ All of the securities covered by this report are owned legally by SIF I
or CBO II, and none are owned directly or indirectly by PPM America, Inc. PPM
America, Inc. is the investment manager/adviser of both SIF I GP and CBO II GP.
As permitted by Rule 13d-4, the filing of this statement shall not be construed
as an admission that PPM America, Inc. is the beneficial owner of any of the
securities covered by this statement.
<PAGE>
Item 4. Purpose of Transaction.
----------------------
In Amendment No. 3 to its Schedule 13D, filed on March 21, 2000, PPM
indicated that it intended to nominate and to solicit proxies for the
election of three new independent directors for election at the Company's next
annual meeting in lieu of any incumbents or other nominees proposed by the
Company.
PPM now is amending its 13D to identify its proposed candidates for the
Board and also to identify shareholder proposals that it intends to make at the
annual meeting of shareholders scheduled for August 24, 2000. PPM has filed
preliminary proxy materials with the Securities and Exchange Commission, and a
copy of such materials is contained in Exhibit I.
As explained in more detail in the proxy materials, PPM is taking this
action because, in its view, the Company continues to maintain inappropriate
constraints on shareholder action and continues to pay its management
excessively at a time when the Company's stock price performance continues to be
dismal, with an aggregate market capitalization at only a fraction of the
Company's liquidation value. Changes in this state of affairs accordingly are
essential.
Thus, as more fully described in its preliminary proxy materials, PPM will
nominate the following individuals for election as directors at the Company's
upcoming annual meeting:
(a) Mark F.C. Berner;
(b) Moira A. Cary; and
(c) Eugene I. Davis.
In addition, PPM will make the following shareholder proposals at the
Annual Meeting:
(1) To amend Article IX of the Company's Amended Articles of Incorporation
(the "Charter") to eliminate classification of the Company's Board,
which currently is divided into three separate classes and elected on
a staggered basis, and to replace this structure with a single-class
board of directors under which all directors are elected by the
shareholders on an annual basis;
(2) To adopt a new Article XIV to the Charter pursuant to which the
Company would opt out of the provisions of Chapter 1704 of the Revised
Code of Ohio, which Chapter sets forth certain restrictions on the
ability of an Ohio corporation to engage in certain business
combinations and other transactions that involve shareholders having
the ability to exercise 10% or more of the voting power of such
corporation;
(3) To amend Article X of the Charter to lower from 72% to a simple
majority the shareholder approval requirement needed to amend or
repeal the sections of the Charter dealing with cumulative voting
rights, preemptive rights to acquire shares, share repurchases by the
Company, the classification of and staggered election system for the
Board and the amendment of Article X itself;
(4) To amend Regulation 3(a) of the Company's Amended Code of Regulations
(the "Code of Regulations") to permit a shareholder or shareholders
who own 25% rather than 50% of the outstanding Common Stock to call
special meetings of shareholders;
(5) To amend Regulation 7(c) of the Company's Code of Regulations to
eliminate the requirement that any shareholder who desires to bring
business before an annual meeting of the Company's shareholders must
notify the Company not more than 90 days, but not less than 60 days,
in advance of such meeting of its intent to do so and of the nature of
such business;
(6) To amend Regulation 12 of the Code of Regulations to eliminate the
requirement that any shareholder who desires to propose any nominees
for election to the Company's Board must notify the Company of its
intent to do so and of the identity of its proposed nominees not more
than 90 days, but not less than 60 days, in advance of such meeting;
(7) To amend Regulation 34 of the Code of Regulations to lower from 72% to
a simple majority the shareholder approval requirement needed to amend
or repeal the Regulations dealing with the time and place of
shareholder meetings, who may call special meetings of shareholders,
the order of business (including advance notice of business to be
brought) at shareholder meetings, the size of the Board, the filling
of newly-created directorships and Board vacancies, the removal of
directors, the nomination of directors (including advance notice of
the intent to nominate directors) and the amendment of the Code of
Regulations;
(8) To amend Regulation 9 of the Code of Regulations to lower the
shareholder approval requirement needed to alter the size of the Board
from 72% to a simple majority;
<PAGE>
(9) To adopt a new Regulation 35 to the Code of Regulations pursuant to
which the Company would opt out of the provisions of the Ohio Control
Share Acquisition Act, which Act sets forth certain restrictions on
the ability of persons to acquire 20% or more of the stock of an Ohio
corporation;
(10) To direct the Company's Board to utilize the $16.7 million remaining
in its announced share repurchase program to complete the program;
(11) To direct the Company's Board to redeem the Company's poison pill
shareholder rights plan; and
(12) To direct the Company's Board to revise its compensation program with
respect to its senior officers so as to tie the compensation of such
individuals to the market performance of the Company's Common Stock.
<PAGE>
Signature
After reasonable inquiry and to the best of its knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Date: June 7, 2000
PPM America, Inc.
By:
-----------------------------------
Name: Stuart J. Lissner
Title: Managing Director
PPM America Special Investments Fund, L.P.
By: PPM America Fund Management GP, Inc.
its managing general partner
By:
--------------------------------
Name: Stuart J. Lissner
Title: Managing Director
PPM America Fund Management GP, Inc.
By:
-----------------------------------
Name: Stuart J. Lissner
Title: Managing Director
<PAGE>
PPM America Special Investments CBO II, L.P.
By: PPM America CBO II Management Company, its
General Partner
By: PPM MGP (BERMUDA), LTD.
As Managing General Partner of the
General Partner
By:
---------------------------------
Name: Stuart J. Lissner
Title: Vice President
PPM America CBO II Management Company
By: PPM MGP (BERMUDA), LTD.
its Managing General Partner
By:
--------------------------------
Name: Stuart J. Lissner
Title: Vice President
