UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
COLE NATIONAL CORPORATION
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
193290103
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(CUSIP Number)
Gary P. Kreider, Esq.
Keating, Muething & Klekamp, P.L.L.
1400 Provident Tower
One East Fourth Street
Cincinnati, Ohio 45202
(513)579-6411
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(Name, Address and Telephone Number
of Person Authorized to Receive Notices and Communications)
February 22, 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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
* 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).
<PAGE>
CUSIP No. 193290103 SCHEDULE 13D
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen N. Joffe, M. D.
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2 CHECK BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS *
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,000,000 - See Item 5.I(b)
REPORTING ----------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 750,000
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,000,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11);
6.7%
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14 TYPE OF REPORTING PERSON
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
CUSIP No. 193290103 SCHEDULE 13D
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Sandra F. W. Joffe
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2 CHECK BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS *
PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----- --------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,000,000 - See Item 5.II(b)
REPORTING -------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 250,000
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10 SHARED DISPOSITIVE POWER
1,000,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11);
6.7%
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14 TYPE OF REPORTING PERSON
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
This Amendment No. 1 to Schedule 13D is being filed solely to amend Item 4.
Item 4. Purpose of Transaction
Item 4 is amended to supplement material previously filed as follows:
On February 2, 2000, Dr. Joffe wrote the Board of Directors of Cole
expressing his concern about the performance of the company's stock and its
operations. He requested the Board to employ a nationally-recognized Wall Street
investment banking firm to advise the Board on the strategic alternatives that
are available to the Board to increase shareholder value. A copy of the letter
is attached as Exhibit 10.2 to this Schedule 13D.
Item 7. Material Required to be Filed as Exhibits
10.2 Letter dated February 22, 2000 from Dr. Joffe to Mr. Jeffrey Cole and
the members of the Board of Directors of Cole National Corporation
SIGNATURE
After reasonable inquiry and to the best of their respective knowledge and
belief, the undersigned certify that the information set forth in this Statement
is true, complete, and correct.
February 23, 2000 *
--------------------------
Stephen N. Joffe
*
--------------------------
Sandra F.W. Joffe
*By: /s/ Gary P. Kreider
-----------------------
Gary P. Kreider
Attorney-in-Fact
EXHIBIT 10.2
STEPHEN N. JOFFE, M.D
8750 RED ROX LANE
CINCINNATI, OH 45243
513-271-0670
fax 513-271-8470
February 22, 2000
Sent Via Federal Express
Mr. Jeffrey Cole, Chairman
Members of the Board of Directors
Cole National Corporation
Gentlemen:
I am writing you on a matter of some urgency. As you know, I own over 5% of the
outstanding stock of Cole National Corporation (Cole). I made my purchase
because I believe that Cole has fundamental value. However, there is also a vast
potential for the development of the value of the corporation that is not being
realized.
By this letter, I am requesting that Cole engage a nationally-recognized Wall
Street investment banking firm to study the alternatives that are available to
the Company to increase shareholder value. Alternatives I have in mind would
include the possible redeployment of assets, sales of divisions of the Company,
sale of all of the Company, strategic acquisitions or going private. I do not
think the banking firm should be constrained in looking at possible
alternatives, but rather should be encouraged to advise the Board on any and all
alternatives that it believes are available to maximize shareholder value.
I have been very disappointed in the performance of the Company over the last
several years. I think it is reasonable to assume that most other investors
share my belief. The past year particularly has been marked by declining
earnings, a plummeting stock price and management turnover. There are warning
signs that must be heeded. It is time for the Board to sit back and take a good,
hard look at the long-term future of this Company. To that end, I am making this
proposal that you engage a first-rank banking firm, such as Goldman Sachs,
Morgan Stanley, Dean Witter, Credit Suisse First Boston, or Lehman Brothers, to
advise the Board in this regard.
I look forward to your response in the near future.
With kindest regards,
/s/ Stephen N. Joffe
Stephen N. Joffe
