<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3)*
STAGE II APPAREL CORP.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock ($.01 par value)
- --------------------------------------------------------------------------------
(Title of Class of Securities)
852542109
------------------------------------------------------------
(CUSIP Number)
Ronald J. Vannuki
100 Wilshire Blvd., 15th Floor
Santa Monica, CA 90401
(310) 917-6600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
July 29, 1996
------------------------------------------------------------
(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(b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) 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).
<PAGE>
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CUSIP No. 852542109 Page 2 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fortuna Investment Partners, L.P.
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2 CHECK THE APPROPRIATE 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*
WC
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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
California
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7 SOLE VOTING POWER
0
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 562,300
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 562,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,300
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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)
13.4%
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14 TYPE OF REPORTING PERSON *
PN
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*SEE INSTRUCTION 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>
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CUSIP No. 852542109 Page 3 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fortuna Capital Management, Inc.
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2 CHECK THE APPROPRIATE 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*
N/A
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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
California
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7 SOLE VOTING POWER
0
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 562,300
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 562,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,300
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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)
13.4%
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14 TYPE OF REPORTING PERSON *
CO
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*SEE INSTRUCTION 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>
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CUSIP No. 852542109 Page 4 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ronald J. Vannuki
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2 CHECK THE APPROPRIATE 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 (with respect to shares over which Mr. Vannuki has sole dispositive
power);
N/A (with respect to all other shares in which Mr. Vannuki has a
beneficial interest.)
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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
USA
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7 SOLE VOTING POWER
700
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 562,300
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 700
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 562,300
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
563,000
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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)
13.4%
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14 TYPE OF REPORTING PERSON *
IN
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*SEE INSTRUCTION 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>
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CUSIP No. 852542109 Page 5 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Richard Fechtor
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2 CHECK THE APPROPRIATE 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
USA
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7 SOLE VOTING POWER
0
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 3,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 3,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,000
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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)
0.1%
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14 TYPE OF REPORTING PERSON *
IN
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<PAGE>
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CUSIP No. 852542109 Page 6 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fortuna Advisors, Inc.
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2 CHECK THE APPROPRIATE 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*
N/A
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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
California
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7 SOLE VOTING POWER
0
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 78,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
78,700
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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)
1.9%
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14 TYPE OF REPORTING PERSON *
CO
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<PAGE>
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CUSIP No. 852542109 Page 7 of 14 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Karen B. Brenner
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2 CHECK THE APPROPRIATE 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 (with respect to shares over which Ms. Brenner has sole dispositive
power);
N/A (with respect to all other shares in which Ms. Brenner has a
beneficial interest.)
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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
USA
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7 SOLE VOTING POWER
3,300
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH 3,300
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 78,700
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
82,000
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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)
2%
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14 TYPE OF REPORTING PERSON *
IN
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<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 8 of 14 Pages
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Item 1. SECURITY AND ISSUER.
This filing relates to the Common Stock, ($.01 par value) (the
"Stock"), of Stage II Apparel Corp. (the "Company"). The Stock trades on the
American Stock Exchange. The Company's principal executive offices are located
at 350 Fifth Avenue, New York, New York 10118; the Company's telephone number at
that location is (212) 564-5865. The number of issued and outstanding shares of
Stock as set forth in the Company's 10Q for the period ended June 30, 1996 is
4,196,000.
Item 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by (i) Fortuna Investment Partners, L.P.,
a California limited partnership ("Fortuna Investment Partners") with respect to
shares of Stock held or beneficially owned by the partnership; (ii) Fortuna
Capital Management, Inc. ("Fortuna Capital Management") as general partner and
discretionary investment adviser of Fortuna Investment Partners and with respect
to shares held or beneficially owned by the company; (iii) Ronald J. Vannuki as
sole shareholder and president of Fortuna Capital Management; (iv) Richard
Fechtor with respect to shares of Stock held or beneficially owned by him;
(v) Fortuna Advisors, Inc. ("Fortuna Advisors") as discretionary investment
adviser with respect to shares of Stock held or beneficially owned by its
advisory clients; (vi) Karen B. Brenner with respect to shares of Stock held
or beneficially owned by her and as sole shareholder and president of Fortuna
Advisors. The foregoing persons hereinafter sometimes are referred to
collectively as the "Reporting Persons."
(b) The principal business address of (i) Fortuna Investment
Partners; (ii) Fortuna Capital Management; and (iii) Ronald J. Vannuki is 100
Wilshire Boulevard, Fifteenth Floor, Santa Monica, California 90401. The
principal business address of Richard Fechtor is 155 Federal Street, Boston,
Massachusetts 02110. The principal business address of (i) Fortuna Advisors and
(ii) Karen B. Brenner is 1300 Bristol Street North, Suite 230, Newport Beach,
California 92660.
(c) The business of (i) Fortuna Investment Partners is that of a
private investment partnership engaging in the purchase and sale of securities
for investment for its own account; (ii) Fortuna Capital Management is to serve
as the general partner of Fortuna Investment Partners; and (iii) Ronald J.
Vannuki is to serve as president of Fortuna Capital Management and as a
registered representative with a securities brokerage firm.
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 9 of 14 Pages
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The business of Richard Fechtor is a registered representative and
director of a securities brokerage and investment banking firm.
The business of (i) Fortuna Advisors is the provision of discretionary
investment management services to clients and (ii) Karen B. Brenner is to serve
as president of Fortuna Advisors.
(d) None of the Reporting Persons has, during the last five years,
been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years,
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, Federal or state securities laws or finding
any violation with respect to such laws.
(f)(i) Fortuna Investment Partners is a California limited partnership;
(ii) Fortuna Capital Management is a California corporation; (iii) Ronald J.
Vannuki is a United States citizen; (iv) Richard Fechtor is a United States
citizen; (v) Fortuna Advisors is a California corporation; (vi) Karen B.
Brenner is a United States citizen.
Item 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATION
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Fortuna Investment Partners is $1,968,050. The
source of funds for this consideration was working capital.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Fortuna Capital Management is $0. (See Item 6.)
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Ronald J. Vannuki is $2,187.50. The source of
funds for this consideration was personal funds.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Richard Fechtor is $9,900. The source of funds
for this consideration was client's personal funds.
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 10 of 14 Pages
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The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Fortuna Advisors is $314,806.39. The source of
funds for this consideration was client's personal funds.
The net investment cost (including commissions, if any) of the shares
of Stock beneficially owned by Karen B. Brenner is $16,471.63. The source of
funds for this consideration was personal funds.
Item 4. PURPOSE OF THE TRANSACTION
The purpose of the acquisition of the shares of Stock by the Reporting
Persons is for investment, and the purchase of the shares by such persons were
made in the ordinary course of business and were not made for the purpose of
acquiring control of the Company. Each Reporting Person may make further
purchases of shares of Stock from time to time and may dispose of any or all of
the shares of Stock held by such person at any time. If a Qualifying Event (see
Item 6, INFRA) should occur, and if the Options (defined below) associated with
the four options agreements previously filed as Exhibits are exercised, then a
change in control of the Company could be deemed to have occurred. In such
event, the Reporting Persons might seek a role in the management of the Company.
Such entities and persons may, at any time and from time to time, review or
reconsider their position with respect to the Company, and formulate plans or
proposals with respect to any of such matters, but have no present intention of
doing so.
Item 5. INTEREST IN SECURITIES OF THE ISSUE
(a) As of the date hereof:
(i) Fortuna Investment Partners beneficially owns 562,300 shares
of Stock. Fortuna Investment partners is the beneficial owner of 13.4% of the
Stock.
(ii) Fortuna Capital Management, as general partner and
discretionary investment adviser to Fortuna Investment Partners, beneficially
owns 562,300 shares of Stock. Fortuna Capital Management is the beneficial
owner of 13.4% of the Stock.
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 11 of 14 Pages
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(iii) Ronald J. Vannuki, as sole shareholder and president of
Fortuna Capital Management and as a direct owner of shares of Stock,
beneficially owns 563,000 shares of Stock. Mr. Vannuki is the beneficial owner
of 13.4% of the Stock.
(iv) Richard Fechtor beneficially owns 3,000 shares of Stock.
Mr. Fechtor is the beneficial owner of 0.1% of the Stock.
(v) Fortuna Advisors, as discretionary investment adviser to
clients whose accounts hold the Stock, beneficially owns 78,700 shares of Stock.
Fortuna Advisors is the beneficial owner of 1.9% of the Stock.
(vi) Karen B. Brenner, as sole shareholder of Fortuna Advisors
and as a direct owner of shares of Stock, beneficially owns 82,000 shares of
Stock. Ms. Brenner is the beneficial owner of 2.0% of the Stock.
The Reporting Persons in the aggregate may be deemed to own an
aggregate of 15.4% of the Stock.
(b)
<TABLE>
<CAPTION>
------------------------------------------
------------------------------------------
Power to Vote Power to Dispose
----------------------------------------------------------------------------
----------------------------------------------------------------------------
No. of Shares
Beneficially Percentage
Owned of Class Sole Shared Sole Shared
- -------------------------------------------------------------------------------------------------------
- -------------------------
<S> <C> <C> <C> <C> <C> <C>
Fortuna
Investment
Partners 562,300 13.4% 0 562,300 0 562,300
- -------------------------------------------------------------------------------------------------------
Fortuna Capital
Management 562,300 13.4% 0 562,300 0 562,300
- -------------------------------------------------------------------------------------------------------
Ronald J.
Vannuki 563,000 13.4% 700 562,300 700 562,300
- -------------------------------------------------------------------------------------------------------
Richard
Fechtor 3,000 0.1% 0 3,000 0 3,000
- -------------------------------------------------------------------------------------------------------
Fortuna
Advisors 78,700 1.9% 0 0 0 78,700
- -------------------------------------------------------------------------------------------------------
Karen B.
Brenner 82,000 2.0% 3,300 0 3,300 78,700
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 12 of 14 Pages
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(c) The trading dates, number of shares purchased or sold and price
per share for all transactions by the Reporting Persons since May 30 are set
forth on Schedule A hereto. All such transactions were open market transactions
and were effected on the American Stock Exchange. No other transactions were
effected by the Reporting Persons during such period.
(d) No person other than each respective owner referred to herein of
Stock is known to have the right to receive or the power to direct the receipt
of dividends from or the proceeds of sale of such Stock.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
On March 5, 1996, the Company entered into an agreement (the
"Consulting Agreement") with AMP Consulting, Fechtor, Detwiler & Co., Inc.
("Fechtor Detwiler"), and Fortuna Capital Management, providing for various
consulting and financial advisory services and the issuance of performance-based
options (the "Options"). The advisory services include (i) a review of Company
operations to consider ways of increasing the efficiency and financial
performance of the Company's existing apparel business, (ii) the evaluation of
strategic opportunities to either expand or divest the current business and
acquire new businesses within or outside the apparel industry and to develop
profitable strategies for the resulting enterprise and (iii) the identification
of potential transactions to implement the recommended strategic plan. The
Consulting Agreement has a term ending October 2, 1996, subject to earlier
termination or extension by the Company.
In connection with the Consulting Agreement, the Company granted
options to AMP Consulting, Fechtor Detwiler and Fortuna Capital Management to
purchase 200,000 shares, 100,000 shares, and 200,000 shares, respectively, of
the Stock at $3.125 per share, exercisable only if specified performance goals
are timely met (a "Qualifying Event"). In addition, Jack Clark, the Company's
Chairman of the Board, has issued Options to Fechtor Detwiler and Fortuna
Capital Management to purchase 434,000 and 866,000 shares, respectively, of
Stock owned by him upon the occurrence of a Qualifying Event at an exercise
price of $4.75 per share. Mr. Clark has reserved the right to assign part of
his Option obligations to other principal shareholders of the Company. The AMP
Consulting Options will expire one year after a Qualifying Event, and the
Fechtor Detwiler and Fortuna Capital Management Options
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 13 of 14 Pages
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will expire on January 7, 1997. The Company has agreed to register for resale
all shares covered by the Options.
As of the date hereof, no Qualifying Event has occurred, and is not
expected to occur within the next 60 days.
Item 7. MATTER TO BE FILED AS EXHIBITS
No new exhibits. Exhibits previously filed by the Reporting Persons
are incorporated herein by this reference.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: October 18, 1996
FORTUNA INVESTMENT PARTNERS, L.P.
By: Fortuna Capital Management, Inc.,
its General Partner
By: /s/ RONALD J. VANNUKI
----------------------------
Ronald J. Vannuki, President
FORTUNA CAPITAL MANAGEMENT, INC.
By: /s/ RONALD J. VANNUKI
----------------------------
Ronald J. Vannuki, President
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 14 of 14 Pages
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/s/ RONALD J. VANNUKI
- -----------------------------------
Ronald J. Vannuki
Individual
- -----------------------------------
Richard Fechtor
Individual
FORTUNA ADVISORS, INC.
By:
-------------------------------
Karen B. Brenner, President
- ---------------------------------------------
Karen B. Brenner
Individual
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 14 of 14 Pages
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- -----------------------------------
Ronald J. Vannuki
Individual
/s/ RICHARD FECHTOR
- -----------------------------------
Richard Fechtor
Individual
FORTUNA ADVISORS, INC.
By:
-------------------------------
Karen B. Brenner, President
- ---------------------------------------------
Karen B. Brenner
Individual
<PAGE>
SCHEDULE 13D
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CUSIP No. 852542109 Page 14 of 14 Pages
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- -----------------------------------
Ronald J. Vannuki
Individual
- -----------------------------------
Richard Fechtor
Individual
FORTUNA ADVISORS, INC.
By: /s/ KAREN B. BRENNER
-------------------------------
Karen B. Brenner, President
/s/ KAREN B. BRENNER
- ---------------------------------------------
Karen B. Brenner
Individual
<PAGE>
SCHEDULE A
Transactions Since May 30
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Broker Effective
Party Date Bought (Sold) Price Per Share Transaction
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fortuna Investment Partners 06/28/96 10,000 $3.00 Bear Stearns
Fortuna Investment Partners 07/01/96 1,000 $3.04 Bear Stearns
Fortuna Investment Partners 07/09/96 1,000 $3.04 Bear Stearns
Fortuna Investment Partners 07/22/96 4,000 $3.04 Bear Stearns
Fortuna Investment Partners 07/29/96 11,000 $3.03 Bear Stearns
Fortuna Investment Partners 08/08/96 18,500 $3.04 Bear Stearns
Fortuna Investment Partners 08/09/96 500 $3.04 Bear Stearns
Fechtor 08/12/96 1,500 $2.88 Fechtor, Detwiler
Fortuna Investment Partners 08/12/96 500 $3.00 Bear Stearns
Fechtor 08/13/96 1,500 $2.88 Fechtor, Detwiler
Fortuna Investment Partners 08/26/96 500 $3.03 Bear Stearns
Fortuna Investment Partners 08/27/96 500 $3.04 Bear Stearns
Fortuna Investment Partners 08/29/96 500 $3.04 Bear Stearns
Fortuna Investment Partners 08/30/96 2,000 $2.95 Bear Stearns
Fortuna Investment Partners 09/10/96 17,500 $2.97 Bear Stearns
Fechtor 09/10/96 1,500 $2.88 Fechtor, Detwiler
Fortuna Investment Partners 09/23/96 2,500 $2.99 Bear Stearns
Fortuna Investment Partners 09/24/96 5,500 $2.98 Bear Stearns
Fortuna Investment Partners 09/25/96 2,900 $2.99 Bear Stearns
Fortuna Investment Partners 09/26/96 5,500 $2.98 Bear Stearns
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Fortuna Investment Partners 09/27/96 4,500 $2.98 Bear Stearns
Fortuna Investment Partners 09/30/96 3,000 $2.99 Bear Stearns
Fortuna Investment Partners 10/01/96 7,000 $2.97 Bear Stearns
Fortuna Investment Partners 10/02/96 3,000 $2.99 Bear Stearns
Fortuna Investment Partners 10/03/96 3,000 $2.99 Bear Stearns
Fortuna Investment Partners 10/04/96 7,000 $2.99 Bear Stearns
Fechtor 11/10/96 500 $2.88 Fechtor, Detwiler
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(f)(1)
This agreement is made pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer" the Joint Filers agree that a statement of
beneficial ownership as required by Section 13(d) of the Act and the Rules
thereunder may be filed on each of their behalf on Schedule 13D or Schedule 13G,
as appropriate, and that said joint filing may thereafter be amended by further
joint filings. The Joint Filers state that they each satisfy the requirements
for making a joint filing under Rule 13d-1.
Dated October 18, 1996
FORTUNA INVESTMENT PARTNERS, L.P.
By: Fortuna Capital Management, Inc.,
its General Partner
By: /s/ RONALD J. VANNUKI
----------------------------
Ronald J. Vannuki, President
FORTUNA CAPITAL MANAGEMENT, INC.
By: /s/ RONALD J. VANNUKI
----------------------------
Ronald J. Vannuki, President
/s/ RONALD J. VANNUKI
- -----------------------------------
Ronald J. Vannuki
Individual
- -----------------------------------
Richard Fechtor
Individual
<PAGE>
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(f)(1)
This agreement is made pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer" the Joint Filers agree that a statement of
beneficial ownership as required by Section 13(d) of the Act and the Rules
thereunder may be filed on each of their behalf on Schedule 13D or Schedule 13G,
as appropriate, and that said joint filing may thereafter be amended by further
joint filings. The Joint Filers state that they each satisfy the requirements
for making a joint filing under Rule 13d-1.
Dated October 18, 1996
FORTUNA INVESTMENT PARTNERS, L.P.
By: Fortuna Capital Management, Inc.,
its General Partner
By:
----------------------------
Ronald J. Vannuki, President
FORTUNA CAPITAL MANAGEMENT, INC.
By:
----------------------------
Ronald J. Vannuki, President
- -----------------------------------
Ronald J. Vannuki
Individual
/s/ RICHARD FECHTOR
- -----------------------------------
Richard Fechtor
Individual
<PAGE>
FORTUNA ADVISORS, INC.
By: /s/ KAREN B. BRENNER
----------------------------
Karen B. Brenner, President
/s/ KAREN B. BRENNER
- -----------------------------------
Karen B. Brenner
Individual
