UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Little Switzerland, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
537528101
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(CUSIP Number)
Leonard H. Bloom, P.A.
Broad and Cassel
201 South Biscayne Boulevard
Suite 3000
Miami, FL 33131
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 8, 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. [ ]
*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>
SCHEDULE 13D
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CUSIP NO. 537528101 PAGE 2 OF 8 PAGES
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1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
ALBERT GAD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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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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7 SOLE VOTING POWER
NUMBER OF 360,000
SHARES ----------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ----------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 360,000
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
360,000
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.2%
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14 TYPE OF REPORTING PERSON
IN
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 537528101 PAGE 3 OF 8 PAGES
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1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
DONNA GAD-HECHT
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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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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7 SOLE VOTING POWER
NUMBER OF 5,000
SHARES ----------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ----------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 5,000
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,000
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
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14 TYPE OF REPORTING PERSON
IN
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 537528101 PAGE 4 OF 8 PAGES
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1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
MORRIS GAD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
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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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7 SOLE VOTING POWER
NUMBER OF 331,850
SHARES ----------------------------------------
BENEFICIALLY
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING ----------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 331,850
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
331,850
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
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14 TYPE OF REPORTING PERSON
IN
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<PAGE>
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PAGE 5 OF 8 PAGES
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D relates to shares of common stock, $.01
par value per share (the "Common Stock"), of Little Switzerland, Inc., a
Delaware corporation (the "Issuer"). The Issuer's principal executive office is
located at 161-B Crown Bay Cruise Ship Port, St. Thomas U.S.V.I. 00802.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Albert Gad, Donna Gad-Hecht and Morris
Gad (collectively the "Reporting Persons"). The Reporting Persons may be deemed
to have formed a "group" within the meaning of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), together with
Almod Diamonds, Ltd., a Delaware corporation ("Almod"), in which each of the
Reporting Persons is a principal shareholder, upon the offer by Almod to
purchase approximately 7 million shares of Common Stock from the Issuer, which
would constitute forty-five percent of Issuer's issued and outstanding shares of
Common Stock.
(a) - (c) The information set forth in APPENDIX A is incorporated
herein by reference.
(d) - (e) During the last five years, none of the Reporting Persons
has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which proceeding
the Reporting Persons has 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) All of the Reporting Persons are citizens of the United
States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Each of the Reporting Persons used personal funds for open market
purchase of the shares of Common Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Common Stock beneficially owned by
them in the ordinary course of their investing activities.
Almod has offered to purchase for $6.9 million approximately 7 million
shares of Common Stock from the Issuer, which would constitute 45% of the issued
and outstanding Common Stock of the Issuer, and has sought to obtain a majority
of the Board of Directors in connection with this purchase. The Issuer has
rejected this offer. The Reporting Persons and Almod may purchase additional
Shares of Common Stock of the Issuer in private or open market transactions.
There can be no assurances that such purchases will be made, or that
negotiations with the Issuer in connection with any equity investment will
resume.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) - (b) The information set forth in APPENDIX A is incorporated
herein by reference.
(c) Not applicable.
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PAGE 6 OF 8 PAGES
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(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
<PAGE>
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PAGE 7 OF 8 PAGES
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
December 18, 2000 /s/ ALBERT GAD
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ALBERT GAD
/s/ DONNA GAD-HECHT
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DONNA GAD-HECHT
/s/ MORRIS GAD
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MORRIS GAD
<PAGE>
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PAGE 8 OF 8 PAGES
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<TABLE>
<CAPTION>
APPENDIX A
PERCENTAGE OF
NAME COMMON STOCK
EMPLOYER SOLE SHARED BENEFICIALLY
BUSINESS ADDRESS OCCUPATION VOTING DISPOSITIVE VOTING DISPOSITIVE OWNED
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<S> <C> <C> <C> <C> <C> <C>
Albert Gad President 360,000 360,000 0 0 4.2%
Almod Diamonds, Ltd.
589 5th Avenue
New York, NY 10017
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Donna Gad-Hecht Secretary 5,000 5,000 0 0 Less than 1%
Almod Diamonds, Ltd.
589 5th Avenue
New York, NY 10017
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Morris Gad Vice President 331,850 331,850 0 0 3.8%
Almod Diamonds, Ltd.
589 5th Avenue
New York, NY 10017
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</TABLE>
