UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
TO
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Little Switzerland, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
537528101
--------------------------------------------------------------------------------
(CUSIP Number)
Leonard H. Bloom, P.A.
Broad and Cassel
201 South Biscayne Boulevard
Suite 3000
Miami, FL 33131
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
December 20, 2000
--------------------------------------------------------------------------------
(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 1 of 11 Pages
<PAGE>
SCHEDULE 13D
--------------------------------------------------------------------------------
CUSIP NO. 537528101 PAGE 2 OF 11 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
ALBERT GAD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 360,000
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 15,000
EACH -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 360,000
WITH -----------------------------------------------
10 SHARED DISPOSITIVE POWER
15,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
375,000
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.3%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
--------------------------------------------------------------------------------
CUSIP NO. 537528101 PAGE 3 OF 11 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
DONNA GAD-HECHT
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 20,000
EACH -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------
10 SHARED DISPOSITIVE POWER
20,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
20,000
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CUSIP NO. 537528101 PAGE 4 OF 11 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
JOSEPH HECHT
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,000
EACH -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------
10 SHARED DISPOSITIVE POWER
5,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,000
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CUSIP NO. 537528101 PAGE 5 OF 11 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
MORRIS GAD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 346,850
EACH -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------
10 SHARED DISPOSITIVE POWER
346,850
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
346,850
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CUSIP NO. 537528101 PAGE 6 OF 11 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
FRANCINE GAD
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 331,850
EACH -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------
10 SHARED DISPOSITIVE POWER
331,850
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
331,850
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.8%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CUSIP NO. 537528101 PAGE 7 OF 11 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS/I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
(ENTITIES ONLY)
ALMOD DIAMONDS, LTD.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 15,000
EACH -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 0
WITH -----------------------------------------------
10 SHARED DISPOSITIVE POWER
15,000
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,000
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
LESS THAN 1%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
<PAGE>
-------------------------------------------
PAGE 8 OF 11 PAGES
-------------------------------------------
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 1 to Schedule 13D (the "Amendment") relates to
shares of common stock, $.01 par value per share (the "Common Stock"), of Little
Switzerland, Inc., a New York 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.
This Amendment is being filed to (i) add Reporting Persons; (ii)
add certain transactions inadvertently omitted from the original Schedule 13D;
and (iii) as a result of the termination of negotiations related to the proposed
transaction described in the original Schedule 13D, to disclaim membership in a
group.
ITEM 2. IDENTITY AND BACKGROUND.
This Amendment is being filed by Albert Gad, Donna Gad-Hecht, Joseph
Hecht, Morris Gad, Francine Gad and Almod Diamonds, Ltd., a New York corporation
("Almod")(collectively the "Reporting Persons"). The Reporting Persons
previously reported that they may have been 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"), upon the offer by Almod to purchase
approximately 7,000,000 shares of Common Stock from the Issuer, which would have
constituted 45% of Issuer's issued and outstanding shares of Common Stock. All
negotiations related to such offer have terminated. Accordingly, the Reporting
Persons disclaim membership in a group effective as of December 20, 2000, the
date on which the Reporting Persons were notified of the termination of
negotiations.
(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 individual 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 or working capital
for the purchases of the Common Stock. Set forth in APPENDIX A are the aggregate
purchase prices of the shares acquired.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired the Common Stock beneficially owned by
them in the ordinary course of their investing activities.
On December 8, 2000, Almod offered to purchase for $6.9 million
approximately 7,000,000 shares of Common Stock from the Issuer, which would
constitute 45% of the issued and outstanding Common
<PAGE>
-------------------------------------------
PAGE 9 OF 11 PAGES
-------------------------------------------
Stock of the Issuer, and sought to obtain a majority of the Board of Directors
in connection with this purchase. The Issuer has rejected this offer and all
further negotiations have terminated effective as of December 20, 2000.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) - (c) The information set forth in APPENDIX A is incorporated
herein by reference.
(d) None.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Morris Gad, Albert Gad and Donna Gad-Hecht are siblings, and each are
officers and principal shareholders of Almod. Joseph Hecht is Donna Gad-Hecht's
spouse. Francine Gad is Morris Gad's spouse.
Almod executed a confidentiality agreement with the Issuer on July 11,
2000, one of the provisions of which contained a standstill agreement. A copy of
such confidentiality agreement is attached as Exhibit 1 to this Amendment.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
EXHIBIT 1 Confidentiality Agreement
<PAGE>
-------------------------------------------
PAGE 10 OF 11 PAGES
-------------------------------------------
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Amendment is true, complete and
correct.
January 9, 2001
/s/ ALBERT GAD
---------------------------------------------
ALBERT GAD
/s/ DONNA GAD-HECHT
---------------------------------------------
DONNA GAD-HECHT
/s/ JOSEPH HECHT
---------------------------------------------
JOSEPH HECHT
/s/ MORRIS GAD
---------------------------------------------
MORRIS GAD
/s/ FRANCINE GAD
---------------------------------------------
FRANCINE GAD
Almod Diamonds, Ltd.
By: /S/ DONNA GAD-HECHT
------------------------------------------
Name: Donna Gad-Hecht
------------------------------------------
Title: Secretary
------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------
PAGE 11 OF 11 PAGES
---------------------------------------------
APPENDIX A
PERCENTAGE OF
NAME SOLE SHARED COMMON STOCK AGGREGATE
EMPLOYER OCCUPATION/ ----------------------- ----------------------- BENEFICIALLY PURCHASE
BUSINESS ADDRESS PRINCIPAL BUSINESS VOTING DISPOSITIVE VOTING DISPOSITIVE OWNED PRICE
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Albert Gad President 360,000 360,000 15,000(A) 15,000 (A) 4.3% $299,577.00
Almod Diamonds, Ltd. of (B)
589 5th Avenue Almod
New York, NY 10017 Diamonds, Ltd.
-----------------------------------------------------------------------------------------------------------------------------------
Donna Gad-Hecht Secretary 0 0 20,000(C) 20,000 (C) Less than 1% $ 4,687.00
Almod Diamonds, Ltd. of (B)
589 5th Avenue Almod
New York, NY 10017 Diamonds, Ltd.
-----------------------------------------------------------------------------------------------------------------------------------
Joseph Hecht Photographer 0 0 5,000(D) 5,000 (D) Less than 1% (D)
23 Pond Park Road
Great Neck, NY 11023
-----------------------------------------------------------------------------------------------------------------------------------
Morris Gad Vice President 0 0 346,850(E) 346,850 (E) 4.0% $136,365.15
Almod Diamonds, Ltd. of
589 5th Avenue Almod
New York, NY 10017 Diamonds, Ltd.
-----------------------------------------------------------------------------------------------------------------------------------
Francine Gad Homemaker 0 0 331,850(F) 331,850 (F) 3.8% (F)
c/o Almod Diamonds, Ltd.
589 5th Avenue
New York, NY 10017
-----------------------------------------------------------------------------------------------------------------------------------
Almod Diamonds, Ltd. Jewelry Wholesaler 0 0 15,000 15,000 Less than 1% $ 11,600.00
589 5th Avenue
New York, NY 10017
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(A) Shares held of record by Almod Diamonds, Ltd.
(B) Does not include the aggregate purchase price of the shares held of record
by Almod Diamonds, Ltd.
(C) 5,000 shares are held jointly by Donna Hecht-Gad and Joseph Hecht and 15,000
shares are held of record by Almod Diamonds, Ltd.
(D) Shares are held jointly with Donna Hecht-Gad.
(E) 331,850 shares are held jointly by Morris Gad and Francine Gad and 15,000
shares are held of record by Almod Diamonds, Ltd.
(F) Shares are held jointly with Morris Gad.
TRANSACTIONS WITHIN PAST 60 DAYS
The following purchases were made by Almod Diamonds, Ltd. within the
60-day period prior to the original filing of the Schedule 13D. All were open
market purchases on the OTC Bulletin Board.
No. of Shares Price
Trade Date Purchased Per Share
---------- --------- ---------
11/07/00 5,000 $0.77
11/08/00 2,500 $0.78
11/09/00 2,500 $0.80
11/13/00 5,000 $0.76
