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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
BEN FRANKLIN RETAIL STORES, INC.
(Name of Issuer)
Common Stock, par value $.01
(Title of Class of Securities)
081499105
(CUSIP Number)
Benjamin Raphan, Esq.
Tenzer Greenblatt LLP
405 Lexington Avenue, New York, New York 10174 (212) 573-4300
(Name, Address and Telephone Number of Person Authorized to Receive Notice
and Communications)
September 23, 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 |X|.
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 1 of 6 Pages
<PAGE>
SCHUDULE 13D
CUSIP NO. 081499105 Page 2 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wechsler & Co., Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
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
NEW YORK
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,059,659 (includes 872,000 shares issuable upon
conversion of convertible notes)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH Not Applicable
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,059,659 (includes 872,000 shares issuable upon
conversion of convertible notes)
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Not Applicable
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,059,659 (includes 872,000 shares issuable upon
conversion of convertible notes)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
BD
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS)
OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
Page 2 of 6 Pages
<PAGE>
SCHUDULE 13D
CUSIP NO. 081499105 Page 3 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Norman J. Wechsler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 1,059,659 (includes 872,000 shares issuable upon
conversion of convertible notes)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH Not Applicable
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 1,059,659 (includes 872,000 shares issuable upon
conversion of convertible notes)
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Not Applicable
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,059,659 (includes 872,000 shares issuable upon
conversion of convertible notes)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEM 1-7 (INCLUDING EXHIBITS)
OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION
Page 3 of 6 Pages
<PAGE>
This Amendment No. 2 amends and supplements the Schedule 13D, dated August
16, 1996, as amended and supplemented by Amendment No. 1 dated August 23, 1996,
(the "Schedule 13D"), of (i) Wechsler & Co., Inc., a New York corporation
("WCI"), a broker-dealer registered under Section 15 of the Securities Exchange
Act of 1934, as amended, and (ii) Norman J. Wechsler, Chairman of the Board,
President and the principal shareholder of WCI and Chairperson of the Official
Committee of Subordinated Debenture Holders of Ben Franklin Retail Stores, Inc.
(the "Issuer") (WCI and Norman J. Wechsler, the "Reporting Persons") with
respect to Common Stock, par value $.01 per share (the "Common Stock") of the
Issuer. Except as modified hereby, there has been no change in the information
previously reported in the Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
--------------------------------------------------
The $100,000 principal amount of 7 1/2% Convertible Subordinated Notes due
June 1, 2003 (the "Notes") described in Item 5(c) were purchased by WCI in open
market transactions using working capital in the amount of $9,062.50.
Item 5. Interest in Securities of the Issuer.
-------------------------------------
Wechsler & Co., Inc.
- --------------------
WCI owns 1,059,659 shares of Common Stock, comprising 16.7% of the issued and
outstanding shares of the Common Stock, including (i) 187,659 shares; and (ii)
872,000 shares issuable upon conversion of $6,758,000 aggregate principal amount
of Notes of the Issuer.
WCI has the sole power to vote and dispose of the shares of Common Stock and
Notes owned directly by it.
Norman J. Wechsler
- ------------------
Norman J. Wechsler beneficially owns 1,059,659 shares of Common Stock,
comprising 16.7% of the issued and outstanding shares of the Common Stock,
including (i) 187,659 shares owned by WCI; and (ii) 872,000 shares issuable upon
conversion of $6,758,000 aggregate principal amount of Notes of the Issuer owned
by WCI. Mr. Wechsler, in his capacity as the principal shareholder, Chairman of
the Board and President of WCI, has the sole power to direct the vote and
disposition of the shares of Common Stock and Notes owned directly by WCI.
Page 4 of 6 Pages
<PAGE>
(c) Since the filing of the Schedule 13D on August 26, 1996, WCI made the
following sales of shares of Common Stock and the following purchases and sales
of Notes in open market transactions on the NASDAQ SmallCap Market:
Market Making Transactions
No. of Price
Transaction Shares Per
Date Sold Share
----------- ------ -----
August 21, 1996 10,000 $0.28125
August 21, 1996 42,000 $0.21875
September 23, 1996 90,000 $0.06250
October 1, 1996 10,000 $0.09375
Principal Amount Price per $100
of Notes Principal
Purchased Amount of Notes
--------------- ---------------
September 25, 1996 $100,000 $ 9.0625
Investment Account Transactions
Principal Amount Price per $100
of Notes Principal
Sold Amount of Notes
--------------- ---------------
September 24, 1996 $100,000 $11.00
Other than as set forth above in this Item 5(c), the Reporting Persons have
not effected any transactions in the Common Stock or Notes since the filing of
the Schedule 13D.
Page 5 of 6 Pages
<PAGE>
SIGNATURE
---------
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.
Date: October 22, 1996
WECHSLER & CO., INC.
By: /s/ Norman J. Wechsler
--------------------------
Norman J. Wechsler, President
By: /s/ Norman J. Wechsler
--------------------------
Norman J. Wechsler,
Page 6 of 6 Pages
