---------------------------------
OMB APPROVAL
---------------------------------
OMB Number: 3235-0145
Expires: October 31, 1994
Estimate Average Burden
hours per response..........14.90
---------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
BEN FRANKLIN RETAIL STORES, INC.
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities
081499105
(CUSIP Number)
Check the following box if a fee is being paid with this statement |_|. (A fee
is not required only if the filing 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).
* The remainder of this cover page should 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 the
disclosures provided in a prior cover page.
The information required in 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>
- --------------------------------------------------------------------------------
CUSIP No. 081499105 13G Page 2 of 6 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. 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)|X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 1,172,452 (includes 714,581 shares issuable upon
EACH conversion of convertible notes)
PERSON --------------------------------------------------------
REPORTING 6 SHARED VOTING POWER
WITH
Not Applicable
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,172,452 (includes 714,581 shares issuable upon
conversion of convertible notes)
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
Not Applicable
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,172,452 (includes 714,581 shares issuable upon conversion of convertible
notes)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.9%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
BD
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 6 Pages
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 081499105 13G Page 3 of 6 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. 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)|X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 1,172,452 (includes 714,581 shares issuable upon
EACH conversion of convertible notes)
PERSON --------------------------------------------------------
REPORTING 6 SHARED VOTING POWER
WITH
Not Applicable
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,172,452 (includes 714,581 shares issuable upon
conversion of convertible notes)
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
Not Applicable
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,172,452 (includes 714,581 shares issuable upon conversion of convertible
notes)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
18.9%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 6 Pages
<PAGE>
SCHEDULE 13G
Item 1(a). Name of Issuer:
BEN FRANKLIN RETAIL STORES, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
500 E. North Avenue
Carol Stream, Illinois 60188-2168
Item 2(a). Name of Person Filing:
This Schedule 13G is filed on behalf of (i) Wechsler & Co., Inc.,
and (ii) Norman J. Wechsler (each a "Reporting Person" and
collectively, the
"Reporting Persons").
Item 2(b). Address of Principal Business Office or, If None, Residence:
Suite 310
105 South Bedford Road,
Mount Kisco, New York 10549
Item 2(c). Citizenship:
Wechsler & Co., Inc. is a New York corporation and
Norman J. Wechsler is a United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share.
Item 2(e). CUSIP Number:
081499105
Item 3. Type of Reporting Person:
(a) Wechsler & Co., Inc. is a broker/dealer registered under
Section 15 of the Securities Exchange Act of 1934 (the "Act"). Mr.
Wechsler is the majority stockholder, Chairman of the Board and
President of Wechsler & Co., Inc. and, accordingly, would likely
be considered the beneficial owner of securities beneficially
owned by Wechsler & Co., Inc. Mr. Wechsler's beneficial ownership
of the Common Stock of the Issuer does not exceed 1% of such class
of securities of the
Page 4 of 6 Pages
<PAGE>
Issuer, exclusive of Common Stock beneficially owned by Wechsler &
Co., Inc. All of such equity securities of the Issuer beneficially
owned by the Reporting Persons were acquired in the ordinary
course of business and not with the purpose nor with the effect of
changing or influencing the control of the Issuer, nor in
connection with or as a participant in any transaction having such
effect, including any transaction subject to Rule 13d-3(b)
promulgated under the Act.
(b)-(h): Not applicable
Item 4. Ownership:
(a) Amount Beneficially Owned:
Each Reporting Person beneficially owns 1,172,452 shares of Common
Stock, which amount includes 714,581 shares issuable upon
conversion of $5,538,000 principal amount of 7-1/2% Convertible
Subordinated Notes Due June 1, 2003 (the "Notes") of the Issuer.
(b) Percentage of Class:
18.9%
(c) Number of Shares as to Which Such Person Has:
(i) sole power to vote or direct the vote:
1,172,452 shares (giving effect to the conversion of
$5,538,000 principal amount of Notes).
(ii) shared power to vote or direct the vote:
not applicable.
(iii) sole power to dispose or direct the disposition of:
1,172,452 shares (giving effect to the conversion of
$5,538,000 principal amount of Notes).
(iv) shared power to dispose or direct the disposition
of:
not applicable.
Page 5 of 6 Pages
<PAGE>
Items 5-9. Not applicable.
Item 10. Certification:
By signing below, each of the undersigned certifies that, to the
best of its or his knowledge and belief, the securities referred
to above were acquired in the ordinary course of business and were
not acquired for the purpose and do not have the effect of
changing or influencing the control of the Issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purposes or effect.
SIGNATURES
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Date: May 7, 1996
WECHSLER & CO., INC.
By: /s/ Norman J. Wechsler
---------------------------
Norman J. Wechsler,
Chairman of the Board
& President
/s/ Norman J. Wechsler
---------------------------
Norman J. Wechsler
Page 6 of 6 Pages
---------------------------------
OMB APPROVAL
---------------------------------
OMB Number: 3235-0145
Expires: October 31, 1994
Estimate Average Burden
hours per response..........14.90
---------------------------------
EXHIBIT 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
BEN FRANKLIN RETAIL STORES, INC.
(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities
081499105
(CUSIP Number)
Check the following box if a fee is being paid with this statement |X|. (A fee
is not required only if the filing 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).
* The remainder of this cover page should 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 the
disclosures provided in a prior cover page.
The information required in 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 8 Pages
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 081499105 13G Page 2 of 8 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. 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)|X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 731,293
EACH --------------------------------------------------------
PERSON 6 SHARED VOTING POWER
REPORTING
WITH Not Applicable
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
731,293
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
Not Applicable
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
731,293
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
BD
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 8 Pages
<PAGE>
- --------------------------------------------------------------------------------
CUSIP No. 081499105 13G Page 3 of 8 Pages
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. 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)|X|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 731,293
EACH --------------------------------------------------------
PERSON 6 SHARED VOTING POWER
REPORTING
WITH Not Applicable
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
731,293
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
Not Applicable
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
731,293
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.0%
- --------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
Page 3 of 8 Pages
<PAGE>
SCHEDULE 13G
Item 1(a). Name of Issuer:
BEN FRANKLIN RETAIL STORES, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
500 E. North Avenue
Carol Stream, Illinois 60188-2168
Item 2(a). Name of Person Filing:
This Schedule 13G is filed on behalf of (i) Wechsler & Co., Inc.,
and (ii) Norman J. Wechsler (each a "Reporting Person" and
collectively, the "Reporting Persons").
Item 2(b). Address of Principal Business Office or, If None, Residence:
Suite 310
105 South Bedford Road,
Mount Kisco, New York 10549
Item 2(c). Citizenship:
Wechsler & Co., Inc. is a New York corporation and
Norman J. Wechsler is a United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share.
Item 2(e). CUSIP Number:
081499105
Item 3. Type of Reporting Person:
(a) Wechsler & Co., Inc. is a broker/dealer registered under
Section 15 of the Securities Exchange Act of 1934 (the "Act").
Mr. Wechsler is the majority stockholder, Chairman of the Board
and President of Wechsler & Co., Inc. and, accordingly, would
likely be considered the beneficial owner of securities
beneficially owned by Wechsler & Co., Inc. Mr. Wechsler's
beneficial ownership of the Common Stock of the Issuer does not
exceed 1% of such class of securities of the
Page 4 of 8 Pages
<PAGE>
Issuer, exclusive of Common Stock beneficially owned by Wechsler
& Co., Inc. All of such equity securities of the Issuer
beneficially owned by the Reporting Persons were acquired in the
ordinary course of business and not with the purpose nor with the
effect of changing or influencing the control of the Issuer, nor
in connection with or as a participant in any transaction having
such effect, including any transaction subject to Rule 13d-3(b)
promulgated under the Act.
(b)-(h): Not applicable
Item 4. Ownership:
(a) Amount Beneficially Owned:
Each Reporting Person beneficially owns 731,293 shares of
Common Stock, which amount includes 614,194 shares issuable
upon conversion of $4,735,000 principal amount of 7-1/2%
Convertible Subordinated Notes Due June 1, 2003 (the
"Notes") of the Issuer.
(b) Percentage of Class:
12.0%
(c) Number of Shares as to Which Such Person Has:
(i) sole power to vote or direct the vote:
731,293 shares (giving effect to the conversion of
$4,735,000 principal amount of Notes).
(ii) shared power to vote or direct the vote:
not applicable.
(iii) sole power to dispose or direct the disposition of:
731,293 shares (giving effect to the conversion of
$4,735,000 principal amount of Notes).
(iv) shared power to dispose or direct the disposition of:
not applicable.
Page 5 of 8 Pages
<PAGE>
Items 5-9. Not applicable.
Item 10. Certification:
By signing below, each of the undersigned certifies that, to the
best of its or his knowledge and belief, the securities referred
to above were acquired in the ordinary course of business and
were not acquired for the purpose and do not have the effect of
changing or influencing the control of the Issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purposes or effect.
SIGNATURES
After reasonable inquiry and to the best of each of the undersigned's
knowledge and belief, each of the undersigned certifies that the information set
forth in this statement is true, complete and correct.
Date: January 8, 1996
WECHSLER & CO., INC.
By: /s/ Norman J. Wechsler
---------------------------
Norman J. Wechsler,
Chairman of the Board
& President
/s/ Norman J. Wechsler
---------------------------
Norman J. Wechsler
Page 6 of 8 Pages
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. PAGE NO.
1 Joint Filing Agreement by Norman J. 8
Wechsler and Wechsler & Co., Inc. dated
as of January 8, 1996
Page 7 of 8 Pages
<PAGE>
EXHIBIT 1
The undersigned hereby agree, pursuant to Rule 13d- 1(f)(1), to file a
joint statement on Schedule 13G and amendments thereto pertaining to their
shares of Common Stock and 7-12% Convertible Subordinated Notes Due June 1, 2003
of Ben Franklin Retail Stores, Inc.
This agreement may be terminated for any reason by any party hereto
immediately upon the personal delivery or facsimile transmission of notice to
that effect to the other party hereto.
This agreement may be executed in counterparts and all so executed shall
constitute one agreement.
Date: January 8, 1996
WECHSLER & CO., INC.
By: /s/ Norman J. Wechsler
---------------------------
Norman J. Wechsler,
Chairman of the Board
& President
/s/ Norman J. Wechsler
---------------------------
Norman J. Wechsler
Page 8 of 8 Pages
