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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. 6)*
Bradlees, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
104499207
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(CUSIP Number)
Mr. J. Ezra Merkin With a copy to:
Gabriel Capital, L.P. Lawrence G. Goodman, Esq.
450 Park Avenue, Ste. 3201 Swidler Berlin Shereff Friedman, LLP
New York, New York 10022 919 Third Avenue
(212) 838-7200 New York, New York 10022
(212) 758-9500
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
April 26, 1999
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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
statement because of Rule 13d-1(b) (3) or (4), check the following: [ ].
Note: One copy and an EDGAR version 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).
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SCHEDULE 13D
CUSIP No. 104499207 Page 2 of 7 Pages
--------- ------- -----
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gabriel Capital Corporation
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) |_|
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 289,105
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 10 SHARED DISPOSITIVE POWER
WITH 289,105
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
289,105
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.8%
14 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING
EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
CUSIP No. 104499207 Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J. Ezra Merkin
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
3 SEC USE ONLY
4 SOURCE OF FUNDS*
OO
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 195,967
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 289,105
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 195,967
PERSON 10 SHARED DISPOSITIVE POWER
WITH 289,105
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
485,072
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* |_|
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING
EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
This Amendment No. 6 to the Statement on Schedule 13D amends and
supplements the Statement on Schedule 13D relating to the event date of March 4,
1999 (the "Schedule 13D"), Amendment No. 1 to the Schedule 13D relating to the
event date of March 16, 1999, Amendment No. 2 to the Schedule 13D relating to
the event date of March 18, 1999, Amendment No. 3 to the Schedule 13D relating
to the event date of March 23, 1999, Amendment No. 4 to the Schedule 13D
relating to the event date of April 6, 1999 and Amendment No. 5 to the Schedule
13D relating to the event date of April 13, 1999, filed by Gabriel Capital
Corporation (f/k/a Ariel Management Corp.), a Delaware corporation ("Gabriel
Capital") and the Investment Advisor of Ariel Fund Limited, a Cayman Islands
corporation, and J. Ezra Merkin, the General Partner of Gabriel Capital L.P., a
Delaware limited partnership (collectively, the "Reporting Persons") relating to
the Common Stock (the "Common Stock") of Bradlees, Inc. (the "Issuer"). The
address of the Issuer is One Bradlees Circle, P.O. Box 9051, Braintree, MA
02184. Capitalized terms used herein shall have the meanings assigned thereto in
the Schedule 13D.
Item 1. Interest in Securities of the Issuer
(a) and (b) Gabriel Capital, as Investment Advisor to Ariel
Fund, has the power to vote and to direct the voting of and the power to dispose
and direct the disposition of the 289,105 shares of Common Stock issuable to
Ariel Fund. Accordingly, Gabriel Capital may be deemed to be the beneficial
owner of 289,105 shares of Common Stock, or 2.8% of the outstanding shares of
Common Stock.
As the General Partner of Gabriel, Merkin has the power to
vote and to direct the voting of and the power to dispose and direct the
disposition of the 195,967 shares of Common Stock issuable to Gabriel. In
addition, as the sole shareholder and president of Gabriel Capital, Merkin may
be deemed to have the power to vote and to direct the voting of and the power to
dispose and direct the disposition of the 289,105 shares of Common Stock
issuable to Ariel Fund. Accordingly, Merkin may be deemed to be the beneficial
owner of 485,072 shares of Common Stock, or 4.7% of the outstanding shares of
Common Stock.
In addition, Gabriel and Gabriel Capital may be entitled to
receive up to an additional 108,576 and 160,176 shares of Common Stock,
respectively, in the Issuer's bankruptcy proceeding in exchange for $5,428,504
and $8,008,386 principal amount of trade claims, respectively.
The number of shares beneficially owned by each of the
Reporting Persons and the percentage of outstanding shares represented thereby,
have been computed in accordance with Rule 13d-3 under the Securities Exchange
Act of 1934, as amended. The ownership of the Reporting Persons is based on
10,225,711 outstanding shares of Common Stock of the Issuer as of February 2,
1999, as reported in the Issuer's Prospectus dated February 24, 1999.
(c) The transactions in the Common Stock by the Reporting
Persons since the filing of Amendment No. 5 to the Schedule 13D are set forth on
Annex A hereto.
(d) Not Applicable.
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(e) The Reporting Persons ceased to be the beneficial owner
of more than five percent (5%) of the Common Stock on April 29, 1999.
Signature
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.
GABRIEL CAPITAL CORPORATION
By: /s/ J. Ezra Merkin
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Name: J. Ezra Merkin
Title: President
/s/ J. Ezra Merkin
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J. EZRA MERKIN
Dated: April 30, 1999
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Annex A
Purchases and Sales of Shares of Common Stock since the Filing of Amendment No.
5 to the Schedule 13D.
Number of Shares
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Aggregate Share
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Date Price Per Share Amount Ariel Fund Gabriel
---- --------------- ------ ---------- -------
3/16/99(1) 3.00 3,422 2,040 1,382
3/16/99(1) 3.00 3,574 2,130 1,444
3/16/99(1) 3.00 251 150 101
3/16/99(1) 3.00 52,396 31,228 21,168
3/16/99(1) 3.00 277 165 112
3/16/99(1) 3.00 2,462 1,467 995
3/16/99(1) 3.00 1,276 760 516
3/16/99(1) 3.00 4,522 2,695 1,827
3/16/99(1) 3.00 783 467 316
3/16/99(1) 3.00 62,790 37,423 25,367
3/16/99(1) 3.00 402 240 162
3/16/99(1) 3.00 856 510 346
4/19/99(2) 5.141 20,000 11,920 8,080
4/19/99(2) 5.625 30,000 17,880 12,120
4/23/99(2) 5.75 50,000 29,800 20,200
4/26/99(2) 6.05 10,000 5,960 4,040
4/26/99(2) 6.00 50,000 29,800 20,200
4/26/99(2) 6.05 90,000 53,640 36,360
4/27/99(2) 6.888 147,600 87,970 59,630
4/27/99(2) 6.875 105,000 62,580 42,420
4/27/99(2) 6.888 13,000 7,748 5,252
4/28/99(2) 6.95 100,000 59,600 40,400
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Number of Shares
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Aggregate Share
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Date Price Per Share Amount Ariel Fund Gabriel
---- --------------- ------ ---------- -------
4/28/99(2) 6.953 355,000 211,580 143,420
4/28/99(2) 7.125 80,000 47,680 32,320
4/28/99(2) 7.00 8,900 5,304 3,596
4/28/99(2) 7.125 30,000 17,880 12,120
4/28/99(2) 7.125 100,000 59,600 40,400
4/28/99(2) 7.102 162,500 96,850 65,650
4/29/99(2) 7.2362 295,000 175,820 119,180
4/29/99(2) 7.21875 255,000 151,980 103,020
4/29/99(2) 7.2914 44,500 26,522 17,978
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(1) Distribution in bankruptcy with respect to trade claims, value based
on Common Stock price on date of distribution.
(2) Market sale.
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