SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) JULY 13, 1998
STEVEN MADDEN, LTD.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEW YORK 0-23702 13-3588231
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(STATE OR OTHER (COMMISSION (IRS EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
FORMATION)
52-16 BARNETT AVENUE, LONG ISLAND CITY, NEW YORK 11104
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (718) 446-1800
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(FORMER NAME OR FORMER ADDRESS, IF CHANGES SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
As of July 9, 1998, the Board of Directors of Steven Madden, Ltd. (the
"Company") approved the redemption of all of the Company's outstanding Class B
Redeemable Common Stock Purchase Warrants (the "Class B Warrants"). A Notice of
Redemption was mailed to all Class B Warrantholders to advise them that under
the terms of the Warrant Agreement between the Company and the American Stock
Transfer and Trust Company, as warrant agent, the Company was exercising its
right to redeem and cancel all of the Company's Class B Warrants. Accordingly
warrantholders have until the close of business on August 13, 1998 to exercise
their Class B Warrants for the purchase of shares of Common Stock at an exercise
price of $5.50 per share. Should a warrantholder fail to exercise the Class B
Warrants held thereby by such date, the Company will redeem them on August 14,
1998 by paying $.05 for each outstanding Class B Warrant. The closing bid price
of the shares of the Company's Common Stock on July 8, 1998 was $11.25.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS.
(c) Exhibits
1. Press Release of the Company dated July 13, 1998.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly authorized and caused the undersigned to sign this
Report on the Registrant's behalf.
STEVEN MADDEN, LTD.
By: /s/ STEVEN MADDEN
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Steven Madden
Chairman of the Board,
Chief Executive Officer and President
Dated: July 13, 1998
FOR IMMEDIATE RELEASE
STEVE MADDEN LTD TO REDEEM ALL CLASS B REDEEMABLE COMMON STOCK
PURCHASE WARRANTS ANTICIPATES RECEIVING APPROXIMATELY $10 MILLION FROM
REDEMPTION
LONG ISLAND CITY, N.Y., July 13, 1998 - Steven Madden Retail, Inc., a division
of Steven Madden, Ltd., (NASDAQ: SHOO), a leading designer, wholesaler and
retailer of fashion footwear for women, today announced that it is redeeming all
Class B Redeemable Common Stock Purchase Warrants. On August 14, 1998, the
Company will redeem and cancel all Class B Warrants by paying to the holders
thereof $ .05 for each Class B Warrant.
Alternatively, a holder of Class B Warrants may exercise their rights to
purchase shares of the Company's Common Stock by paying to the Company the
exercise price of $5.50 per share at any time prior to the end of business on
August 13, 1998, provided that exercise is permitted under the laws of the
holders state of residence. The closing bid price of the shares of the Company's
Common Stock on July 8, 1998 was $ 11.25. The Company anticipates receiving
approximately $10 million in net proceeds from the redemption, which will be
used for general corporate purposes including working capital and further
expansion of its retail store operations.
-more-
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Steven Madden Ltd. designs and markets fashion footwear for women. The shoes are
sold through Steve Madden Retail Stores, Department Stores, Apparel and Footwear
specialty stores and on-line @ www.stevemadden.com. The Company now has seven
licenses including ready-to-wear and jeans, outerwear, intimate apparel,
eyewear, legwear, handbags, jewelry, and owns and operates a retail store under
its David Aaron brand, and is the licensee of l.e.i. shoes.
CONTACT: Company Contact:
Steven Madden Ltd.
Steve Madden, President & Chief Executive Officer
Rhonda Brown, Chief Operating Officer
(718) 446-1800
Investor Relations:
Kehoe, White, Savage & Company, Inc.
James K. White
(562) 437-0655
Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other unknown
factors that could cause the actual results of the Company to be materially
different from the historical results or from any future results expressed or
implied by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties readers are urged to consider
statements labeled with the terms "believes", "belief", "expects", "intends",
"anticipates" or "plans" to be uncertain and forward-looking. The forward
looking statements contained herein are also subject generally to other risks
and uncertainties that are described from time to time in the Company's reports
and registration statements filed with the Securities and Exchange Commission.
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