0000902664-08-003074.txt : 20081027
<SEC-HEADER>0000902664-08-003074.hdr.sgml : 20081027
<ACCEPTANCE-DATETIME>20081024175917
ACCESSION NUMBER: 0000902664-08-003074
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20081027
DATE AS OF CHANGE: 20081024
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: DILLARDS INC
CENTRAL INDEX KEY: 0000028917
STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DEPARTMENT STORES [5311]
IRS NUMBER: 710388071
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0203
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-02823
FILM NUMBER: 081140939
BUSINESS ADDRESS:
STREET 1: 1600 CANTRELL RD
CITY: LITTLE ROCK
STATE: AR
ZIP: 72201
BUSINESS PHONE: 5013765200
FORMER COMPANY:
FORMER CONFORMED NAME: DILLARD DEPARTMENT STORES INC
DATE OF NAME CHANGE: 19920703
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: CLINTON GROUP INC
CENTRAL INDEX KEY: 0001134119
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 32 OLD SLIP 5TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10005
BUSINESS PHONE: 2128250400
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>p08-1508sc13da.txt
<DESCRIPTION>DILLARD'S, INC.
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------
SCHEDULE 13D
(Rule 13d-101)
(AMENDMENT NO. 1)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
Dillard's, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
254067101
- --------------------------------------------------------------------------------
(CUSIP Number)
Marc Weingarten, Esq.
David Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
Peter G. Smith, Esq.
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036
(212) 715-9100
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 24, 2008
- --------------------------------------------------------------------------------
(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 that 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. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 OF 25 PAGES)
- --------------------------
* 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>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 2 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
499,227 (including 8,400 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 499,227 (including 8,400 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
499,227 (including 8,400 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.72%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 3 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES INVESTORS, LLC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
499,227 (including 8,400 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 499,227 (including 8,400 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
499,227 (including 8,400 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.72%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 4 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON INVESTMENTS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
287,910 (including 5,100 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 287,910 (including 5,100 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
287,910 (including 5,100 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.41%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 5 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES ADVISORS, LLC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
287,910 (including 5,100 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 287,910 (including 5,100 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
287,910 (including 5,100 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.41%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 6 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON COMPANIES OFFSHORE FUND, LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
871,132 (including 14,500 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 871,132 (including 14,500 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
871,132 (including 14,500 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 7 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON OFFSHORE ADVISORS II, LLC
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
871,132 (including 14,500 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 871,132 (including 14,500 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
871,132 (including 14,500 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.25%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 8 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
BARINGTON CAPITAL GROUP, L.P.
- --------------------------------------------------------------------------------
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
NEW YORK
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,658,269 (including 28,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,658,269 (including 28,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,658,269 (including 28,000 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 9 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LNA CAPITAL CORP.
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,658,269 (including 28,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,658,269 (including 28,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,658,269 (including 28,000 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 10 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
JAMES A. MITAROTONDA
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,658,269 (including 28,000 shares subject to
call options)
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY NONE
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH 1,658,269 (including 28,000 shares subject to
call options)
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,658,269 (including 28,000 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 11 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,002,339 (including 707,100 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,002,339 (including 707,100 shares subject to
call options)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,002,339 (including 707,100 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.88%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA; CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 12 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MULTISTRATEGY MASTER FUND, LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
CAYMAN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 390,935 (including 87,000 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
390,935 (including 87,000 shares subject to
call options)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
390,935 (including 87,000 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.56%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 13 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
CAYMAN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 269,313
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
269,313
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
269,313
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.39%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 14 OF 25 PAGES
- ------------------------------ ---------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MAGNOLIA MASTER FUND, LTD.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
CAYMAN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,342,091 (including 620,100 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,342,091 (including 620,100 shares subject to
call options)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,342,091 (including 620,100 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.93%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 15 OF 25 PAGES
- ------------------------------ ---------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE HALL
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK 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
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 2,002,339 (including 707,100 shares subject to
OWNED BY call options)
EACH ----------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON WITH
-0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,002,339 (including 707,100 shares subject to
call options)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
2,002,339 (including 707,100 shares subject to call options)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.88%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
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CUSIP NO. 254067101 SCHEDULE 13D PAGE 16 OF 25 PAGES
- ------------------------------ ---------------------
This Amendment No. 1 amends and supplements the Schedule 13D filed
with the Securities and Exchange Commission (the "SEC") on September 25, 2008
(the "Statement"), by and on behalf of Barington Companies Equity Partners, L.P.
("Barington"), the Clinton Group, Inc. and others with respect to the Class A
common stock, par value $0.01 per share (the "Common Stock"), of Dillard's Inc.,
a Delaware corporation (the "Company"). The principal executive offices of the
Company are located at 1600 Cantrell Road, Little Rock, Arkansas 72201.
Item 2. IDENTITY AND BACKGROUND.
The fourth paragraph of Item 2 (a) - (c) of the Statement is hereby
amended and restated as follows:
As of October 23, 2008, the Reporting Entities are the beneficial
owners of, in the aggregate, 3,660,608 shares of Common Stock, which includes
735,100 shares of Common Stock subject to call options, representing
approximately 5.27% of the shares of Common Stock presently outstanding based
upon the 69,443,560 shares of Common Stock reported by the Company to be issued
and outstanding as of August 30, 2008 in its Form 10-Q for the quarterly period
ended August 2, 2008 filed with the SEC on September 11, 2008 (the "Issued and
Outstanding Shares").
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 of the Statement is hereby amended and supplemented as follows:
All of the purchases of Common Stock and presently exercisable
American-style call options by the Reporting Entities since the filing of the
Statement were funded by working capital, which may, at any given time,
include margin loans made by brokerage firms in the ordinary course of business.
The amount of funds expended for purchases of Common Stock since the filing of
the Statement was approximately $23,750 by Barington Companies Equity Partners,
L.P., $13,750 by Barington Investments, L.P. and $40,000 by Barington Companies
Offshore Fund, Ltd., and for the purchases of Common Stock and presently
exercisable call options to acquire Common Stock since the filing of the the
Statement was approximately $96,901 by Clinton Multistrategy Master Fund, Ltd.,
$673,108 by Clinton Special Opportunities Master Fund, Ltd., and $1,090,200 by
Clinton Magnolia Master Fund, Ltd.
Item 4. PURPOSE OF TRANSACTION.
Item 4 of the Statement is hereby amended and supplemented as follows:
On October 24, 2008, James A. Mitarotonda, the Chairman and Chief
Executive Officer of Barington Capital Group, L.P., and George E. Hall, the
Chairman and Chief Executive Officer of Clinton Group, Inc., sent a letter to
Robert C. Connor, Peter R. Johnson and Warren A. Stephens, who are the
independent Class B directors of the Company. Among other things, the letter
calls upon the independent Class B directors to work with the Board's Class A
directors to immediately begin the process of looking for a new chief executive
officer. The letter notes the Reporting Entities' belief that the future of the
Company rests in the hands of the three independent Class B directors, as,
together with the Class A directors, they have the power and authority to make
changes desperately needed at the Company. This description of the letter is
a summary only and is qualified by reference to the letter, a copy of which is
attached as Exhibit 99.4 and incorporated herein by reference.
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 17 OF 25 PAGES
- ------------------------------ ---------------------
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 (a) - (c) of the Statement is hereby amended and restated as
follows:
(a) - (b) As of October 23, 2008, Barington Companies Equity Partners,
L.P. beneficially owned an aggregate of 499,227 shares of Common Stock, which
includes 8,400 shares of Common Stock subject to call options, representing
approximately 0.72% of the Issued and Outstanding Shares. As of October 23,
2008, Barington Investments, L.P. beneficially owned 287,910 shares of Common
Stock, which includes 5,100 shares of Common Stock subject to call options,
representing approximately 0.41% of the Issued and Outstanding Shares. As of
October 23, 2008, Barington Companies Offshore Fund, Ltd. beneficially owned
871,132 shares of Common Stock, which includes 14,500 shares of Common Stock
subject to call options, representing approximately 1.25% of the Issued and
Outstanding Shares. As the general partner of Barington Companies Equity
Partners, L.P., Barington Companies Investors, LLC may be deemed to beneficially
own the 499,227 shares of Common Stock beneficially owned by Barington Companies
Equity Partners, L.P., which includes 8,400 shares of Common Stock subject to
call options, representing approximately 0.72% of the Issued and Outstanding
Shares. As the general partner of Barington Investments, L.P., Barington
Companies Advisors, LLC may be deemed to beneficially own the 287,910 shares of
Common Stock beneficially owned by Barington Investments, L.P., which includes
5,100 shares of Common Stock subject to call options, representing approximately
0.41% of the Issued and Outstanding Shares. As the investment advisor to
Barington Companies Offshore Fund, Ltd., Barington Offshore Advisors II, LLC may
be deemed to beneficially own the 871,132 shares of Common Stock beneficially
owned by Barington Companies Offshore Fund, Ltd., which includes 14,500 shares
of Common Stock subject to call options, representing approximately 1.25% of the
Issued and Outstanding Shares. As the majority member of Barington Companies
Investors, LLC, Barington Companies Advisors, LLC and Barington Offshore
Advisors II, LLC, Barington Capital Group, L.P. may be deemed to beneficially
own the 499,227 shares of Common Stock beneficially owned by Barington Companies
Equity Partners, L.P., the 287,910 shares of Common Stock beneficially owned by
Barington Investments, L.P. and the 871,132 shares of Common Stock beneficially
owned by Barington Companies Offshore Fund, Ltd., constituting an aggregate of
1,658,269 shares of Common Stock, including an aggregate of 28,000 shares of
Common Stock subject to call options, representing approximately 2.39% of the
Issued and Outstanding Shares. As the general partner of Barington Capital
Group, L.P., LNA Capital Corp. may be deemed to beneficially own the 499,227
shares of Common Stock beneficially owned by Barington Companies Equity
Partners, L.P., the 287,910 shares of Common Stock beneficially owned by
Barington Investments, L.P. and the 871,132 shares of Common Stock beneficially
owned by Barington Companies Offshore Fund, Ltd., constituting an aggregate of
1,658,269 shares of Common Stock, including an aggregate of 28,000 shares of
Common Stock subject to call options, representing approximately 2.39% of the
Issued and Outstanding Shares. As the sole stockholder and director of LNA
Capital Corp., James A. Mitarotonda may be deemed to beneficially own the
499,227 shares of Common Stock beneficially owned by Barington Companies Equity
Partners, L.P., the 287,910 shares of Common Stock beneficially owned by
Barington Investments, L.P. and the 871,132 shares of Common Stock beneficially
owned by Barington Companies Offshore Fund, Ltd., constituting an aggregate of
1,658,269 shares of Common Stock, including an aggregate of 28,000 shares of
Common Stock subject to call options, representing approximately 2.39% of the
Issued and Outstanding Shares. Mr. Mitarotonda has sole voting and dispositive
power with respect to the 499,227 shares of Common Stock beneficially owned by
Barington Companies Equity Partners, L.P., which includes 8,400 shares of Common
Stock subject to call options, the 287,910 shares of Common Stock beneficially
owned by Barington Investments, L.P., which includes 5,100 shares of Common
Stock subject to call options, and the 871,132 shares of Common Stock
beneficially owned by Barington Companies Offshore Fund, Ltd., which includes
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 18 OF 25 PAGES
- ------------------------------ ---------------------
14,500 shares of Common Stock subject to call options. Mr. Mitarotonda disclaims
beneficial ownership of any such shares except to the extent of his pecuniary
interest therein.
As of October 23, 2008, Clinton Multistrategy Master Fund, Ltd.
beneficially owned 390,935 shares of Common Stock, which includes 87,000 shares
of Common Stock subject to call options, representing approximately 0.56% of the
Issued and Outstanding Shares. As of October 23, 2008, Clinton Special
Opportunities Master Fund, Ltd. beneficially owned 269,313 shares of Common
Stock, representing approximately 0.39% of the Issued and Outstanding Shares. As
of October 23, 2008, Clinton Magnolia Master Fund, Ltd. beneficially owned
1,342,091 shares of Common Stock, which includes 620,100 shares of Common Stock
subject to call options, representing approximately 1.93% of the Issued and
Outstanding Shares. By virtue of investment management agreements with each of
Clinton Multistrategy Master Fund, Ltd., Clinton Special Opportunities Master
Fund, Ltd. and Clinton Magnolia Master Fund, Ltd., Clinton Group, Inc. may be
deemed to beneficially own the 390,935 shares of Common Stock beneficially owned
by Clinton Multistrategy Master Fund, Ltd., the 269,313 shares of Common Stock
beneficially owned by Clinton Special Opportunities Master Fund, Ltd. and the
1,342,091 shares of Common Stock beneficially owned by Clinton Magnolia Master
Fund, Ltd., constituting an aggregate of 2,002,339 shares of Common Stock,
including an aggregate of 707,100 shares of Common Stock subject to call
options, representing approximately 2.88% of the Issued and Outstanding Shares.
By virtue of his direct and indirect control of Clinton Group, Inc., Mr. Hall
may be deemed to beneficially own the 390,935 shares of Common Stock
beneficially owned by Clinton Multistrategy Master Fund, Ltd., the 269,313
shares of Common Stock beneficially owned by Clinton Special Opportunities
Master Fund, Ltd., and the 1,342,091 shares of Common Stock beneficially owned
by Clinton Magnolia Master Fund, Ltd., constituting an aggregate of 2,002,339
shares of Common Stock, including an aggregate of 707,100 shares of Common Stock
subject to call options, representing approximately 2.88% of the Issued and
Outstanding Shares. By virtue of investment management agreements with each of
Clinton Multistrategy Master Fund, Ltd., Clinton Special Opportunities Master
Fund, Ltd. and Clinton Magnolia Master Fund, Ltd., Clinton Group, Inc. has the
power to vote or direct the voting, and to dispose or direct the disposition, of
the 390,935 shares of Common Stock beneficially owned by Clinton Multistrategy
Master Fund, Ltd., which includes 87,000 shares of Common Stock subject to call
options, the 269,313 shares of Common Stock beneficially owned by Clinton
Special Opportunities Master Fund, Ltd., and the 1,342,091 shares of Common
Stock beneficially owned by Clinton Magnolia Master Fund, Ltd., which includes
620,100 shares of Common Stock subject to call options. By virtue of his direct
and indirect control of Clinton Group, Inc., Mr. Hall is deemed to have shared
voting power and shared dispositive power with respect to all shares of Common
Stock as to which Clinton Group, Inc. has voting power or dispositive power.
Accordingly, Clinton Group, Inc. and Mr. Hall are deemed to have shared voting
and shared dispositive power with respect to the 390,935 shares of Common Stock
beneficially owned by Clinton Multistrategy Master Fund, Ltd., which includes
87,000 shares of Common Stock subject to call options, the 269,313 shares of
Common Stock beneficially owned by Clinton Special Opportunities Master Fund,
Ltd., and the 1,342,091 shares of Common Stock beneficially owned by Clinton
Magnolia Master Fund, Ltd., which includes 620,100 shares of Common Stock
subject to call options. Mr. Hall disclaims beneficial ownership of any such
shares except to the extent of his beneficial ownership thereof.
Except to the extent expressly stated herein, each Reporting Entity
disclaims beneficial ownership of any shares of Common Stock beneficially owned
by any other Reporting Entity.
The Reporting Entities do not believe that certain of the foregoing
information is called for by the Items of Schedule 13D and are disclosing it for
supplemental informational purposes only. Information with respect to each of
the Reporting Entities is given solely by such Reporting Entity and no Reporting
Entity shall have responsibility for the accuracy or completeness of information
supplied by another Reporting Entity.
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 19 OF 25 PAGES
- ------------------------------ ---------------------
(c) Information concerning all transactions in shares of Common Stock
effected by the Reporting Entities since the filing of the Statement is set
forth in Schedule A attached hereto and incorporated herein by reference.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDING OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The third paragraph of item 6 of the Statement is hereby amended and
restated as follows:
Certain of the Reporting Entities have entered into, and may, from
time to time, enter into in the future, certain publicly traded, American-style
call and put option market contracts with unrelated third parties. As of October
23, 2008, Barington Companies Equity Partners, L.P., Barington Investments, L.P.
and Barington Companies Offshore Fund, Ltd. beneficially owned 8,400, 5,100 and
14,500 shares of Common Stock, respectively, pursuant to American-style call
options with strike prices ranging from $12.50 to $15.00 and expiration dates of
November 22, 2008. As of October 23, 2008, Clinton Multistrategy Master Fund,
Ltd. and Clinton Magnolia Master Fund, Ltd. beneficially owned 87,000 and
620,100 shares of Common Stock, respectively, pursuant to American-style call
options with strike prices ranging from $7.50 to $15.00 and expiration dates
ranging from November 22, 2008 to January 17, 2009.
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
99.4 Letter, dated October 24, 2008, from James A. Mitarotonda, the
Chairman and Chief Executive Officer of Barington Capital
Group, L.P., and George E. Hall, the Chairman and Chief
Executive Officer of Clinton Group, Inc., to Robert C. Connor,
Peter R. Johnson and Warren A. Stephens, the independent
Class B directors of the Company.
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 20 OF 25 PAGES
- ------------------------------ ---------------------
SIGNATURES
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned certify that the information set forth in
this Statement is true, complete and correct.
Dated: October 24, 2008
BARINGTON COMPANIES EQUITY PARTNERS, L.P.
By: Barington Companies Investors, LLC,
its general partner
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES INVESTORS, LLC
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON INVESTMENTS, L.P.
By: Barington Companies Advisors, LLC,
its general partner
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON COMPANIES ADVISORS, LLC
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 21 OF 25 PAGES
- ------------------------------ ---------------------
BARINGTON COMPANIES OFFSHORE FUND, LTD.
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Authorized Signatory
BARINGTON OFFSHORE ADVISORS II, LLC
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: Managing Member
BARINGTON CAPITAL GROUP, L.P.
By: LNA Capital Corp.,
its general partner
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: President and CEO
LNA CAPITAL CORP.
By: /s/ James A. Mitarotonda
------------------------
Name: James A. Mitarotonda
Title: President and CEO
/s/ James A. Mitarotonda
------------------------
James A. Mitarotonda
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 22 OF 25 PAGES
- ------------------------------ ---------------------
CLINTON MULTISTRATEGY MASTER FUND, LTD.
By: Clinton Group, Inc.,
its investment manager
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON SPECIAL OPPORTUNITIES MASTER
FUND, LTD.
By: Clinton Group, Inc.,
its investment manager
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON MAGNOLIA MASTER FUND, LTD.
By: Clinton Group, Inc.,
its investment manager
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
---------------------
Name: Francis Ruchalski
Title: Chief Financial Officer
/s/ George E. Hall
------------------
George E. Hall
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 23 OF 25 PAGES
- ------------------------------ ---------------------
SCHEDULE A
This schedule sets forth information with respect to each purchase and
sale of Common Stock which were effectuated by a Reporting Entity since the
filing of the Statement. All transactions were effectuated in the open market
through a broker.
Barington Companies Equity Partners, L.P.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ----------------------- ---------------
10/2/2008 (30,110) $12.4764
10/3/2008 (25,925) 11.6963
10/21/2008 1,900 12.5000
10/22/2008 (1,900) 5.5100
Barington Investments, L.P.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ----------------------- ---------------
10/2/2008 (17,350) $12.4764
10/3/2008 (14,938) 11.6963
10/17/2008 200 12.5000
10/21/2008 900 12.5000
10/22/2008 (1,100) 5.5100
Barington Companies Offshore Fund, Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ----------------------- ---------------
10/2/2008 (52,540) $12.4764
10/3/2008 (45,237) 11.6963
10/21/2008 3,200 12.5000
10/22/2008 (3,200) 5.5100
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 24 OF 25 PAGES
- ------------------------------ ---------------------
Clinton Magnolia Master Fund, Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
------------- ---------------------- ---------------
7/17/08 22,500 $ 9.46
7/18/08 5,200 10.06
7/18/08 15,000 10.27
7/18/08 (2,500) 10.00
7/22/08 10,000 9.72
7/22/08 500 10.00
7/22/08 (500) 10.25
7/23/08 13,000 11.64
7/30/08 4,000 9.95
7/30/08 15,000 10.67
8/11/08 2,600 11.00
8/12/08 (65,500) 11.76
8/26/08 43,500 11.25
8/29/08 15,000 12.36
9/2/08 41,100 13.56
9/3/08 5,000 13.39
9/3/08 25,000 13.50
9/4/08 37,100 13.33
9/8/08 12,000 14.36
9/8/08 (15,000) 14.27
9/9/08 65,000 15.14
9/12/08 150,000 12.92
9/15/08 33,900 11.98
9/17/08 40,434 11.93
9/17/08 45,720 11.95
9/19/08 50,000 14.03
9/19/08 (258,500) 12.50
9/19/08 45,000 15.00
9/19/08 25,000 13.89
10/3/08 11,000 11.32
10/7/08 25,000 10.24
10/8/08 22,000 9.61
10/8/08 3,000 9.46
10/14/08 (23,300) 8.24
10/14/08 (8,390) 8.49
10/17/08 10,000 10.00
10/17/08 10,000 6.56
10/22/08 (26,200) 5.49
<PAGE>
- ------------------------------ ---------------------
CUSIP NO. 254067101 SCHEDULE 13D PAGE 25 OF 25 PAGES
- ------------------------------ ---------------------
Clinton Multistrategy Master Fund, Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
-------------- ---------------------- ---------------
7/16/08 (11,762) $ 9.30
7/17/08 22,500 9.46
7/18/08 15,000 10.27
7/18/08 5,200 10.06
7/22/08 10,000 9.72
7/22/08 500 10.00
7/22/08 (500) 10.25
7/23/08 13,000 11.64
7/30/08 4,000 9.95
7/30/08 15,000 10.67
8/12/08 (149,500) 11.76
8/29/08 15,000 12.36
9/8/08 8,000 14.36
9/8/08 (10,000) 14.27
9/17/08 53,340 11.95
9/17/08 47,173 11.93
9/18/08 15,100 12.57
9/19/08 (37,500) 12.50
9/22/08 50,000 13.37
9/22/08 109,000 12.90
9/22/08 (9,155) 12.88
Clinton Special Opportunities Master Fund,
Ltd.
DATE OF TRADE SHARES PURCHASED (SOLD) PRICE PER SHARE
-------------- ---------------------- ---------------
9/16/08 45,000 $ 12.14
9/16/08 47,000 12.19
9/17/08 47,173 11.93
9/17/08 53,340 11.95
9/18/08 62,500 11.75
9/19/08 (74,200) 12.50
10/6/08 22,000 10.23
10/10/08 31,500 7.64
10/10/08 (10,000) 9.27
10/17/08 25,000 7.50
10/20/08 20,000 6.61
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>p08-1508exh99_4.txt
<DESCRIPTION>OCTOBER LETTER
<TEXT>
BARINGTON CAPITAL GROUP, L.P. CLINTON GROUP, INC.
888 SEVENTH AVENUE 9 WEST 57TH STREET
NEW YORK, NY 10019 NEW YORK, NY 10019
October 24, 2008
Mr. Robert C. Connor
Mr. Peter R. Johnson
Mr. Warren A. Stephens
c/o Dillard's, Inc.
1600 Cantrell Road
Little Rock, Arkansas 72201
To the Independent Class B Directors of Dillard's, Inc.:
On September 25, 2008, we sent a letter to the Board of Directors of Dillard's
recommending that a special committee of independent directors be formed to
consider the repurchase of all outstanding shares of Class B common stock by the
Company. It is our belief that such a transaction would create significant value
for the Company's shareholders while providing the Dillard family with the
opportunity to receive a substantial premium for their Class B shares.
We were recently informed that William Dillard, II told the Board that the
Dillard family has "NO INTENTION AT THIS TIME OF SELLING THE CLASS B SHARES
WHICH IT OWNS, REGARDLESS OF THE PRICE THAT MAY BE OFFERED." The Dillard family
may choose to reject such a transaction regardless of the value it might create
for themselves and the Company's shareholders. They should not base their
decision, however, on the belief that their longstanding control of the Class B
shares will continue to provide them with the ability to have all interested
family members remain on the Company's payroll regardless of their performance.
Despite the generous compensation that has been paid to Dillard family members
as the Company's top executive officers,(1) the performance of the Company over
____________________________
(1) The Company is run by Mr. Dillard along with his brothers Alex and Michael
and his sister Drue. In addition, Mr. Dillard's sister, Denise Mahaffy, and his
son, William Dillard, III, are also employed as officers of the Company. Over
the past ten years, these members of the Dillard family have received over $130
million in total compensation, including perquisites such as the use of the
Company's fleet of corporate jets. According to a May 5, 2008 report by Proxy
Governance, an independent provider of proxy advisory services that has
expressed concern over the Company's compensation practices, the average
three-year compensation paid to the Dillard family members who serve on the
Company's executive management team is as follows: William Dillard, II (Chairman
and CEO) $5,253,362, Alex Dillard (President) $4,935,223,
<PAGE>
the past ten years has been atrocious. Since Mr. Dillard was appointed CEO in
May 1998, the Company's market capitalization has plummeted from over $4.36
billion to less than $246 million as of the close of business today. During this
time period, the Company's stock has consistently underperformed its peer
companies and the market as a whole, regardless of the strength of the economy.
On Mr. Dillard's watch, Dillard's has not posted an increase in annual
comparable store sales since FISCAL 1999 and lags behind its peers on virtually
every retailing metric. As a result of the Company's disastrous financial
performance, Dillard's has recently suffered two considerable embarrassments:
first, it was designated as one of the worst performing companies in the
Standard & Poor's 500 Index over the past ten years,(2) and then just this week,
it was removed from the S&P 500 Index altogether as a result of its decreased
market capitalization.(3)
It is clear to us that the Company's management team led by Mr. Dillard and his
siblings must be replaced. In our opinion, a management team with a comparable
record of poor performance at any other company would have been fired long ago.
As significant shareholders of Dillard's, we therefore call upon you to work
with the Board's Class A directors to IMMEDIATELY begin the process of looking
for a new chief executive officer. We recommend that this new chief executive be
someone with exceptional integrity and proven leadership and turnaround
experience in the retail industry. We then suggest that the Board work with the
new CEO to ensure that the Company has the best available management team in
place. Based on the performance of the Company over the past ten years, we are
convinced that each of the other members of the Dillard family (with the
exception of William Dillard, III) is overpaid and under-qualified for the
positions they hold and can be readily replaced with more talented retailers. A
management change would also provide the Board with the opportunity to correct
Dillard's unusual and, in our opinion, extremely inefficient management and
merchandising infrastructure. It appears to us that the Company's current
arrangement was put in place to accommodate personal preferences and personality
issues within the Dillard family rather than the needs of a large regional
retailer.
As the three independent Class B directors, the future of the Company rests in
your hands. Together with the independent Class A directors, you have the power
and authority to make the changes desperately needed at Dillard's. We have
communicated this to you privately on numerous occasions. Unfortunately, it
seems as if our very
____________________________
Mike Dillard (Executive Vice President) $2,916,257 and Drue Corbusier (Executive
Vice President) $3,167,888. According to the Proxy Governance report, the
average three-year compensation paid to Mr. Dillard is 54% above the median paid
to CEOs at peer companies, while the average three-year compensation paid to the
Company's other executive officers is a staggering 185% above the median paid to
executives at peer companies.
(2) "Worst 10-year performers: Dillard's drops to bargain-basement prices" by
Elizabeth Harrow of Schaeffer's Investment Research (July 26, 2008). The
Company's corporate governance record is no better; as of last week, Dillard's
was ranked by RiskMetrics as having one of the worst governance profiles of the
500 companies in the S&P 500 Index.
(3) On October 16, 2008, Standard & Poor's announced that Dillard's, which had
ranked 500th on the S&P 500 Index based on its market capitalization, will be
replaced by OMX Group Inc. after the close of trading on October 21, 2008.
<PAGE>
serious concerns as shareholders have been ignored as you have permitted the
status quo to continue under your stewardship. It is our strong belief that any
further delay or indecision on your part would be completely unacceptable, and
we expect you to address these pressing matters at once. Continued inaction not
only threatens to further negatively impact the Company and public shareholders
like ourselves, but also employees and retirees of Dillard's who hold shares in
their personal and retirement savings accounts.
Gentlemen, now is the time to act as responsible directors. Despite your
personal and professional relationships with the Dillard family, each of you has
a fiduciary duty to the shareholders of Dillard's regardless of how you were
elected to the Board. Given the lengthy record of poor performance under the
Dillard family's leadership and the current crisis facing our economy, we
believe that you would be remiss in your duties if you did not take action
immediately. Your responsibility as directors is not to cater to the private
interests of the Dillard family, but to see that the Company is run in the best
interest of ALL of the Company's shareholders.
Sincerely,
/s/ James A. Mitarotonda /s/ George E. Hall
James A. Mitarotonda George E. Hall
Chairman and Chief Executive Officer Chairman and Chief Executive Officer
Barington Capital Group, L.P. Clinton Group, Inc.
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