UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
TWEEN BRANDS, INC.
------------------
(Name of Issuer)
Common Stock, $.01 par value per share
--------------------------------------
(Title of Class of Securities)
901166108
--------------
(CUSIP Number)
April 27, 2007
--------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
* 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 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).
Continued on following pages
Page 1 of 15 Pages
SCHEDULE 13G
CUSIP No.: 901166108 Page 2 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL PARTNERS, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 1,102,741
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 1,102,741
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,102,741
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
3.59% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 901166108 Page 3 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL PARTNERS II, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 25,508
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 25,508
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
25,508
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
0.08% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 901166108 Page 4 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB OVERSEAS MASTER FUND, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Cayman Islands
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 471,751
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 471,751
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
471,751
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
1.54% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 901166108 Page 5 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL ADVISORS, L.L.C.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 1,600,000
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 1,600,000
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,600,000
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.22% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 901166108 Page 6 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL MANAGEMENT, L.P.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 1,600,000
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 1,600,000
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,600,000
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.22% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
PN
SCHEDULE 13G
CUSIP No.: 901166108 Page 7 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SAB CAPITAL MANAGEMENT, L.L.C.
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
Delaware
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 1,600,000
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 1,600,000
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,600,000
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.22% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 901166108 Page 8 of 15 Pages
.................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
SCOTT A. BOMMER
.................................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [X]
(b) [ ]
.................................................................................
3. SEC Use Only
.................................................................................
4. Citizenship or Place of Organization
United States of America
.................................................................................
Number of 5. Sole Voting Power - 0 -
Shares
Beneficially ................................................................
Owned by Each
Reporting 6. Shared Voting Power 1,600,000
Person With ................................................................
7. Sole Dispositive Power - 0 -
................................................................
8. Shared Dispositive Power 1,600,000
.................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,600,000
.................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
Instructions)
|_|
.................................................................................
11. Percent of Class Represented by Amount in Row (9)
5.22% based on 30,678,032 shares outstanding as of April 6, 2007.
.................................................................................
12. Type of Reporting Person:
IN
Page 9 of 15 Pages
Item 1(a). Name of Issuer:
Tween Brands, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
8323 Walton Parkway, New Albany, Ohio 43054.
Item 2(a). Name of Person Filing:
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) SAB Capital Partners, L.P. ("SAB");
ii) SAB Capital Partners II, L.P. ("SAB II", and together
with SAB, the "Domestic Partnerships");
iii) SAB Overseas Master Fund, L.P. (the "Master Fund");
iv) SAB Capital Advisors, L.L.C. (the "General Partner");
v) SAB Capital Management, L.P. (the "Investment Manager");
vi) SAB Capital Management, L.L.C. (the "IMGP"); and
vii) Scott A. Bommer ("Mr. Bommer").
This Statement relates to Shares (as defined herein) held
for the accounts of each of SAB, SAB II, and the Master Fund. The General
Partner serves as the general partner of each of the Domestic Partnerships and
the Master Fund. The Investment Manager serves as the investment manager of
each of the Domestic Partnerships and the Master Fund. The IMGP serves as the
general partner of the Investment Manager. Mr. Bommer serves as the managing
member of each of the General Partner and IMGP.
Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making inquiry
to the appropriate party.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of each of the
Reporting Persons is 712 Fifth Avenue, 42nd Floor, New York, N.Y. 10019.
Item 2(c). Citizenship:
i) SAB is a Delaware limited partnership;
ii) SAB II is a Delaware limited partnership;
Page 10 of 15 Pages
iii) The Master Fund is a Cayman Islands exempted limited
partnership;
iv) The General Partner is a Delaware limited liability
company;
v) The Investment Manager is a Delaware limited partnership;
vi) The IMGP is a Delaware limited liability company; and
v) Mr. Bommer is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, $.01 par value per share (the "Shares")
Item 2(e). CUSIP Number:
901166108
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned
As of May 4, 2007:
(a) SAB may be deemed to be the beneficial owner of
1,102,741 Shares held for its account;
(b) SAB II may be deemed to be the beneficial owner of
25,508 Shares held for its account;
(c) The Master Fund may be deemed to be the beneficial owner
of 471,751 Shares held for its account; and
(d) Each of the General Partner, the Investment Manager, the
IMGP and Mr. Bommer may be deemed to be the beneficial owner of 1,600,000
Shares held for the accounts of each of SAB, SAB II, and the Master Fund. This
amount includes: A) 1,102,741 Shares held for the account of SAB; B) 25,508
Shares held for the account of SAB II; and C) 471,751 Shares held for the
account of the Master Fund.
Item 4(b) Percent of Class:
(a) As of May 4, 2007, the number of Shares SAB may be
deemed to be the beneficial owner of constitutes approximately 3.59% of the
total number of Shares outstanding (based upon information provided by the
Issuer in its most recently filed proxy statement there were approximately
30,678,032 shares outstanding as of April 6, 2007).
Page 11 of 15 Pages
(b) As of May 4, 2007, the number of Shares SAB II may be
deemed to be the beneficial owner of constitutes approximately 0.08% of the
total number of Shares outstanding (based upon information provided by the
Issuer in its most recently filed proxy statement there were approximately
30,678,032 shares outstanding as of April 6, 2007).
(c) As of May 4, 2007, the number of Shares the Master Fund
may be deemed to be the beneficial owner of constitutes approximately 1.54% of
the total number of Shares outstanding (based upon information provided by the
Issuer in its most recently filed proxy statement there were approximately
30,678,032 shares outstanding as of April 6, 2007).
(d) As of May 4, 2007, the number of Shares the General
Partner, the Investment Manager, the IMGP and Mr. Bommer may be deemed to be
the beneficial owner of constitutes approximately 5.22% of the total number of
Shares outstanding (based upon information provided by the Issuer in its most
recently filed proxy statement there were approximately 30,678,032 shares
outstanding as of April 6, 2007).
Item 4(c) Number of Shares of which such person has:
SAB:
----
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 1,102,741
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 1,102,741
SAB II:
-------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 25,508
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 25,508
The Master Fund:
----------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 471,751
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 471,751
The General Partner, the Investment Manager, the IMGP and Mr. Bommer:
--------------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 1,600,000
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 1,600,000
Page 12 of 15 Pages
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person: This Item 6 is not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company:
This Item 7 is not applicable
Item 8. Identification and Classification of Members of the Group:
See disclosure in Item 2 hereof.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies
that, to the best of their knowledge and belief, the securities referred to
above were not acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
Page 13 of 15 Pages
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.
Date: May 7, 2007 /s/ Michael Casey
---------------------------------------
Michael Casey, attorney-in-fact for
Scott A. Bommer, individually and (a)
as managing member of SAB Capital
Advisors, L.L.C., for itself and as
the general partner of (i) SAB Capital
Partners, L.P.; and (ii) SAB Capital
Partners II, L.P.; and (iii) SAB
Overseas Master Fund, L.P.; and (b) as
managing member of SAB Capital
Management, L.L.C., for itself and as
the general partner of SAB Capital
Management, L.P.
Page 14 of 15 Pages
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason
to believe that such information is inaccurate.
DATED: May 7, 2007
/s/ Michael Casey
-------------------------------------------------------------
Michael Casey, attorney-in-fact for Scott A. Bommer,
individually and (a) as managing member of SAB Capital
Advisors, L.L.C., for itself and as the general partner of
(i) SAB Capital Partners, L.P.; and (ii) SAB Capital
Partners II, L.P.; and (iii) SAB Overseas Master Fund, L.P.;
and (b) as managing member of SAB Capital Management,
L.L.C., for itself and as the general partner of SAB Capital
Management, L.P.
Page 15 of 15 Pages
EXHIBIT 2
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT, that I, Scott A. Bommer, hereby make,
constitute and appoint each of Michael Casey, Brian Jackelow and Alessandro De
Giorgis, acting individually, as my agent and attorney-in-fact for the purpose
of executing in my name, (a) in my personal capacity or (b) in my capacity as
managing member of or in other capacities with SAB Capital Advisors, L.L.C., a
Delaware limited liability company, and each of its affiliates or entities
advised or controlled by me or SAB Capital Advisors, L.L.C., all documents,
certificates, instruments, statements, filings and agreements ("documents") to
be filed with or delivered to any foreign or domestic governmental or
regulatory body or required or requested by any other person or entity
pursuant to any legal or regulatory requirement relating to the acquisition,
ownership, management or disposition of securities, futures contracts or other
investments, and any other documents relating or ancillary thereto, including,
without limitation, all documents relating to filings with the United States
Securities and Exchange Commission (the "SEC") pursuant to the Securities Act
of 1933, as amended, or the Securities Exchange Act of 1934, as amended (the
"Act"), and the rules and regulations promulgated thereunder, including,
without limitation: (1) all documents relating to the beneficial ownership of
securities required to be filed with the SEC pursuant to Section 13(d) or
Section 16(a) of the Act, including, without limitation: (a) any acquisition
statements on Schedule 13D or Schedule 13G and any amendments thereto, (b) any
joint filing agreements pursuant to Rule 13d-1(k), and (c) any initial
statements of, or statements of changes in, beneficial ownership of securities
on Form 3, Form 4 or Form 5 and (2) any information statements on Form 13F
required to be filed with the SEC pursuant to Section 13(f) of the Act.
All past acts of these attorneys-in-fact in furtherance of the foregoing
are hereby ratified and confirmed.
This Power of Attorney shall remain in effect until revoked, in writing,
by the undersigned.
IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney,
this 9th day of August 2006.
/s/ Scott A. Bommer
--------------------------
Scott A. Bommer