Sec Form 13D Filing - Coliseum Capital Management LLC filing for Gildan Activewear Inc. (GIL) - 2024-08-21

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

 

 

Gildan Activewear Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

375916103

(CUSIP Number)

Christopher Shackelton/Adam Gray

105 Rowayton Avenue

Rowayton, CT 06853

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 19, 2024

(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 §240.13d-1(e), §240.13d-1(f) or §240.13d-1(g), check the following box. ☐

 

*

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).

 

 

 


CUSIP No. 375916103    Page 2 of 9

 

 1.    

 Names of reporting persons.

 

 Coliseum Capital Management, LLC

 2.  

 Check the appropriate box if a member of a group (see instructions)

 (a) ☐  (b) ☒

 

 3.  

 SEC use only

 

 4.  

 Source of funds (see instructions)

 

 AF

 5.  

 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

 ☐

 6.  

 Citizenship or place of organization

 

 Delaware

Number of

shares  beneficially 

owned by

each

reporting

person

with

 

    7.     

 Sole voting power

 

 0

    8.   

 Shared voting power

 

 7,852,118

    9.   

 Sole dispositive power

 

 0

   10.   

 Shared dispositive power

 

 7,852,118

11.    

 Aggregate amount beneficially owned by each reporting person

 

 7,852,118

12.  

 Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

 ☐

13.  

 Percent of class represented by amount in Row (11)

 

 4.8%

14.  

 Type of reporting person (see instructions)

 

 IA


CUSIP No. 375916103    Page 3 of 9

 

 1.    

 Names of reporting persons.

 

 Coliseum Capital, LLC

 2.  

 Check the appropriate box if a member of a group (see instructions)

 (a) ☐  (b) ☒

 

 3.  

 SEC use only

 

 4.  

 Source of funds (see instructions)

 

 AF

 5.  

 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

 ☐

 6.  

 Citizenship or place of organization

 

 Delaware

Number of

shares  beneficially 

owned by

each

reporting

person

with

 

    7.     

 Sole voting power

 

 0

    8.   

 Shared voting power

 

 6,493,956

    9.   

 Sole dispositive power

 

 0

   10.   

 Shared dispositive power

 

 6,493,956

11.    

 Aggregate amount beneficially owned by each reporting person

 

 6,493,956

12.  

 Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

 ☐

13.  

 Percent of class represented by amount in Row (11)

 

 4.0%

14.  

 Type of reporting person (see instructions)

 

 OO

 


CUSIP No. 375916103    Page 4 of 9

 

 1.    

 Names of reporting persons.

 

 Coliseum Capital Partners, L.P.

 2.  

 Check the appropriate box if a member of a group (see instructions)

 (a) ☐  (b) ☒

 

 3.  

 SEC use only

 

 4.  

 Source of funds (see instructions)

 

 WC

 5.  

 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

 ☐

 6.  

 Citizenship or place of organization

 

 Delaware

Number of

shares  beneficially 

owned by

each

reporting

person

with

 

    7.     

 Sole voting power

 

 0

    8.   

 Shared voting power

 

 5,448,593

    9.   

 Sole dispositive power

 

 0

   10.   

 Shared dispositive power

 

 5,448,593

11.    

 Aggregate amount beneficially owned by each reporting person

 

 5,448,593

12.  

 Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

 ☐

13.  

 Percent of class represented by amount in Row (11)

 

 3.4%

14.  

 Type of reporting person (see instructions)

 

 PN

 


CUSIP No. 375916103    Page 5 of 9

 

 1.    

 Names of reporting persons.

 

 Coliseum Capital Co-Invest III, L.P.

 2.  

 Check the appropriate box if a member of a group (see instructions)

 (a) ☐  (b) ☒

 

 3.  

 SEC use only

 

 4.  

 Source of funds (see instructions)

 

 WC

 5.  

 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

 

 ☐

 6.  

 Citizenship or place of organization

 

 Delaware

Number of

shares  beneficially 

owned by

each

reporting

person

with

 

    7.     

 Sole voting power

 

 0

    8.   

 Shared voting power

 

 1,045,363

    9.   

 Sole dispositive power

 

 0

   10.   

 Shared dispositive power

 

 1,045,363

11.    

 Aggregate amount beneficially owned by each reporting person

 

 1,045,363

12.  

 Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

 ☐

13.  

 Percent of class represented by amount in Row (11)

 

 0.6%

14.  

 Type of reporting person (see instructions)

 

 PN

 


CUSIP No. 375916103    Page 6 of 9

 

 1.    

 Names of reporting persons.

 

 Adam Gray

 2.  

 Check the appropriate box if a member of a group (see instructions)

 (a) ☐  (b) ☒

 

 3.  

 SEC use only

 

 4.  

 Source of funds (see instructions)

 

 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

Number of

shares  beneficially 

owned by

each

reporting

person

with

 

    7.     

 Sole voting power

 

 0

    8.   

 Shared voting power

 

 7,852,118

    9.   

 Sole dispositive power

 

 0

   10.   

 Shared dispositive power

 

 7,852,118

11.    

 Aggregate amount beneficially owned by each reporting person

 

 7,852,118

12.  

 Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

 ☐

13.  

 Percent of class represented by amount in Row (11)

 

 4.8%

14.  

 Type of reporting person (see instructions)

 

 IN

 


CUSIP No. 375916103    Page 7 of 9

 

 1.    

 Names of reporting persons.

 

 Christopher Shackelton

 2.  

 Check the appropriate box if a member of a group (see instructions)

 (a) ☐  (b) ☒

 

 3.  

 SEC use only

 

 4.  

 Source of funds (see instructions)

 

 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.  

Number of

shares  beneficially 

owned by

each

reporting

person

with

 

     

 Sole voting power

 

 0

    8.   

 Shared voting power

 

 7,852,118

    9.   

 Sole dispositive power

 

 0

   10.   

 Shared dispositive power

 

 7,852,118

11.    

 Aggregate amount beneficially owned by each reporting person

 

 7,852,118

12.  

 Check if the aggregate amount in Row (11) excludes certain shares (see instructions)

 

 ☐

13.  

 Percent of class represented by amount in Row (11)

 

 4.8%

14.  

 Type of reporting person (see instructions)

 

 IN

 


CUSIP No. 375916103    Page 8 of 9

 

EXPLANATORY NOTE

This Amendment No. 3 (this “Amendment No. 3”) amends and supplements the statement on Schedule 13D filed by the Reporting Persons (as defined below) with the U.S. Securities and Exchange Commission (the “SEC”) on December 27, 2023 (the “Original Schedule 13D”), as amended and supplemented by Amendment No. 1 to the Original Schedule 13D filed on April 23, 2024 (the “Amendment No. 1”) and Amendment No. 2 to the Original Schedule 13D filed on June 4, 2024 (the “Amendment No. 2”), relating to the common shares (the “Common Shares”) of Gildan Activewear Inc. (the “Issuer”). As used in this Amendment No. 3, the term “Reporting Persons” collectively refers to:

 

   

Coliseum Capital Management, LLC, a Delaware limited liability company (“CCM”);

 

   

Coliseum Capital, LLC, a Delaware limited liability company (“CC”);

 

   

Coliseum Capital Partners, L.P., a Delaware limited partnership (“CCP”);

 

   

Coliseum Capital Co-Invest III, L.P., a Delaware limited partnership (“CCC III”);

 

   

Adam Gray (“Mr. Gray”); and

 

   

Christopher Shackelton (“Mr. Shackelton”).

As a result of the transactions described herein, on August 20, 2024, each of the Reporting Persons ceased to be the beneficial owner of more than 5% of the Issuer’s Common Shares. The filing of this Amendment No. 3 represents the final amendment to this Schedule 13D and constitutes an exit filing for the Reporting Persons.

Item 5. Interest in Securities of the Issuer.

Item 5(a)-(c) of the of the Original Schedule 13D, as amended and supplemented by Amendment No. 1 and Amendment No. 2, is hereby amended and supplemented as follows:

(a) – (b) The information relating to the beneficial ownership of the Common Shares by each of the Reporting Persons set forth in Rows 7 through 13 of the cover pages hereto is incorporated by reference herein. The percentages set forth in Row 13 for all cover pages filed herewith are calculated based upon 162,610,386 Common Shares outstanding as of July 26, 2024, as reported in the Issuer’s Current Report on Form 6-K filed with the SEC on August 1, 2024.

(c) The Reporting Persons and a separate account investment advisory client of CCM (the “Separate Account”) effected the following transactions in the Common Shares on the dates indicated, and such transactions are the only transactions in the Common Shares by the Reporting Persons in the sixty days preceding the filing of this Amendment No. 3, or since the most recent filing of Schedule 13D by the Reporting Persons, whichever is less. The Reporting Persons undertake to provide to the staff of SEC, upon request, full information regarding the number of Common Shares purchased at each separate price within each range of prices set forth in the table below.

 

Name   

Purchase or Sale

    

Date

     Number
of
Shares
       Weighted
Average
Price Per
Share
       Range of Prices  

CCP

   Sale      August 20, 2024        239,364        $ 58.13        $ 58.38-$57.90  

Separate Account

   Sale      August 20, 2024        60,636        $ 58.13        $ 58.38-$57.90  

CCP

   Sale      August 19, 2024        16,914        $ 58.06        $ 58.13-$58.00  

Separate Account

   Sale      August 19, 2024        4,286        $ 58.06        $ 58.13-$58.00  

CCP

   Sale      August 13, 2024        19,318        $ 57.35        $ 57.67-$57.25  

Separate Account

   Sale      August 13, 2024        4,862        $ 57.35        $ 57.67-$57.25  

CCP

   Sale      August 12, 2024        7,173        $ 57.59        $ 57.72-$57.05  


CUSIP No. 375916103    Page 9 of 9

 

Separate Account

  

Sale

     August 12, 2024        1,827        $ 57.59        $ 57.72-$57.05  

CCP

  

Sale

     August 8, 2024        27,930        $ 57.04        $ 57.04-$57.04  

Separate Account

  

Sale

     August 8, 2024        7,070        $ 57.04        $ 57.04-$57.04  

CCP

  

Sale

     August 8, 2024        259,355        $ 56.54        $ 56.92-$56.00  

Separate Account

  

Sale

     August 8, 2024        65,645        $ 56.54        $ 56.92-$56.00  

CCP

  

Sale

     August 7, 2024        95,697        $ 55.79        $ 56.06-$55.57  

Separate Account

  

Sale

     August 7, 2024        24,303        $ 55.79        $ 56.06-$55.57  

CCP

< /td>
  

Sale

     August 6, 2024        60,533        $ 55.98        $ 56.08-$55.72  

Separate Account

  

Sale

     August 6, 2024        15,367        $ 55.98        $ 56.08-$55.72  

CCP

  

Sale

     August 1, 2024        160        $ 57.40        $ 57.40-$57.40  

Separate Account

  

Sale

     August 1, 2024        40        $ 57.40        $ 57.40-$57.40  

CCP

  

Sale

     July 31, 2024        23,457        $ 56.52        $ 56.87-$56.30  

Separate Account

  

Sale

     July 31, 2024        5,943        $ 56.52        $ 56.87-$56.30  

CCP

  

Sale

     July 30, 2024        31,917        $ 55.64        $ 56.00-$55.50  

Separate Account

  

Sale

     July 30, 2024        8,083        $ 55.64        $ 56.00-$55.50  

CCP

  

Sale

     July 29, 2024        18,912        $ 55.31        $ 55.50-$55.25  

Separate Account

  

Sale

     July 29, 2024        4,788        $ 55.31        $ 55.50-$55.25  

CCP

  

Sale

     July 26, 2024        99,799        $ 55.31        $ 55.59-$55.06  

Separate Account

  

Sale

     July 26, 2024        25,201        $ 55.31        $ 55.59-$55.06  

CCP

  

Sale

     July 25, 2024        73,852        $ 54.19        $ 54.37-$54.05  

Separate Account

  

Sale

     July 25, 2024        18,648        $ 54.19        $ 54.37-$54.05  

CCP

  

Sale

     July 24, 2024        16,435        $ 54.56        $ 54.61-$54.25  

Separate Account

  

Sale

     July 24, 2024        4,165        $ 54.56        $ 54.61-$54.25  

CCP

  

Sale

     July 23, 2024        35,931        $ 54.36        $ 54.62-$54.22  

Separate Account

  

Sale

     July 23, 2024        9,069        $ 54.36        $ 54.62-$54.22  

CCP

  

Sale

     July 22, 2024        119,813        $ 54.18        $ 54.42-$54.10  

Separate Account

  

Sale

     July 22, 2024        30,187        $ 54.18        $ 54.42-$54.10  

CCP

  

Sale

     July 19, 2024        30,578        $ 54.16        $ 54.40-$54.10  

Separate Account

  

Sale

     July 19, 2024        7,722        $ 54.16        $ 54.40-$54.10  

CCP

  

Sale

     July 18, 2024        43,922        $ 54.21        $ 54.61-$53.86  

Separate Account

  

Sale

     July 18, 2024        11,078        $ 54.21        $ 54.61-$53.86  

CCP

  

Sale

     July 17, 2024        82,022        $ 54.10        $ 54.31-$53.95  

Separate Account

  

Sale

     July 17, 2024        20,678        $ 54.10        $ 54.31-$53.95  

CCP

  

Sale

     July 16, 2024        51,626        $ 54.28        $ 54.57-$54.12  

Separate Account

  

Sale

     July 16, 2024        12,974        $ 54.28        $ 54.57-$54.12  

CCP

  

Sale

     July 15, 2024        53,158        $ 54.11        $ 54.37-$53.77  

Separate Account

  

Sale

     July 15, 2024        13,342        $ 54.11        $ 54.37-$53.77  

CCP

  

Sale

     July 12, 2024        48,421        $ 54.39        $ 54.51-$54.20  

Separate Account

  

Sale

     July 12, 2024        12,179        $ 54.39        $ 54.51-$54.20  

CCP

  

Sale

     July 11, 2024        95,973        $ 53.51        $ 53.64-$53.29  

Separate Account

  

Sale

     July 11, 2024        24,027        $ 53.51        $ 53.64-$53.29  

CCP

  

Sale

     July 10, 2024        83,818        $ 53.07        $ 53.25-$52.80  

Separate Account

  

Sale

     July 10, 2024        21,182        $ 53.07        $ 53.25-$52.80  

CCP

  

Sale

     July 9, 2024        47,894        $ 53.11        $ 53.34-$52.85  

Separate Account

  

Sale

     July 9, 2024        12,106        $ 53.11        $ 53.34-$52.85  

CCP

  

Sale

     July 8, 2024        95,792        $ 52.83        $ 53.04-$52.72  

Separate Account

  

Sale

     July 8, 2024        24,208        $ 52.83        $ 53.04-$52.72  

CCP

  

Sale

     July 5, 2024        18,999        $ 52.66        $ 53.01-$52.40  

Separate Account

  

Sale

     July 5, 2024        4,801        $ 52.66        $ 53.01-$52.40  

CCP

  

Sale

     July 3, 2024        42,863        $ 52.56        $ 52.67-$52.51  

Separate Account

  

Sale

     July 3, 2024        10,837        $ 52.56        $ 52.67-$52.51  

(e) As a result of the transactions described herein, on August 20, 2024, the Reporting Persons ceased to be the beneficial owners of more than five percent of the Issuer’s Common Shares.


SIGNATURES

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.

Dated: August 21, 2024

 

COLISEUM CAPITAL MANAGEMENT, LLC     COLISEUM CAPITAL, LLC
By:   /s/ Adam Cina     By:   /s/ Adam Cina
 

Adam Cina, Attorney-in-fact

     

Adam Cina, Attorney-in-fact

COLISEUM CAPITAL PARTNERS, L.P.     COLISEUM CAPITAL CO-INVEST III, L.P.

By:

 

Coliseum Capital, LLC, General Partner

   

By:

 

Coliseum Capital, LLC, General Partner

By:   /s/ Adam Cina     By:   /s/ Adam Cina
 

Adam Cina, Attorney-in-fact

     

Adam Cina, Attorney-in-fact

CHRISTOPHER SHACKELTON     ADAM GRAY
By:   /s/ Adam Cina     By:   /s/ Adam Cina
 

Adam Cina, Attorney-in-fact

     

Adam Cina, Attorney-in-fact