<SEC-DOCUMENT>0001062993-22-019265.txt : 20220907
<SEC-HEADER>0001062993-22-019265.hdr.sgml : 20220907
<ACCEPTANCE-DATETIME>20220907071009
ACCESSION NUMBER:		0001062993-22-019265
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220907
DATE AS OF CHANGE:		20220907
GROUP MEMBERS:		J. CARLO CANNELL

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUILD-A-BEAR WORKSHOP INC
		CENTRAL INDEX KEY:			0001113809
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-HOBBY, TOY & GAME SHOPS [5945]
		IRS NUMBER:				431883836
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0129

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-80499
		FILM NUMBER:		221229913

	BUSINESS ADDRESS:	
		STREET 1:		1954 INNERBELT BUSINESS CENTRE DRIVE
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63114
		BUSINESS PHONE:		314-423-8000

	MAIL ADDRESS:	
		STREET 1:		1954 INNERBELT BUSINESS CENTRE DRIVE
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BUILD A BEAR WORKSHOP INC
		DATE OF NAME CHANGE:	20000508

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CANNELL CAPITAL LLC
		CENTRAL INDEX KEY:			0001058854
		IRS NUMBER:				943366999
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		245 MERIWETHER CIRCLE
		CITY:			ALTA
		STATE:			WY
		ZIP:			83414
		BUSINESS PHONE:		4158358300

	MAIL ADDRESS:	
		STREET 1:		245 MERIWETHER CIRCLE
		CITY:			ALTA
		STATE:			WY
		ZIP:			83414

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANNELL J CARLO DBA CANNELL CAPITAL MGMT
		DATE OF NAME CHANGE:	19980330
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>formsc13da.htm
<DESCRIPTION>FORM SC 13D/A
<TEXT>
<html>

<head>
    <title>Cannell Capital LLC: Form SC 13D/A - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>UNITED STATES</b></font><br><font style="font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br><b>Washington, D.C. 20549</b></p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>SCHEDULE 13D</b></font><br><b> </b></p>
    <p style="text-align: center;">Under the Securities Exchange Act of 1934&#160; <br>(Amendment No. 2)</p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 18pt;"><u><b>Build-A-Bear Workshop, Inc.</b></u></font></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(Name of Issuer)</p>
    <p style="text-align: center;"><u><b>Common Stock, par value $0.01 per share</b></u><br>(Title of Class of Securities)</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><u><b>120076104</b></u></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(CUSIP Number)</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>J. Carlo Cannell</b><br><b>Cannell Capital LLC</b><br><b>245 Meriwether Circle</b><br><b>Alta, WY 83414</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b><u>(307) 733-2284</u></b><br>(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b><u>September 7, 2022</u></b></p>
    <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">(Date of Event which Requires Filing of this Statement)</p>
    <p style="text-align: justify;">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&#160; [&#160; ].</p>
    <p style="text-align: justify;">Note:&#160; Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.&#160; See 240.13d-7(b) for other parties to whom copies are to be sent.</p>
    <p style="text-align: justify;">*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.</p>
    <p style="text-align: justify;">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).</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center;"><font style="font-size: 14pt;"><b>SCHEDULE 13D</b></font></p>
    <table style="border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt; width: 40%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 35%; padding: 2pt 4pt; vertical-align: top; text-align: justify;"><b>CUSIP No.</b></td>
            <td style="width: 64%; padding: 2pt 4pt; vertical-align: middle; text-align: center;"><b>120076104</b></td>
        </tr>
    </table>
    <br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>1</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;" colspan="3">NAMES OF REPORTING PERSONS<br>I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; text-align: justify; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" colspan="3">Cannell Capital LLC<br>I.R.S. Identification Nos. of above persons (entities only)<br>94-3366999<br><br></td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>2</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 19pt; text-align: justify;" colspan="3">(a)&#160; [&#160; ]<br>(b)&#160; [&#160; ]</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>3</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">SEC USE ONLY<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt;" colspan="3">&#160;</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>4</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">SOURCE OF FUNDS (See Instructions)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">WC/OO</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>5</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; [&#160; ]</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>6</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CITIZENSHIP OR PLACE OF ORGANIZATION<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">USA</td>
        </tr>
        <tr>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="2" rowspan="8">NUMBER OF<br><br>SHARES<br><br>BENEFICIALLY<br><br>OWNED BY<br><br>EACH<br><br>REPORTING<br><br>PERSON<br><br>WITH</td>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>7</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SOLE VOTING POWER*<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">1,667,034</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>8</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SHARED VOTING POWER<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">0</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>9</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SOLE DISPOSITIVE POWER*<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">1,667,034</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>10</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SHARED DISPOSITIVE POWER<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">0</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>11</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">1,667,034</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>12</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 96%; vertical-align: top; border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 4pt; padding-left: 4pt; text-align: right;" colspan="3">[&#160; ]</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>13</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">10.70%</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-image: none 100% / 1 / 0 stretch; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>14</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">TYPE OF REPORTING PERSON (See Instructions)</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">&#160;</td>
        </tr>
        <tr>
            <td style="width: 6%; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><font style="font-size: 14pt;">&#160;</font></td>
            <td style="width: 7%; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">IA</td>
            <td style="width: 6%; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 84%; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <div id="header_page_3">
        <p style="text-align: right;">Page 2</p>
    </div>
    <p style="text-align: justify;">*Based on information set forth on the Form 10-Q of Build-A-Bear Workshop, Inc. (the "Company", "Registrant", or "BBW") as filed with the Securities and Exchange Commission on June 10, 2022, there were 15,586,751 shares of Common Stock with par value $0.01 (the "Shares"), of the Company issued and outstanding as of June 7, 2022.</p>
    <p style="text-align: justify;">As of September 7, 2022 (the "Reporting Date"), Tristan Partners, L.P. ("Tristan"), the Tristan Offshore Fund Ltd. ("Tristan Offshore"), Tonga Partners, L.P. ("Tonga") and sundry Separately Managed Accounts ("SMAs") and collectively with Tristan and Tristan Offshore and Tonga (the "Investment Vehicles"), held in the aggregate 1,667,034 Shares.<br><br>Cannell Capital LLC acts as the investment adviser to Tonga, Tristan, Tristan Offshore and the SMAs. Mr. J. Carlo Cannell is the sole managing member of Cannell Capital LLC. The Reporting Person possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles.</p>
    <table style="border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt; width: 40%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 35%; padding: 2pt 4pt; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>CUSIP No.</b></p>
            </td>
            <td style="width: 64%; padding: 2pt 4pt; vertical-align: middle;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>120076104</b></p>
            </td>
        </tr>
    </table>
    <br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>1</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000;" colspan="3">NAMES OF REPORTING PERSONS<br>I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; text-align: justify; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" colspan="3">J. Carlo Cannell<br><br></td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>2</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 19pt; text-align: justify;" colspan="3">(a)&#160; [&#160; ]<br>(b)&#160; [&#160; ]</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>3</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">SEC USE ONLY<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt;" colspan="3">&#160;</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>4</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">SOURCE OF FUNDS (See Instructions)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">WC/OO</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>5</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; [&#160; ]</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>6</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CITIZENSHIP OR PLACE OF ORGANIZATION<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">USA</td>
        </tr>
        <tr>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: center; white-space: nowrap;" colspan="2" rowspan="8">NUMBER OF<br><br>SHARES<br><br>BENEFICIALLY<br><br>OWNED BY<br><br>EACH<br><br>REPORTING<br><br>PERSON<br><br>WITH</td>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>7</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SOLE VOTING POWER*<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">1,667,034</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>8</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SHARED VOTING POWER<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">0</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>9</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SOLE DISPOSITIVE POWER*<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">1,667,034</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>10</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">SHARED DISPOSITIVE POWER<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 82%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;">0</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>11</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">1,667,034</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>12</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid rgb(0, 0, 0); width: 96%; vertical-align: top; border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 4pt; padding-left: 4pt; text-align: right;" colspan="3">[&#160; ]</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border: 0.75pt solid #000000; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>13</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br><br></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">10.70%</td>
        </tr>
        <tr>
            <td style="width: 3%; padding-right: 4pt; padding-left: 4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-image: none 100% / 1 / 0 stretch; text-align: justify;" rowspan="2"><font style="font-size: 14pt;"><b>14</b></font></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;" colspan="3">TYPE OF REPORTING PERSON (See Instructions)</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 96%; vertical-align: top; border-right: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: justify;" colspan="3">&#160;</td>
        </tr>
        <tr>
            <td style="width: 6%; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><font style="font-size: 14pt;">&#160;</font></td>
            <td style="width: 7%; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">IN</td>
            <td style="width: 6%; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 84%; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <div id="header_page_4">
        <p style="text-align: right;">Page 3</p>
    </div>
    <br>
    <p style="text-align: justify;">*Based on information set forth on the Form 10-Q of Build-A-Bear Workshop, Inc. (the "Company", "Registrant", or "BBW") as filed with the Securities and Exchange Commission on June 10, 2022, there were 15,586,751 shares of Common Stock with par value $0.01 (the "Shares"), of the Company issued and outstanding as of June 7, 2022.</p>
    <p style="text-align: justify;">As of September 7, 2022 (the "Reporting Date"), Tristan Partners, L.P. ("Tristan"), the Tristan Offshore Fund Ltd. ("Tristan Offshore"), Tonga Partners, L.P. ("Tonga") and sundry Separately Managed Accounts ("SMAs") and collectively with Tristan and Tristan Offshore and Tonga (the "Investment Vehicles"), held in the aggregate 1,667,034 Shares.<br><br>Cannell Capital LLC acts as the investment adviser to Tonga, Tristan, Tristan Offshore and the SMAs. Mr. J. Carlo Cannell is the sole managing member of Cannell Capital LLC. The Reporting Person possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <p style="text-align: right;">Page 4</p>
    </div>
    <p style="text-align: justify;"><b>Item 1.</b><font style="width: 9.01pt; display: inline-block;">&#160;</font><b>Security and Issuer</b></p>
    <p style="text-align: justify;">The title of the class of equity securities to which this Schedule 13D relates is the Common Stock par value $0.01 per share of Build-A-Bear Workshop, Inc., a Delaware corporation.</p>
    <p style="text-align: justify;">The address of the principal executive offices of the Company is 415 South 18th Street, Saint Louis, MO 63103.</p>
    <p style="text-align: justify;"><b>Item 2.</b><font style="width: 9.01pt; display: inline-block;">&#160;</font><b>Identity and Background</b></p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">a)<font style="width: 10.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The name of the Reporting Person is J. Carlo Cannell (the "Reporting Person").</p>
    <p style="margin-left: 36pt; text-align: justify;">The Reporting Person is the sole managing member of Cannell Capital LLC, an investment adviser to the following entities:</p>
    <p style="margin-left: 36pt; text-align: justify;">Tristan Partners, L.P.<br>Tristan Offshore Fund, Ltd.<br>Tonga Partners, L.P.<br>Separately Managed Accounts</p>
    <p style="margin-left: 36pt; text-align: justify;">Set forth in the attached Annex "A" and incorporated herein by reference is a listing of the directors, general partners, managing members and controlling persons of the Reporting Person and the Investment Vehicles (collectively, the "Covered Persons"), and sets forth the principal occupation, citizenship and principal place of business of each Covered Person.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">b)<font style="width: 10.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The principal business address of the Reporting Person is:</p>
    <p style="margin-left: 36pt; text-align: justify;">245 Meriwether Circle<br>Alta, WY 83414</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">c)<font style="width: 8.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The principal business of the Reporting Person is the performance of investment management and advisory services. The principal business of the Investment Vehicles is investment in securities.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">d)<font style="width: 10.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Neither the Reporting Person, nor to the best of its knowledge, any of the Investment Vehicles, has, in the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">e)<font style="width: 8.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Neither the Reporting Person, nor to the best of its knowledge, any of the Investment Vehicles, has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgement, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">f)<font style="width: 10.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The place of organization of the Reporting Person is as follows:</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <p style="text-align: right;">Page 5</p>
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    <p style="margin-left: 36pt; text-align: justify;">The citizenship of each Covered Person is set forth on the attached Annex A and incorporated herein by reference.</p>
    <p style="margin-left: 36pt; text-align: justify;">Mr. J. Carlo Cannell is the Managing Member of Cannell Capital LLC, a Wyoming limited liability company.</p>
    <p style="text-align: justify;"><b>Item 3.</b><font style="width: 9.01pt; display: inline-block;">&#160;</font><b>Source and Amount of Funds or Other Considerations</b></p>
    <p style="text-align: justify;">The securities to which this statement relates were acquired by the Reporting Person using the working capital of each Investment Vehicle as follows:<br>Tristan Partners, L.P.: $4,901,989<br>Tristan Offshore Fund, Ltd.: $2,157,114<br>Tonga Partners, L.P.: $1,997,475<br>Separately Managed Accounts: $2,616,518</p>
    <p style="text-align: justify;">The Investment Vehicles have invested an aggregate amount of approximately $11,673,096 in the Shares.</p>
    <p style="text-align: justify;"><b>Item 4.</b><font style="width: 9.01pt; display: inline-block;">&#160;</font><b>Purpose of Transaction</b></p>
    <p style="text-align: justify;">Cannell Capital LLC, on behalf of the Investment Vehicles, identified the Company as an entity satisfying each of the Investment Vehicle's investment criteria. The Investment Vehicles acquired these shares in the ordinary course of business and not with the intent to change or influence control of the Company. The Investment Vehicles continue to hold the Shares as a long-term investment.</p>
    <p style="text-align: justify;">Mr. Cannell makes this filing to disclose a message to all shareholders of the Company attached as Exhibit 99.1. Depending on various factors including, without limitation, the Company's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, Mr. Cannell may in the future take such actions with respect to their investment in the Company as they deem appropriate including, without limitation, engaging in communications with management and the Board of Directors of the Company, engaging in discussions with stockholders of the Company or other third parties about the Company and Mr. Cannell's investment, including potential business combinations or dispositions involving the Company or certain of its businesses, making recommendations or proposals to the Company concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Company or certain of its businesses, or suggestions for improving the Company's financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.</p>
    <p style="text-align: justify;"><b>Item 5.</b><font style="width: 9.01pt; display: inline-block;">&#160;</font><b>Interest in Securities of the Issuer</b></p>
    <p style="text-align: justify;">Based on information set forth on the Form 10-Q of Build-A-Bear Workshop, Inc. (the "Company", "Registrant", or "BBW") as filed with the Securities and Exchange Commission on June 9, 2022, there were 15,586,751 shares of Common Stock with par value $0.01 (the "Shares"), of the Company issued and outstanding as of June 7, 2022.</p>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div id="header_page_7">
        <p style="text-align: right;">Page 6</p>
    </div>
    <p style="text-align: justify;">(a)&#160; As of September 7, 2022, for the purposes of Reg. Section 240.13d-3, Cannell Capital LLC may be deemed to beneficially own 1,667,034 Shares, or approximately 10.70% of the Shares deemed issued and outstanding as of the Reporting Date.</p>
    <p style="text-align: justify;">(b)&#160; Cannell Capital LLC possesses the sole power to vote and to direct the disposition of the Shares held by the Investment Vehicles.</p>
    <p style="text-align: justify;">(c)&#160; The following table details the transactions during the sixty days on or prior to the Reporting Date in Shares, or securities convertible into, exercisable for or exchangeable for Shares, by Cannell Capital LLC or any other person or entity controlled by him or any person or entity for which he possesses voting or investment control over the securities thereof (each of which was effected in an ordinary brokerage transaction by Cannell Capital LLC on behalf of the Investment Vehicles).</p>
    <p style="text-align: justify;">None.</p>
    <p style="margin-left: 45pt; text-indent: -45pt; text-align: justify;">&#160;</p>
    <p style="margin-left: 45pt; text-indent: -45pt; text-align: justify;"><b>Item 6.</b><font style="width: 9.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</b></p>
    <p style="text-align: justify;">None.</p>
    <p style="text-align: justify;"><b>Item 7.</b><font style="width: 9.01pt; display: inline-block;">&#160;</font><b>Material to Be Filed as Exhibits</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 5%; background-color: rgb(238, 238, 238); padding-right: 15pt;"><a href="exhibit99-1.htm">Exhibit 99.1</a></td>
            <td style="width: 50%; background-color: rgb(238, 238, 238);"><a href="exhibit99-1.htm">September 7, 2022 message Mr. J. Carlo Cannell of Cannell Capital LLC to the all shareholders of Build-A-Bear Workshop, Inc.</a></td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>Signature</b></p>
    <p style="text-align: justify;">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.</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 50%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; border-bottom: 0.75pt solid #000000; text-align: justify;">September 7, 2022<br><br></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Dated</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">/s/ J. Carlo Cannell</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Signature</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">J. Carlo Cannell, Managing Member</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">Name/Title</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
    <div id="header_page_8">
        <p style="text-align: right;">Page 7</p>
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    <br>
    <p style="text-align: justify;">The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative.&#160; If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference.&#160; The name and any title of each person who signs the statement shall be typed or printed beneath his signature.</p>
    <p style="text-align: justify;"><b>Attention:&#160; Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).</b></p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
    <title>Cannell Capital LLC: Exhibit 99.1 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: justify;">On July 20, 2022, Cannell Capital ("CC") spoke with Build-A-Bear Workshop, Inc. ("BBW") Chairman Craig Levitt about what CC thought was the best way to return value to owners and provided neutral back up to support its opinion. CC's <a href="http://www.sec.gov/Archives/edgar/data/0001058854/000106299322018722/exhibit99.htm"><u>August 25 letter to the Board of BBW</u></a> summarized its opinion and perspective.</p>
    <p style="text-align: justify;">On August 31, BBW announced the exhaustion of its existing $25 million buyback authority and the authorization of $50 million by means of open market share repurchases. While directionally positive, CC believes this is too timid and difficult to implement. BBW took 252 days to complete the $25 million buyback authorized November 30, 2021, for example.</p>
    <p style="text-align: justify;">CC's experience is that good companies enjoy sage directors who have a lot of skin in the game (defined as having bought not been given shares) do not need to be told how to allocate owners' capital. One example is LICT Corporation. The share price has risen nearly 500% over the last eighteen years as the number of shares shrunk 37% from &#126;28,000 to &#126;18,000. Mario Gabelli, LICT's chairman, does not need to be told what to do. BBW owners are encouraged to study the following.</p>
    <p style="text-align: justify;"><b>Fig. 1: Value Creation 101: Buy Your Stock When Mispriced by Mr. Market. A Dozen Examples. Then BBW. Period 09/30/2004 to 06/30/2022, $1,000s. </b></p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;" colspan="4"><b>Shares Outstanding</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>Share</b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;"><b>Share </b></td>
            <td style="vertical-align: bottom; background-color: #ffffff; text-align: right; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>Issuer</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%; white-space: nowrap;"><b>9/30/2004</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%; white-space: nowrap;"><b>6/30/2022</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">1,456</td>
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            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">0.028</td>
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            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">499</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">381</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;">225</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: #e6efff;"><b>(32</b></td>
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    <p style="text-align: justify;"><br>Owners of BBW should consider whether the current Board is the best Board to represent the interests of BBW's owners. CC does not think so.</p>
    <p style="text-align: justify;">CC continues to recommend that BBW's Board expand the company's credit facility, execute a sale leaseback of the Company's distribution center, and launch a modified Dutch tender for at least 50% of the shares outstanding without further delay, or resign.</p>
    <hr width="100%" size="5" color="black" noshade="noshade">
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