<SEC-DOCUMENT>0000892712-21-000178.txt : 20210419
<SEC-HEADER>0000892712-21-000178.hdr.sgml : 20210419
<ACCEPTANCE-DATETIME>20210419163320
ACCESSION NUMBER:		0000892712-21-000178
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210419
DATE AS OF CHANGE:		20210419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DULUTH HOLDINGS INC.
		CENTRAL INDEX KEY:			0001649744
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-APPAREL & ACCESSORY STORES [5600]
		IRS NUMBER:				391564801
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37641
		FILM NUMBER:		21835021

	BUSINESS ADDRESS:	
		STREET 1:		201 EAST FRONT STREET
		CITY:			MOUNT HOREB
		STATE:			WI
		ZIP:			53572
		BUSINESS PHONE:		608 424-1544

	MAIL ADDRESS:	
		STREET 1:		201 EAST FRONT STREET
		CITY:			MOUNT HOREB
		STATE:			WI
		ZIP:			53572
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<TYPE>DEFA14A
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<FILENAME>dlthdefa14a.htm
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<DIV style=margin-left:36pt;width:540pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><B>UNITED STATES</B><BR><B>SECURITIES AND EXCHANGE COMMISSION</B><BR><B>WASHINGTON, D.C. &nbsp;20549</B></P>
<P align=center style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:8pt'><B>SCHEDULE 14A INFORMATION</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act</P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</P>
<P style='font:10pt Times New Roman;margin:0'>Filed by the Registrant [x]</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>Filed by a Party other than the Registrant [ &nbsp;&nbsp;]</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>Check the appropriate box:</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Preliminary Proxy Statement&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Definitive Proxy Statement&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[x]</KBD><KBD style=margin-left:36pt></KBD>Definitive Additional Materials&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:36pt></KBD>Soliciting Material Pursuant to &#167;240.14a-12&nbsp;</P>
<TABLE style=border-collapse:collapse><TR><TD valign=top style='width:403.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>DULUTH HOLDINGS INC.</P>
</TD></TR>
<TR><TD valign=top style=width:403.2pt><P align=center style='font:10pt Times New Roman;margin:0'>(Name of Registrant as Specified in its Charter)</P>
</TD></TR>
<TR><TD valign=top style=width:403.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style='width:403.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:403.2pt><P align=center style='font:10pt Times New Roman;margin:0'>(Name of Person(s) Filing Proxy Statement if other than the Registrant)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin-top:8pt;margin-bottom:8pt'>Payment of Filing Fee (Check the appropriate box):</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[x]</KBD><KBD style=margin-left:27pt></KBD>No fee required.&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:27pt></KBD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:63pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>(1)</KBD><KBD style=margin-left:27pt></KBD>Title of each class of securities to which transaction applies:&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:63pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>(2)</KBD><KBD style=margin-left:27pt></KBD>Aggregate number of securities to which transaction applies:&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:90pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>(3)</KBD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:90pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>(4)</KBD>Proposed maximum aggregate value of transaction:&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:90pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27pt'>(5)</KBD>Total fee paid:&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>[ &nbsp;]</KBD><KBD style=margin-left:27pt></KBD>Fee paid previously with preliminary materials.&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:8pt;margin-left:63.35pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-27.35pt'>[ &nbsp;]</KBD><KBD style=margin-left:-0.35pt></KBD>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.&nbsp;</P>
<TABLE style=border-collapse:collapse;margin-left:63pt><TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>(1)</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>Amount Previously Paid:</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style='width:239.4pt;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>(2)</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>Form, Schedule or Registration Statement No.:</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style='width:239.4pt;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>(3)</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>Filing Party:</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style='width:239.4pt;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>(4)</P>
</TD><TD valign=top style=width:239.4pt><P style='font:10pt Times New Roman;margin:0'>Date Filed:</P>
</TD></TR>
<TR><TD valign=top style=width:36pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style='width:239.4pt;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
</TABLE>
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<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt;color:#000000'>&nbsp;</P>
<P align=center style='font:11pt Calibri;margin:0;color:#000000'><B>DULUTH HOLDINGS INC.</B></P>
<P align=center style='font:11pt Calibri;margin:0;color:#000000'><B>201 East Front Street</B></P>
<P align=center style='font:11pt Calibri;margin:0;color:#000000'><B>Mount Horeb, Wisconsin 53572</B></P>
<P align=center style='font:11pt Calibri;margin-top:4pt;margin-bottom:0pt;color:#000000'><B>Supplement No. 1 to</B></P>
<P align=center style='font:11pt Calibri;margin-top:4pt;margin-bottom:0pt;color:#000000'><B>PROXY STATEMENT</B></P>
<P align=center style='font:11pt Calibri;margin-top:6pt;margin-bottom:0pt;color:#000000'><B>Dated April 19, 2021</B></P>
<P style='font:11pt Calibri;margin-top:4pt;margin-bottom:0pt;color:#000000'><B>General</B></P>
<P style='font:11pt Calibri;margin-top:4pt;margin-bottom:0pt;color:#000000'>This Supplement provides updated and amended information with respect to the Proxy Statement of Duluth Holdings Inc. (the &#8220;Company&#8221;), filed on Schedule 14A with the Securities and Exchange Commission on April 9, 2021 (the &#8220;Proxy Statement&#8221;), in connection with the Annual Meeting of Shareholders scheduled to be held on May 27, 2021 (the &#8220;Annual Meeting&#8221;). </P>
<P style='font:11pt Calibri;margin-top:8pt;margin-bottom:0pt;color:#000000'>The information contained in this Supplement should be read in conjunction with the Notice of Annual Meeting of Shareholders and the accompanying Proxy Statement, furnished in connection with the solicitation of proxies by the Board of Directors of the Company for use at the Annual Meeting. There is no change to the record date to determine shareholders entitled to notice of and to vote at the Annual Meeting and at all adjournments of the annual meeting, and as such only holders at the close of business on March 22, 2021 are entitled to notice of, and to vote at, the Annual Meeting and at all adjournments of the annual meeting.</P>
<P style='font:11pt Calibri;margin-top:10pt;margin-bottom:10pt;text-indent:-10.8pt;margin-left:10.8pt;color:#000000'><B>Changes in Company&#8217;s Certifying Accountant</B></P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:12pt;color:#000000'>On April 19, 2021, the Company filed a Current Report on Form 8-K (the &#8220;Form 8-K&#8221;) announcing that the audit committee of the Company&#8217;s board of directors had dismissed Grant Thornton LLP (&#8220;Grant Thornton&#8221;) as the Company&#8217;s independent registered public accounting firm and appointed KPMG LLP (&#8220;KPMG&#8221;) as its new independent registered public accounting firm. </P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:12pt;color:#000000'>As disclosed in the Form 8-K, the reports of Grant Thornton on the consolidated financial statements of the Company for the fiscal years ended January 31, 2021 and February 2, 2020 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles, except as follows:</P>
<P style='font:11pt Calibri;margin-top:0pt;margin-bottom:12pt;color:#000000'>Grant Thornton&#8217;s report on the consolidated financial statements of the Company for the fiscal year ended February 2, 2020, contained a separate paragraph stating that &#8220;As discussed in Note 3 to the consolidated financial statements, the Company has changed its method of accounting for leases as of February 4, 2019 due to the adoption of Accounting Standards Update No. 2016-02,&#160;<I>Leases (Topic 842</I>).&#8221;</P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:12pt;color:#000000'>During the fiscal years ended January 31, 2021 and February 2, 2020 and through April 13, 2021, there were no disagreements with Grant Thornton on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Grant Thornton, would have caused it to make reference thereto in its reports on the financial statements of the Company for such years. </P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:1pt;color:#000000'>During the fiscal years ended January 31, 2021 and February 2, 2020, and through April 13, 2021, there were no &#8220;reportable events&#8221; as defined under Item 304(a)(1)(v) of Regulation S-K, except with respect to the disclosure of a material weakness in internal control over financial reporting. &nbsp;As discussed in the Company&#8217;s Annual Report on Form 10-K for the year ended February 3, 2019, the Company reported a material weakness in internal control over financial reporting. &nbsp;Specifically, the Company determined that due to the lack of sufficient resources throughout fiscal 2018, the Company did not design and implement effective internal control activities to timely detect and resolve issues resulting from converting to a new order management system, nor did the Company consistently execute certain account reconciliations and analyses timely during fiscal 2018. &nbsp;To remediate the material weakness, the Company hired additional resources and reallocated existing resources to help ensure proper designing and implementing of effective internal control activities, and further automated and enhanced the reconciliation process controls and procedures to help ensure accounts were reconciled and reviewed timely. &nbsp;Based on the foregoing, the Company&#8217;s management </P>
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<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:1pt;color:#000000'>concluded, through testing, that as of the nine months ended November 3, 2019, these controls were operating effectively, as disclosed in the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended November 3, 2019. &nbsp;</P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:1pt;color:#000000'>The Company provided Grant Thornton with a copy of the disclosure in the Form 8-K in response to Item 304(a) of Regulation S-K and requested that Grant Thornton furnish the Company with a copy of their letter addressed to the Securities and Exchange Commission (the &#8220;SEC&#8221;) pursuant to Item 304(a)(3) of Regulation S-K, stating whether Grant Thornton agrees with the statements made by the Company in the Form 8-K in response to Item 304(a) of Regulation S-K. &nbsp;A copy of Grant Thornton&#8217;s letter to the SEC dated April 19, 2021 is attached as Exhibit 16.1 to the Form 8-K dated April 13, 2021. </P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:1pt;color:#000000'>During the fiscal years ended January 31, 2021 and February 2, 2020, and through April 13, 2021, neither the Company, nor anyone on its behalf, consulted KPMG regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the financial statements of the Company and neither a written report nor oral advice was provided to the Company that KPMG concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was the subject of a &#8220;disagreement&#8221; (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a &#8220;reportable event&#8221; (as described in Item 304(a)(1)(v) of Regulation S-K).</P>
<P style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0;color:#000000'><B>Withdrawal of Proposal 2 of the Proxy Statement</B><BR></P>
<P style='font:11pt Calibri;margin:0;color:#000000'>As a result of the dismissal of Grant Thornton, the Company intends to withdraw Proposal 2 from the meeting agenda of the Annual Meeting, which requests the shareholders of the Company ratify the appointment of Grant Thornton as the independent auditor of the Company for fiscal 2021. &nbsp;The Company does not intend to submit any other proposal for ratification with respect to the appointment of auditors at the upcoming Annual Meeting.</P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:0pt;color:#000000'>You should note the following:</P>
<P style='font:11pt Calibri;margin-top:12pt;margin-bottom:0pt;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Symbol;margin-left:-18pt'>&#183;</KBD>The Company will not make available or distribute, and you do not need to sign, new proxy cards or submit new voting instructions solely as a result of the withdrawal of Proposal 2.&nbsp;</P>
<P style='font:11pt Calibri;margin:0;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Symbol;margin-left:-18pt'>&#183;</KBD>Proxy cards or voting instructions already received with direction on Proposal 2 will not be voted on Proposal 2.&nbsp;</P>
<P style='font:11pt Calibri;margin:0;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Symbol;margin-left:-18pt'>&#183;</KBD>Proxy cards or voting instructions received and providing direction on the remaining proposal to be considered at the Annual Meeting (Proposal 1) will remain valid and in effect, and will be voted as directed.&nbsp;</P>
<P style='font:11pt Calibri;margin:0;margin-left:36pt;color:#000000'><KBD style='position:absolute;font:11pt Symbol;margin-left:-18pt'>&#183;</KBD>If you have already submitted a proxy card or voting instructions, you do not need to resubmit proxies or voting instructions with different directions, unless you wish to change your previously cast votes on the remaining proposal.&nbsp;</P>
<P style='font:11pt Calibri;margin:0;margin-left:36pt;color:#000000'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0;color:#000000'>This Supplement does not revise or update any other information set forth in the Proxy Statement and should be read in conjunction with the Proxy Statement. &#160;From and after the date of this Supplement, any references to the &#8220;Proxy Statement&#8221; are to the Proxy Statement as supplemented hereby.</P>
<P style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0;color:#000000'><B>Corrections to the Summary Compensation Table</B></P>
<P style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
<P style='font:11pt Calibri;margin:0;color:#000000'>The fiscal 2020 base salary for each of Messrs. David Loretta and David S. Homolka was overstated by $26,406 and $18, respectively. &nbsp;Accordingly, the correct fiscal 2020 base salary for Mr. Loretta is $309,030 and his total compensation for fiscal 2020 is $529,112, and the correct fiscal 2020 base salary for Mr. Homolka is $292,140 and his total compensation for fiscal 2020 is $518,543.</P>
<P style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
<P align=center style='font:11pt Calibri;margin-top:0pt;margin-bottom:12pt'>______________________</P>
<P align=center style='font:11pt Calibri;margin-top:0pt;margin-bottom:12pt'>The date of this Proxy Statement Supplement is April 19, 2021.</P>
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