<SEC-DOCUMENT>0001315863-20-000852.txt : 20201016
<SEC-HEADER>0001315863-20-000852.hdr.sgml : 20201016
<ACCEPTANCE-DATETIME>20201016160601
ACCESSION NUMBER:		0001315863-20-000852
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201016
DATE AS OF CHANGE:		20201016
GROUP MEMBERS:		BRC ADVISORS GP, LLC
GROUP MEMBERS:		DANIEL GORDON BELTZMAN
GROUP MEMBERS:		GREGORY HOWARD SMITH

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REGIS CORP
		CENTRAL INDEX KEY:			0000716643
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PERSONAL SERVICES [7200]
		IRS NUMBER:				410749934
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42627
		FILM NUMBER:		201244050

	BUSINESS ADDRESS:	
		STREET 1:		3701 WAYZATA BLVD
		STREET 2:		SUITE 500
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55416
		BUSINESS PHONE:		9529477777

	MAIL ADDRESS:	
		STREET 1:		3701 WAYZATA BLVD
		STREET 2:		SUITE 500
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55416

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Birch Run Capital Advisors, LP
		CENTRAL INDEX KEY:			0001541457
		IRS NUMBER:				204950949
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE, SUITE 720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		2124331984

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE, SUITE 720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Birch Run Capital, LLC
		DATE OF NAME CHANGE:	20120206
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sc_13da_regis.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Akin Gump Strauss Hauer and Feld
         Document created using EDGARfilings PROfile 7.2.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 18pt; font-weight: bold;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION<br>
      <font style="font-size: 12pt;">Washington, D.C. 20549</font></div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 18pt; font-weight: bold;">SCHEDULE 13D</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Under the Securities Exchange Act of 1934 (Amendment No. 5)</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zdc13bd5375f34bd38608248043c8bc7e">

        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 18pt; font-weight: bold;"><u>Regis Corporation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center;">(Name of Issuer)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>Common Stock, par value $0.05 per share</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center;">(Title of Class of Securities)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>758932107</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center;">(CUSIP Number)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">Caren Abramovich</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">Birch Run Capital Advisors, LP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">405 Lexington Avenue</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">Suite 720</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">New York, NY 10174</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">(212) 433&#8211;1980</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-style: italic;">with a copy to:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">Douglas Rappaport</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">Akin Gump Strauss Hauer &amp; Feld LLP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">One Bryant Park</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">New York, NY 10036&#8211;6745</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;"><u>(212) 872-1000</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>March 13, 2015</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt;">(Date of Event which Requires Filing of this Statement)</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">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 [ ].</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d -7(b) for other parties to whom copies are
      to be sent.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">*The remainder of this cover page shall be filled out for a reporting person&#8217;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.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) 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).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SCHEDULE 13D</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8d40e7b2e5924c3a87a8079b8905ccea">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">CUSIP No. 758932107</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3cc7a3c92971499da9362f743be96443">

        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">1<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">NAMES OF REPORTING PERSONS<br>
              Birch Run Capital Advisors, LP*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">2<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br>
              (a) [&#160; ]<br>
              (b) [&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">3</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SEC USE ONLY</div>
            <div style="font-size: 12pt;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">4</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SOURCE OF FUNDS (See Instructions)<br>
              AF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">5</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)<br>
              [&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">6</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
              Delaware</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" colspan="2" rowspan="4" style="width: 19.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td nowrap="nowrap" style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 77.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE VOTING POWER<br>
              0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED VOTING POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE DISPOSITIVE POWER<br>
              0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED DISPOSITIVE POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">11</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">12</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)<br>
              [&#160; &#160;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">13</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
              29.9%**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">14</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">TYPE OF REPORTING PERSON (See Instructions)<br>
              IA, PN</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">*Birch Run Capital Advisors, LP is a registered investment adviser.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">**This calculation is based on a total of 35,665,777 shares of the common stock of Regis Corporation (the &#8220;Issuer&#8221;) outstanding as of September 4, 2020, as reported in the Issuer&#8217;s
      Proxy Statement filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on September 16, 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za589aa73b9574cafa4d5d2507cd203fc">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;"> <br>
            </div>
            <div style="font-size: 12pt; font-weight: bold;">CUSIP No. 758932107</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z089b7758a46e48e1b327d0188ed890b8">

        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">1<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">NAMES OF REPORTING PERSONS<br>
              BRC Advisors GP, LLC*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">2<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br>
              (a) [&#160; ]<br>
              (b) [&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">3</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SEC USE ONLY</div>
            <div style="font-size: 12pt;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">4</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SOURCE OF FUNDS (See Instructions)<br>
              AF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">5</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)<br>
              [&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">6</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
              Delaware</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" colspan="2" rowspan="4" style="width: 19.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td nowrap="nowrap" style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 77.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE VOTING POWER<br>
              0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED VOTING POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE DISPOSITIVE POWER<br>
              0</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED DISPOSITIVE POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">11</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">12</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)<br>
              [ &#160;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">13</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
              29.9%**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">14</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">TYPE OF REPORTING PERSON (See Instructions)<br>
              OO, HC</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">*BRC Advisors GP, LLC is the General Partner to Birch Run Capital Advisors, LP, the registered investment adviser.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">**This calculation is based on a total of 35,665,777 shares of the common stock of the Issuer outstanding as of September 4, 2020, as reported in the Issuer&#8217;s Proxy Statement filed
      with the SEC on September 16, 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z988e63e71163420cb99af0a11ac0af3a">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;"> <br>
            </div>
            <div style="font-size: 12pt; font-weight: bold;">CUSIP No. 758932107</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z01db97574ee94c3fb7bea3e7091bb9c5">

        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">1<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">NAMES OF REPORTING PERSONS<br>
              Daniel Gordon Beltzman</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">2<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br>
              (a) [&#160; &#160;]<br>
              (b) [&#160; &#160;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">3</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SEC USE ONLY</div>
            <div style="font-size: 12pt;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">4</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SOURCE OF FUNDS (See Instructions)<br>
              AF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">5</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)<br>
              [&#160; &#160;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">6</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
              USA</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" colspan="2" rowspan="4" style="width: 19.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 77.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE VOTING POWER<br>
              17,535*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED VOTING POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE DISPOSITIVE POWER<br>
              17,535*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED DISPOSITIVE POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">11</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>
              10,672,706*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">12</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)<br>
              [&#160;&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">13</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
              29.9%***</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">14</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">TYPE OF REPORTING PERSON (See Instructions)<br>
              IN, HC</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">*Daniel Beltzman has been awarded an aggregate of 17,535 restricted stock units (&#8220;RSUs&#8221;). Each RSU represents a contingent right to receive one share of the Issuer&#8217;s common stock.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">**This calculation is based on a total of 35,665,777 shares of the common stock of the Issuer outstanding as of September 4, 2020, as reported in the Issuer&#8217;s Proxy Statement filed
      with the SEC on September 16, 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="za1f623cf105f46a6a755ee862a42e110">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">CUSIP No. 758932107</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z409c8c2c602240afbfa504986a8fe8b0">

        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">1<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">NAMES OF REPORTING PERSONS<br>
              Gregory Howard Smith</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><font style="font-size: 12pt; font-weight: bold;">2<br>
              </font>&#160;</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br>
              (a) [&#160;&#160; ]<br>
              (b) [&#160;&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">3</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SEC&#160;USE ONLY</div>
            <div style="font-size: 12pt;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">4</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">SOURCE OF FUNDS (See Instructions)<br>
              AF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">5</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)<br>
              [&#160; &#160;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">6</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
              USA</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" colspan="2" rowspan="4" style="width: 19.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 12pt;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">7</div>
          </td>
          <td style="width: 77.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE VOTING POWER<br>
              0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">8</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED VOTING POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">9</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SOLE DISPOSITIVE POWER<br>
              0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt; font-weight: bold;">10</div>
          </td>
          <td style="width: 3.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-size: 12pt;">SHARED DISPOSITIVE POWER<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">11</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>
              10,655,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">12</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)<br>
              [&#160;&#160; ]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">13</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br>
              29.9%*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">14</div>
          </td>
          <td colspan="3" style="width: 95.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt;">TYPE OF REPORTING PERSON (See Instructions)<br>
              IN, HC</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">*This calculation is based on a total of 35,665,777 shares of the common stock of the Issuer outstanding as of September 4, 2020, as reported in the Issuer&#8217;s Proxy Statement filed
      with the SEC on September 16, 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Amendment No. 5 to Schedule 13D</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">This Amendment No. 5 amends and supplements the Amended Schedule 13D filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on August 22, 2014, by Daniel Beltzman, Gregory
      Smith, Birch Run Capital Advisors, LP and BRC Advisors GP, LLC (collectively, the &#8220;Reporting Persons&#8221;).</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Except as specifically provided herein, this Amendment No. 5 does not modify any of the disclosure previously reported in the Schedule 13D, as amended. Unless otherwise defined
      herein, all capitalized terms shall have the meanings ascribed to them in the previously filed Schedule 13D, as amended. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z320e4d8ceab3433bbf4204c7581c70cb">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">ITEM&#160;1.</div>
          </td>
          <td style="width: 90.58%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">&#160;&#160;SECURITY AND ISSUER</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 12pt;">Item&#160;1 of the Schedule 13D is hereby amended and restated as follows:</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">The class of equity security to which this statement on Schedule 13D relates is the common stock, par value $0.05 per share (the &#8220;Common Stock&#8221;) of Regis Corporation (the &#8220;Issuer&#8221;).
      The address of the principal executive offices of the Issuer is 3701 Wayzata Boulevard, Minneapolis, MN 55416.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z509d240956af49f5a8f6b1df1ab6641c">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">ITEM&#160;2.</div>
          </td>
          <td style="width: 90.58%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">&#160;&#160;IDENTITY AND BACKGROUND</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 12pt;">Item&#160;2 of Schedule 13D is supplemented and superseded, as the case may be, as follows:</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">The business address of the Reporting Persons is 405 Lexington Avenue, Suite 720, New York, New York 10174.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z7d4efc13c5ae4e80a96fefb7905b09fe">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">ITEM&#160;3.</div>
          </td>
          <td style="width: 90.59%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">&#160;&#160;SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 12pt;">Item&#160;3 of the Schedule 13D is hereby amended and restated as follows:</div>
    <div style="margin-top: 6pt; font-size: 12pt;">Birch Run Capital Advisors, LP (the &#8220;Adviser&#8221;) advises the accounts of Birch Run Capital Partners, LP, Walnut BRC, LP and Torch BRC, LP, (collectively, the &#8220;Funds&#8221;), which have purchased an aggregate of
      10,655,170 shares of Common Stock for a total consideration (including brokerage commissions) of $169,370,417.61 derived from the capital of each of the aforementioned accounts.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z00bd008757694633a6db3b89167eb68c">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">ITEM&#160;4.</div>
          </td>
          <td style="width: 90.59%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">&#160;&#160;PURPOSE OF TRANSACTION</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 12pt;">Item&#160;4 of Schedule 13D is supplemented and superseded, as the case may be, as follows:</div>
    <div style="margin-top: 6pt; font-size: 12pt;">This Amendment No. 5 to Schedule 13D reflects the Reporting Persons&#8217; current beneficial ownership of Common Stock, which has not changed since their last acquisition of beneficial ownership of Common Stock
      in March 2015.&#160; All transactions in Common Stock by the Reporting Persons have been previously reported in Form 4 filings with the SEC.&#160; The Reporting Persons are filing this Amendment No. 5 to Schedule 13D as changes to the Reporting Persons&#8217;
      beneficial ownership and percentage of beneficial ownership of the outstanding shares of Common Stock since the previous Schedule 13D amendment may be deemed to be sufficiently material to require a Schedule 13D amendment.&#160; The change in the
      Reporting Persons&#8217; percentage of beneficial ownership of Common Stock since the previous Schedule 13D amendment has predominantly been due to a decrease in the number of shares of Common Stock outstanding.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z412aa59408de4c279390b974f6e2f918">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">ITEM&#160;5.</div>
          </td>
          <td style="width: 90.59%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">&#160;&#160;INTEREST IN SECURITIES OF THE ISSUER</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 12pt;">Item&#160;5 of the Schedule 13D is hereby amended and restated as follows:</div>
    <div style="margin-top: 6pt; font-size: 12pt;">(a) and (b)&#160;Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D are incorporated herein by reference. Such information is based on a total of 35,665,777 shares of the Common Stock
      outstanding as of September 4, 2020, as reported in the Issuer&#8217;s Proxy Statement filed with the SEC on September 16, 2020.</div>
    <div style="margin-top: 6pt; font-size: 12pt;">The Funds hold an aggregate of 10,655,170 shares of Common Stock. Of such shares, Birch Run Capital Partners, LP holds 1,658,941 shares of Common Stock, Walnut BRC, LP holds 5,033,581 shares of Common
      Stock and Torch BRC, LP holds 3,962,648 shares of Common Stock. Daniel Beltzman, a director on the Board, has been awarded an aggregate of 17,535 restricted stock units (&#8220;RSUs&#8221;) for his service as a director. Each RSU represents a contingent right to
      receive one share of Common Stock.</div>
    <div style="margin-top: 6pt; font-size: 12pt;">The Funds have delegated to the Adviser voting and investment power over the securities held by the Funds pursuant to their respective Investment Management Agreements with the Adviser. As a result, each
      of the Adviser, BRC Advisors GP, LLC (the &#8220;Adviser GP&#8221;), as the general partner of the Adviser, and Messrs. Beltzman and Smith, as Co-Managing Members of the Adviser GP, may be deemed to exercise voting and investment power over the shares of Common
      Stock directly held by the Funds. The Funds specifically disclaim beneficial ownership of the securities of the Issuer directly held by them by virtue of their inability to vote or dispose of such securities as a result of their respective Investment
      Management Agreements with the Adviser.</div>
    <div style="margin-top: 12pt; font-size: 12pt;">(c) All of the transactions in the Common Stock effected by the Reporting Persons since the filing of Amendment No. 4 to the Schedule 13D have been reported by the Reporting Persons in Form 4 filings with
      the SEC and such Form 4 filings are incorporated herein by reference.&#160; The last transaction effected by any of the Reporting Persons took place on March 17, 2015.</div>
    <div style="margin-top: 12pt; font-size: 12pt;">(d) Items 5(a) and 5(b) above are incorporated by reference herein.</div>
    <div style="margin-top: 12pt; font-size: 12pt;">(e) Not applicable.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze15327b23dc24c3e9816ba2a528557f9">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-size: 12pt; font-weight: bold;">ITEM&#160;6.</div>
          </td>
          <td style="width: 90.59%; vertical-align: top;">
            <div style="text-indent: -3.5pt; margin-left: 5.5pt; font-size: 12pt; font-weight: bold;">&#160;CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR&#160; RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 12pt;">Item 6 of Schedule 13D is supplemented and superseded, as the case may be, as follows:</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">The Letter Agreement with the Issuer discussed in Item 6 of Amendment No. 3 to this Schedule 13D automatically terminated by its terms in December 2016.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Signature</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this Schedule 13D is true, complete and
      correct.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Dated as of October 16, 2020</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Birch Run Capital Advisors, LP</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">By: <u>/s/ Caren Abramovich</u><br>
      Name: Caren Abramovich<br>
      Title: Chief Operating &amp; Compliance Officer<br>
      BRC Advisors GP, LLC, the General Partner</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">BRC Advisors GP, LLC</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">By: <u>/s/ Caren Abramovich</u><br>
      Name: Caren Abramovich<br>
      Title: Chief Operating &amp; Compliance Officer</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Daniel Beltzman</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">By: <u>/s/ Daniel Beltzman</u></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">Gregory Smith</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;">By: <u>/s/ Gregory Smith</u></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
