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CUSIP No. 849163209 13G Page 1 of 9 Pages
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
(Rule 13d-102)
Information to be Included in Statements Filed Pursuant to Rules 13d-1(b),
(c) and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2(b)
(Amendment No. )*
Sport Chalet, Inc.
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(Name of Issuer)
Class A Common Stock, par value $.01 per share
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(Title of Class of Securities)
849163209
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(CUSIP Number)
August 21, 2007
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
__________________
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 (the "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).
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CUSIP No. 849163209 13G Page 2 of 9 Pages
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1 NAMES OF REPORTING PERSONS
Silver Point Capital, L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
22-3849636
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES 5 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 617,143 (See Item 4)
EACH ------------------------------------------
REPORTING 6 SHARED VOTING POWER
PERSON
WITH -0-
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7 SOLE DISPOSITIVE POWER
617,143 (See Item 4)
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8 SHARED DISPOSITIVE POWER
-0-
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
617,143 (See Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
|_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.0%(1)
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12 TYPE OF REPORTING PERSON*
OO
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* SEE INSTRUCTIONS BEFORE FILLING OUT.
(1) The percentages used herein and in the rest of this Schedule 13G are
calculated based upon 12,334,820 shares of Class A Common Stock
outstanding, as reflected in the Company's quarterly report filed on Form
10-Q on August 3, 2007.
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CUSIP No. 849163209 13G Page 3 of 9 Pages
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1 NAMES OF REPORTING PERSONS
Edward A. Mule
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ----------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 617,143 (See Item 4)
PERSON ----------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------------
8 SHARED DISPOSITIVE POWER
617,143 (See Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
617,143 (See Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
|_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.0%
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12 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT.
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CUSIP No. 849163209 13G Page 4 of 9 Pages
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1 NAMES OF REPORTING PERSONS
Robert J. O'Shea
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY ----------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 617,143 (See Item 4)
PERSON ----------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
-0-
----------------------------------------
8 SHARED DISPOSITIVE POWER
617,143 (See Item 4)
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
617,143 (See Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
|_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.0%
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12 TYPE OF REPORTING PERSON*
IN
================================================================================
--------
* SEE INSTRUCTIONS BEFORE FILLING OUT.
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CUSIP No. 849163209 13G Page 5 of 9 Pages
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Item 1(a) Name of Issuer:
The name of the issuer is Sport Chalet, Inc..
Item 1(b) Address of Issuer's Principal Executive Offices:
The Company's principal executive office is located at One
Sport Chalet Drive, La Canada, CA 91011.
Item 2(a) Name of Person Filing:
This Schedule 13G is being jointly filed by Silver Point
Capital, L.P., a Delaware limited partnership (the "Investment Manager"), Mr.
Edward A. Mule and Robert J. O'Shea with respect to the ownership of the shares
of Class A Common Stock by Silver Point Capital Fund, L.P. (the "Fund") and
Silver Point Capital Offshore Fund, Ltd. (the "Offshore Fund")(2)
The Reporting Persons have entered into a Joint Filing
Agreement, dated August 29, 2007, a copy of which is filed with this Schedule
13G as Exhibit A, pursuant to which the Reporting Persons have agreed to file
this statement jointly in accordance with the provisions of Rule 13d-1(k)(1)
under the Act.
Item 2(b) Address of Principal Business Office or, if none, Residence:
The address of the principal business office of each of the
Reporting Persons is Two Greenwich Plaza, Greenwich, CT 06830
Item 2(c) Citizenship:
Silver Point Capital, L.P. is organized as a limited
partnership under the laws of the State of Delaware. Both Mr. Mule and Mr.
O'Shea are U.S. citizens.
Item 2(d) Title of Class of Securities:
Class A Common Stock, par value $.01 per share.
Item 2(e) CUSIP No.:
849163209
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(2) Silver Point Capital, L.P. is the investment manager of the Fund and the
Offshore Fund and by virtue of such status may be deemed to be the
beneficial owner of the shares of Class A Common Stock held by the Fund
and the Offshore Fund. Silver Point Capital Management, LLC ("Management")
is the general partner of Silver Point Capital, L.P. and as a result may
be deemed to be the beneficial owner of the shares of such stock held by
the Fund and the Offshore Fund. Each of Mr. Edward Mule and Mr. Robert
O'Shea is a member of Management and has voting and investment power with
respect to the shares of such stock held by the Fund and the Offshore Fund
and may be deemed to be a beneficial owner of the shares of such stock
held by the Fund and the Offshore Fund. Silver Point Capital, L.P.,
Management, and Messrs. Mule and O'Shea disclaim beneficial ownership of
the shares of such stock held by the Fund and the Offshore Fund, except to
the extent of any pecuniary interest, and this report shall not be deemed
to be an admission that they are the beneficial owners of such securities.
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CUSIP No. 849163209 13G Page 6 of 9 Pages
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Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
Not Applicable.
Item 4 Ownership:
A. Silver Point Capital, L.P.
(a) Amount beneficially owned: 617,143
(b) Percent of class: 5.0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 617,143
(ii) Shared power to vote or direct the vote: -0-
(iii) Sole power to dispose or direct the disposition:
617,143
(iv) Shared power to dispose or direct the disposition:
-0-
B. Edward A. Mule
(a) Amount beneficially owned: 617,143
(b) Percent of class: 5.0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 617,143
(iii) Sole power to dispose or direct the disposition:
-0-
(iv) Shared power to dispose or direct the disposition:
617,143
C. Robert J. O'Shea
(a) Amount beneficially owned: 617,143
(b) Percent of class: 5.0%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 617,143
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition:
617,143
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CUSIP No. 849163209 13G Page 7 of 9 Pages
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Item 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of
the date hereof each of the Reporting Persons has ceased to be the beneficial
owner of more than five percent of the class of securities, check the following
[ ].
Item 6 Ownership of More Than Five Percent on Behalf of Another Person:
See response to Item 4.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person:
Not applicable.
Item 8 Identification and Classification of Members of the Group:
Not applicable.
Item 9 Notice of Dissolution of Group:
Not applicable.
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as participant in any transaction having that purpose or effect.
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CUSIP No. 849163209 13G Page 8 of 9 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: August 29, 2007
Silver Point Capital, L.P.
By: /s/ Frederick H. Fogel
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Name: Frederick H. Fogel
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Its: Authorized Signatory
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CUSIP No. 849163209 13G Page 9 of 9 Pages
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Exhibit A
AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13G
The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule 13G to which
this Exhibit is attached, and such Schedule 13G is filed on behalf of each of
them; and
(ii) Each of them is responsible for the timely filing of such Schedule
13G and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Date: August 29, 2007
Silver Point Capital, L.P.
By: /s/ Frederick H. Fogel
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Name: Frederick H. Fogel
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Its: Authorized Signatory
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/s/ Edward A. Mule
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Edward A. Mule, individually
/s/ Robert J. O'Shea
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Robert J. O'Shea, individually