Cove Street Capital Form 3 CHEROKEE / Jeffrey Bronchick ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:	3235-0104
Estimated average burden
hours per response:	0.5

1. Name and Address of Reporting Person^*

Cove Street Capital, LLC

(Last) (First) (Middle)

2101 EAST EL SEGUNDO, SUITE 302

(Street)

EL SEGUNDO CA 90245

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/03/2018

3. Issuer Name and Ticker or Trading Symbol
CHEROKEE INC [ CHKE ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.02 Par Value Per Share ("Common Stock")	2,769,324	I	See Footnote(1)
Common Stock	25,000	D(4)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants (Right to Buy)	08/03/2018	08/03/2025	Common Stock	1,245,000	0.5	I	See footnotes(1)(2)
Warrants (Right to Buy)	12/07/2017	12/07/2024	Common Stock	311,111	2.25	I	See footnotes(1)(2)
Warrants (Right to Buy)	08/11/2017	08/11/2024	Common Stock	59,241	4.22	I	See footnotes(1)(3)

1. Name and Address of Reporting Person^*

Cove Street Capital, LLC

(Last) (First) (Middle)

2101 EAST EL SEGUNDO, SUITE 302

(Street)

EL SEGUNDO CA 90245

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Bronchick Jeffrey

(Last) (First) (Middle)

2101 EAST EL SEGUNDO BOULEVARD

SUITE 302

(Street)

EL SEGUNDO CA 90245

(City) (State) (Zip)

Explanation of Responses:

1. This Form 3 is filed on behalf of Cove Street Capital, LLC (the "Advisor") and Jeffrey Bronchick (collectively, the "Reporting Persons").The Advisor is the investment advisor to certain separately managed accounts ("Managed Accounts") and may be deemed to have a pecuniary interest in the securities directly held in the Managed Accounts. Mr. Bronchick is the manager of the Advisor and may be deemed to have a pecuniary interest in the securities reported herein in which the Advisor has a pecuniary interest, and also directly holds shares of Common Stock. Each the Advisor and Mr. Bronchick disclaims, for purposed of Section16 of the Securities Exchange Act, beneficial ownership of securities held in the Managed Accounts, except to the extent of indirect pecuniary interest therein, and this report shall not be deemed an admission that either is the beneficial owner of such securities for any purpose. The Advisor disclaims beneficial ownership of the shares held directly by Mr. Bronchick.

2. Warrants held by two managed accounts managed by Cove Street Capital as the Advisor.

3. Warrants held by one managed account managed by Cove Street Capital as the Advisor.

4. Common Stock held directly by Jeffrey Bronchick.

	/s/ Merihan Tynan	08/13/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.