<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3 )*
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KRAUSE'S FURNITURE, INC. (FORMERLY WORTH CORPORATION)
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(NAME OF ISSUER)
COMMON STOCK, PAR VALUE $.001
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(TITLE OF CLASS OF SECURITIES)
500760 20 2
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(CUSIP NUMBER)
MR. JOHN H. BARKLEY, VICE PRESIDENT, FINANCE/CONTROLLER
%ATCO DEVELOPMENT, INC., 11777 KATY FREEWAY
SUITE 175N, HOUSTON, TEXAS 77079
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(NAME, ADDRESS, AND TELEPHONE NUMBER OF PERSONS
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
AUGUST 26, 1996
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1 (b) (3) or (4), check the following box / /.
Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
(See Rule 13d-7)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
CUSIP NO. 500760 20 2 PAGE 2 OF 9 PAGES
------------------- --- ---
ATCO HOLDINGS, LIMITED (NO IRS I.D. NO)
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS, S.S. OR I.R.S. IDENTIFICATION NUMBER OF
ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
NOT APPLICABLE
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH WEST INDIES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
---------------------------------------------
7 SOLE VOTING POWER
NONE
NUMBER OF SHARES ---------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING 1,115,923
PERSON WITH ---------------------------------------------
9 SOLE DISPOSITIVE POWER
NONE
---------------------------------------------
10 SHARED DISPOSITIVE POWER
1,115,923
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,115,923
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.43%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION)
<PAGE>
SCHEDULE 13D
CUSIP NO. 500760 20 2 PAGE 3 OF 9 PAGES
----------------------------- --- ---
ATCO DEVELOPMENT, INC. 74-2093337
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS, S.S. OR I.R.S. IDENTIFICATION NUMBER OF
ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
NOT APPLICABLE
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS, U.S.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
---------------------------------------------
7 SOLE VOTING POWER
NONE
NUMBER OF SHARES ---------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING 283,601
PERSON WITH ---------------------------------------------
9 SOLE DISPOSITIVE POWER
NONE
---------------------------------------------
10 SHARED DISPOSITIVE POWER
283,601
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
283,601
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
NOT APPLICABLE
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.63%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION)
<PAGE>
SCHEDULE 13D
CUSIP NO. 500760 20 2 PAGE 4 OF 9 PAGES
----------------------------- --- ---
ABDULRAHMAN A. AL-TURKI ###-##-####
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS, S.S. OR I.R.S. IDENTIFICATION NUMBER OF
ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) /X/
OF A GROUP* (b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
NOT APPLICABLE
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
SAUDI ARABIA
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
---------------------------------------------
7 SOLE VOTING POWER
NONE
NUMBER OF SHARES ---------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING 1,115,923
PERSON WITH ---------------------------------------------
9 SOLE DISPOSITIVE POWER
NONE
---------------------------------------------
10 SHARED DISPOSITIVE POWER
1,115,923
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,115,923
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
NOT APPLICABLE
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.43%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION)
<PAGE>
SCHEDULE 13D
CUSIP NO. 500760 20 2 PAGE 5 OF 9 PAGES
----------------------------- --- ---
KAMAL ABDELNOUR ###-##-####
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS, S.S. OR I.R.S. IDENTIFICATION NUMBER OF
ABOVE PERSONS
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
NOT APPLICABLE
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
---------------------------------------------
7 SOLE VOTING POWER
31,333 (WARRANTS) & 3,333 (OPTIONS)
NUMBER OF SHARES ---------------------------------------------
BENEFICIALLY OWNED 8 SHARED VOTING POWER
BY EACH REPORTING NONE
PERSON WITH ---------------------------------------------
9 SOLE DISPOSITIVE POWER
31,333 (WARRANTS) & 3,333 (OPTIONS)
---------------------------------------------
10 SHARED DISPOSITIVE POWER
NONE
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(3,333 OPTIONS & 31,333 WARRANTS)
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* /X/
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.18
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION)
<PAGE>
PAGE 6 OF 9
STATEMENT OF INFORMATION
FOR ATCO HOLDINGS, LIMITED
ATCO DEVELOPMENT, INC.
ABDULRAHMAN ALI AL-TURKI
AND
KAMAL ABDELNOUR
The following statement of information is being filed by ATCO Holdings Limited,
ATCO Development, Inc., Abdulrahman A. Al-Turki, and Kamal Abdelnour pursuant to
Regulation 240.13d-1 of the Securities and Exchange Act of 1934. This third
amendment is being filed as the result of issuance of approximately 13,236,001
shares of common stock by issuer, purchase of 653,167 shares by reporting
persons and change in number of shares issuable under warrants as a result of
the issuance of the shares mentioned above.
The following changes have occurred as a result of or in conjunction with the
transaction being reported on herein:
Item 1 - Security and Issuer: No change
Item 2 - Identity and Background:
Paragraph D - Kamal Abdelnour:
Kamal Abdelnour resigned as a director of Krause's Furniture, Inc. (Issuer)
effective August 26, 1996.
Mr. Kamal Abdelnour now has warrants to purchase 31,333 shares of issuer, IMC
Associates having distributed previously issued warrants.
All other information in Item 2 remains unchanged.
Item 3 - Source and amount of funds and other considerations:
In connection with a recapitalization and refinancing, the Issuer, effective
August 26, 1996, through a private placement, issued approximately 13,236,001
shares of common stock for a consideration of $1.00 per share.
<PAGE>
PAGE 7 OF 9
The reporting persons participated in the private placement as follows:
REPORTING PERSON AMOUNT SOURCE OF FUNDS
- -------------------- -------- ---------------
ATCO Holdings Limited $400,000 Working Capital
ATCO Development, Inc. 100,000 Working Capital
ATCO Development, Inc. 150,000 Loan previously made to Issuer from
Working Capital
ATCO Development, Inc. 3,167 Interest on Loan
--------
$653,167
--------
--------
As result of the dilution caused by the issuance of the shares
previously issued warrants to purchase 11,349 (post reverse stock split) shares
became warrants to purchase 31,333 shares. Kamal Abdelnour received those
warrants as a distribution from IMC Associates.
Item 4 - Purpose of Transaction.
The purpose of the acquisition of all shares being reported on herein is
investment.
Item 5 - Interest in Securities of Issuer:
As a result of the transaction described herein, reporting persons' interests
are as follows:
(a) The aggregate number of shares of common stock, par value $.001 outstanding
of Krause's Furniture, Inc. is 17,364,001.
Ownership of the reporting group is as follows:
SHARES PERCENT
------- -------
ATCO Holdings Limited for its own account 832,322 4.79%
ATCO Development, Inc. for its own account 283,601 1.63%
Abdulrahman A. Al-Turki, personally 0 0%
Kamal Abdelnour 0 0%
------- ------
As a group 1,115,923 6.43%
--------- ------
--------- ------
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PAGE 8 OF 9
Kamal Abdelnour owns options to purchase 3,333 shares of issuer's common stock
and warrants to purchase 31,333 shares of issuer's common stock. Such options
and warrants are currently exercisable, however the exercise prices exceed
recent market prices. Assuming conversion of Abdelnour's warrants and options,
he would have sole voting and dispositive power over 34,666 shares of common
stock and shared voting and dispositive power over 1,115,923 shares for a total
of 1,150,589 shares representing 6.61% of the assumed shares outstanding. Mr.
Abdelnour disclaims beneficial ownership of shares owned by ATCO Holdings
Limited and ATCO Development, Inc. totalling 1,115,923 shares.
(b) Abdulrahman Ali Al-Turki has shared voting and dispositive power over the
1,115,923 shares listed above.
ATCO Holdings Limited has shared voting and dispositive power over the
1,115,923 shares listed above.
ATCO Development, Inc. has shared voting and dispositive power over the
283,601 shares held for its own account.
Kamal Abdelnour has shared voting and dispositive power over 1,115,923
shares. Assuming conversion of his owned warrants and options, Abdelnour
has sole voting and dispositive power over 34,666 shares and shared voting
and dispositive power over 1,115,923 shares. Abdelnour's powers over the
1,115,923 ATCO shares result from his responsibilities as president of ATCO
Development, Inc.. Abdelnour disclaims any beneficial ownership of the
ATCO shares.
(c) Mr. Abdelnour's options to purchase 3,333 shares of issuer's common stock
will expire on or about November 26, 1996 as a result of Mr. Abdelnour's
resignation from the Board of Directors.
(d) No transaction in the class of securities that are the subject of this
report and statement, except as described herein, have been effected by any
of the reporting persons named herein within the last 60 days.
(e) No other person has the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of the securities that are
the subject of this report.
<PAGE>
PAGE 9 OF 9
Item 6 - Contracts, arrangements, understandings of relationships with respect
to securities of the issuer:
Mr. Kamal Abdelnour resigned from the Board of Directors of issuer effective
August 26, 1996.
Item 7 - Material to be filed as exhibits: None
After reasonable inquiry to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete, and correct.
DATE: SEPTEMBER 4, 1996
------------------
ATCO DEVELOPMENT, INC.
BY: /s/ JOHN H. BARKLEY
---------------------------
John H. Barkley
Vice President, Finance/Controller
ATCO HOLDINGS LIMITED
BY: /s/ JOHN H. BARKLEY
---------------------------
John H. Barkley
Authorized Representative
ABDULRAHMAN ALI AL-TURKI
BY: /s/ JOHN H. BARKLEY
---------------------------
John H. Barkley
Authorized Representative
KAMAL ABDELNOUR
/s/ KAMAL ABDELNOUR
-------------------------------
<PAGE>
The undersigned hereby agree:
1. that each of them is responsible for the timely filing of Form 13D and
any amendments to it with regard to Krause's Furniture, Inc. plus the
completeness and accuracy of the information contained in the
statement and,
2. such Form 13D identifies all of the undersigned and such Form 13D is
filed on behalf of each of them.
ATCO DEVELOPMENT, INC. ABDULRAHMAN ALI AL-TURKI
BY: /s/ JOHN H. BARKLEY, JR. BY: /s/ JOHN H. BARKLEY, JR.
--------------------------- ---------------------------
John H. Barkley, Jr. John H. Barkley, Jr.
Vice President of Authorized Representative
Finance/Controller
ATCO HOLDINGS, LIMITED KAMAL ABDELNOUR
BY: /s/ JOHN H. BARKLEY, JR. /s/ KAMAL ABDELNOUR
-------------------------- ------------------------------
John H. Barkley, Jr.
Authorized Representative
