UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934 *
(AMENDMENT NO. 1)*
FACTORY 2-U STORES, INC.
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
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(Title of Class of Securities)
306889403
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(CUSIP Number)
RICHARD S. BORISOFF, ESQ.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019-6064
(212) 373-3000
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(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
NOVEMBER 14, 2000
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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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].
Note: Schedules filed in paper formal shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-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 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).
<PAGE>
2
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1. NAME OF REPORTING PERSON
QUILVEST AMERICAN EQUITY, LTD.
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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. SOURCE OF FUNDS
WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
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NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY OWNED 570,396
BY EACH REPORTING --------------------------------------------
PERSON 8. SHARED VOTING POWER
WITH
0
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9. SOLE DISPOSITIVE POWER
570,396
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10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
570,396
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%
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14. TYPE OF REPORTING PERSON
CO
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<PAGE>
3
This Amendment No. 1 is filed on behalf of Quilvest American
Equity, Ltd. ("QAE") and amends and supplements the Schedule 13D filed on March
9, 1998 with respect to the Common Stock, par value $0.01 per share (the "Common
Shares") of Factory 2-U Stores, Inc. (the "Company"). QAE is also referred to as
the "Reporting Person." Capitalized terms not otherwise defined herein shall
have the meanings ascribed to them in the Schedule 13D.
The information set forth in the Schedule 13D is hereby
amended as follows:
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended by adding the following:
The funds used in making acquisitions of the Common Shares
reported herein amounted to $2,148,704 (without commissions) and came from the
general funds of QAE.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated in its entirety as
follows:
(a) As of November 28, 2000, QAE beneficially owned an
aggregate of 570,396 Common Shares, which constitutes approximately 4.8% of the
outstanding Common Shares based on 12,738,280 Common Shares outstanding
according to the Issuer's Quarterly Report on Form 10-Q for the quarter ended
October 28, 2000.
(b) QAE has the sole power to vote, direct the vote of,
dispose of or direct the disposition of any and all Common Stock held by QAE.
(c) During the last sixty (60) days, to the best of the
knowledge of QAE, the only transactions in the Common Stock of the Company by
any of the persons listed in Item 2(a) were the following:
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4
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Transaction Date Number of Shares Sold Price Per Share
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11/13/00 13,300 (S) $41.06
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11/13/00 36,700 (S) $41.00
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11/14/00 45,300 (S) $42.00
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11/15/00 2,700 (S) $42.00
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11/15/00 2,000 (S) $42.00
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11/16/00 40,000 (S) $43.02
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11/28/00 600 (S) $43.00
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The Common Stock sales listed above were made through brokerage transactions in
the open market in the ordinary course of business.
(d) Unchanged.
(e) As of November 14, 2000, the Reporting Person no
longer beneficially owned more than 5% of the Common Shares of the Company.
Accordingly, this Amendment No.1 constitutes the final amendment.
<PAGE>
5
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.
Dated: December 27, 2000
QUILVEST AMERICAN EQUITY, LTD.
By /s/ Kurt Sonderegger
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Name: Kurt Sonderegger
Title: Director
By /s/ Jean-Lewis Neuhaus
----------------------------------
Name: Jean-Lewis Neuhaus
Title: Director
