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Sun Capital Advisors III LP, et al. – ‘4’ for 10/21/04 re: Rag Shops Inc.

On:  Thursday, 10/21/04, at 8:18pm ET   ·   For:  10/21/04   ·   As:  10% Owner   ·   Accession #:  1005477-4-3764   ·   File #:  0-19194

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/21/04  Sun Capital Advisors III LP       4          10% Owner   1:17K  Rag Shops Inc.                    CT EDGAR123/FA
          Sun Capital Partners III LLC
          Leder Marc J
          Krouse Rodger R
          Sun Capital Partners III LP
          Sun Capital Partners III QP LP
          Crafts Retail Acquisition Corp.
          Crafts Retail Holding Corp.
          Sun Crafts Retail, LLC

Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of     HTML     16K 
                Securities by an Insider -- edgar123.xml/2.2


        

This ‘4’ Document is an XML Data File that may be rendered in various formats:

  Form 4    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
SEC Info℠ rendering:  Statement of Changes in Beneficial Ownership of Securities by an Insider
 
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:3235-0287
Estimated average burden
hours per response:0.5
X
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Sun Crafts Retail, LLC
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE, SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
2. Issuer Name and Ticker or Trading Symbol
RAG SHOPS INC [ RAGS ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
10/21/04
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock 10/21/04 P 1,910,524A$4.34,581,723I (1)See footnote (2) (3) (4)
Common Stock 10/21/04 P 0 (5)A$4.3100 (5)I (5)See footnote (2) (3) (4)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
1. Name and Address of Reporting Person*
Sun Crafts Retail, LLC
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE, SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
1. Name and Address of Reporting Person*
Crafts Retail Acquisition Corp.
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE, SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
1. Name and Address of Reporting Person*
Crafts Retail Holding Corp.
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE, SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
1. Name and Address of Reporting Person*
SUN CAPITAL PARTNERS III LP
(Last)(First)(Middle)
(Street)
(City)(State)(Zip)
1. Name and Address of Reporting Person*
SUN CAPITAL PARTNERS III QP LP
(Last)(First)(Middle)
(Street)
(City)(State)(Zip)
1. Name and Address of Reporting Person*
SUN CAPITAL ADVISORS III LP
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE
SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
1. Name and Address of Reporting Person*
SUN CAPITAL PARTNERS III LLC
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE
SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
1. Name and Address of Reporting Person*
LEDER MARC J
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE
SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
1. Name and Address of Reporting Person*
KROUSE RODGER R
(Last)(First)(Middle)
5200 TOWN CENTER CIRCLE
SUITE 470
(Street)
BOCA RATONFL33486
(City)(State)(Zip)
Explanation of Responses:
(1)  At the time of this acquisition, Crafts Retail Acquisition Corp. directly owned the Rag Shops Inc. common stock and Sun Crafts Retail, LLC, Crafts Retail Holding Corp., Sun Capital Partners III, LP, Sun Capital Partners III QP, LP, Sun Capital Advisors III, LP, Sun Capital Partners III, LLC, Marc J. Leder and Rodger R. Krouse indirectly owned the Rag Shops, Inc. common stock. These shares were purchased pursuant to a tender offer commenced on September 22, 2004.
(2)  Marc J. Leder ("Leder") and Rodger R. Krouse ("Krouse") each own 50% of the membership interests in Sun Capital Partners III, LLC ("Sun Partners III LLC"), which in turn is the general partner of Sun Capital Advisors III, LP ("Sun Advisors III"), which in turn is the general partner of Sun Capital Partners III, LP ("Sun Partners III LP") and Sun Capital Partners III QP, LP ("Sun Partners III QP LP"). Sun Partners III LP and Sun Partners III QP LP together own 100% of the membership interests of Sun Crafts Retail, LLC ("Sun Crafts Retail"), which in turn owns 100% of the equity interest of Crafts Retail Holding Corp. ("Crafts Holding") which (before the merger described in footnote 3) owned 100% of the equity interest of Crafts Retail Acquisition Corp. ("Crafts Acquisition").
(3)  Leder, Krouse, Sun Partners III LLC, Sun Advisors III, Sun Partners III LP, Sun Partners III QP LP and Sun Crafts Retail may be deemed to have indirect beneficial ownership of the shares of common stock of Rag Shops, Inc. owned directly by Sun Crafts Retail.
(4)  Leder, Krouse, Sun Partners III LLC, Sun Advisors III, Sun Partners III LP, Sun Partners III QP LP and Sun Crafts Retail each expressly disclaim beneficial ownership of any shares of common stock of Rag Shops, Inc., except to the extent of his or its pecuniary interest.
(5)  All of Rag Shops, Inc.'s outstanding common stock was canceled in connection with the merger of Crafts Retail Acquisition Corp. into Rag Shops, Inc. In the merger, all of the shares of Rag Shops, Inc. owned by Crafts Retail Acquisition Corp. were canceled, and all of the shares of Crafts Retail Acquisition Corp. owned by Crafts Retail Holding Corp. were converted into outstanding shares of capital stock of the surviving corporation. Sun Crafts Retail, LLC, Sun Capital Partners III, LP, Sun Capital Partners III QP, LP, Sun Capital Advisors III, LP, Sun Capital Partners III, LLC, Marc J. Leder and Rodger R. Krouse indirectly own the stock of the surviving corporation.
/s/ Michael Fieldstone, Vice President of Sun Crafts Retail, LLC 10/21/04
/s/ Michael Fieldstone, Vice President of Crafts Retail Acquisition Corp. 10/21/04
/s/ Michael Fieldstone, Vice President of Crafts Retail Holding Corp. 10/21/04
/s/ Marc J. Leder, authorized signatory of Sun Capital Partners III, LP 10/21/04
/s/ Marc J. Leder, authorized signatory of Sun Capital Partners III QP, LP 10/21/04
/s/ Marc J. Leder, authorized signatory of Sun Capital Advisors III, LP 10/21/04
/s/ Marc J. Leder, Co-CEO of Sun Capital Partners III, LLC 10/21/04
/s/ Marc J. Leder 10/21/04
/s/ Rodger R. Krouse 10/21/04
** Signature of Reporting PersonDate
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 4 (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.
____________
Transaction Code:
    P    Open market or private purchase of non-derivative or derivative security.

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