Sec Form 13G Filing - TIMON PHILIP C filing for KIRKLAND'S INC (KIRK) - 2008-02-14

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                               (Amendment No. 1)*


                    Under the Securities Exchange Act of 1934




                                Kirkland's, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                      Common Stock, no par value per share
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    497498105
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                               December 31, 2007
- --------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
13G 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 ("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).





CUSIP No.   497498105
- --------------------------------------------------------------------------------

(1)  Names of Reporting  Persons.  I.R.S.  Identification  Nos. of Above Persons
     (entities only):

                Mr. Philip C. Timon
- --------------------------------------------------------------------------------

(2)  Check  the  Appropriate  Box if a  Member of a Group   (See   Instructions)
        (a)                             (b)
- --------------------------------------------------------------------------------

(3)  SEC Use Only
- --------------------------------------------------------------------------------

(4)  Citizenship or Place of Organization:  United States
- --------------------------------------------------------------------------------

Number of Shares Beneficially Owned
    by Each Reporting Person With     (5)  Sole Voting Power:                 0*
                                           -------------------------------------
                                      (6)  Shared Voting Power:               0
                                           -------------------------------------
                                      (7)  Sole Dispositive Power:            0*
                                           -------------------------------------
                                      (8)  Shared Dispositive Power:          0
                                           -------------------------------------
- --------------------------------------------------------------------------------

(9)  Aggregate Amount Beneficially Owned by Each Reporting Person:    0*
- --------------------------------------------------------------------------------

(10) Check if the  Aggregate  Amount in Row (9)  Excludes  Certain  Shares  (See
     Instructions)    N/A
- --------------------------------------------------------------------------------

(11) Percent of Class Represented by Amount in Row (9):  0.0%*
- --------------------------------------------------------------------------------

(12) Type of Reporting Person (See Instructions):  IN
- --------------------------------------------------------------------------------

* As of December 31, 2007, Endowment Capital,  L.P. and Long Drive, L.P., each a
Delaware limited partnership (collectively, the "Limited Partnerships"),  own in
the  aggregate  no  shares of the  Common  Stock,  no par  value per share  (the
"Shares"),  of  Kirkland's,  Inc.,  a  Tennessee  corporation  (the  "Company").
Endowment Capital Group,  LLC, a Delaware limited liability company  ("Endowment
LLC"),  is the sole  general  partner of each of the Limited  Partnerships.  Mr.
Philip  C.  Timon  (the  "Reporting  Person")  is the sole  managing  member  of
Endowment  LLC. As a result,  the Reporting  Person  possesses the sole power to
vote and the sole power to direct  the  disposition  of the  Shares  held by the
Limited  Partnerships.  Thus, as of December 31, 2007,  for the purposes of Reg.
Section 240.13d-3, the Reporting Person is deemed to beneficially own no Shares,
or  approximately  0.0% of the Shares deemed issued and  outstanding  as of that
date. The Reporting  Person's interest in the Shares is limited to his pecuniary
interest, if any, in the Limited Partnerships.





CUSIP No.:  497498105

Item 1(a).  Name Of Issuer:   Kirkland's, Inc.

Item 1(b). Address of Issuer's Principal Executive Offices:
           805 North Parkway, Jackson, TN 38305


Item 2(a). Name of Person Filing:  Mr. Philip C. Timon

Item 2(b).  Address  of  Principal  Business  Office  or,  if  None,  Residence:
            1515 Market Street, Suite 2000, Philadelphia, PA 19102

Item 2(c).  Citizenship:  United States

Item 2(d).  Title of Class of Securities:  Common Stock, no par value per share

Item 2(e).  CUSIP No.:  497498105


Item 3.     If  This  Statement  Is  Filed  Pursuant  to Section 240.13d-1(b) or
            240.13d-2(b) or (c), check whether the Person Filing is a:

            Not Applicable.


Item 4.     Ownership

          (a)  Amount Beneficially Owned (as of December 31, 2007):           0*

          (b)  Percent of Class (as of December 31, 2007)                  0.0%*

          (c)  Number of Shares as to which such person has:

               (i)  sole power to vote or to direct the vote                  0*

               (ii) shared power to vote or to direct the vote                0

               (iii) sole power to dispose or to direct the
                     disposition of                                           0*

               (iv) shared power to dispose or to direct the
                    disposition of                                            0


*As of December 31, 2007,  Endowment Capital,  L.P. and Long Drive, L.P., each a
Delaware limited partnership (collectively, the "Limited Partnerships"),  own in
the  aggregate  no  shares of the  Common  Stock,  no par  value per share  (the
"Shares"),  of  Kirkland's,  Inc.,  a  Tennessee  corporation  (the  "Company").
Endowment Capital Group,  LLC, a Delaware limited liability company  ("Endowment
LLC"),  is the sole  general  partner of each of the Limited  Partnerships.  Mr.
Philip  C.  Timon  (the  "Reporting  Person")  is the sole  managing  member  of
Endowment  LLC. As a result,  the Reporting  Person  possesses the sole power to
vote and the sole power to direct  the  disposition  of the  Shares  held by the
Limited  Partnerships.  Thus, as of December 31, 2007,  for the purposes of Reg.
Section 240.13d-3, the Reporting Person is deemed to beneficially own no Shares,
or  approximately  0.0% of the Shares deemed issued and  outstanding  as of that
date. The Reporting  Person's interest in the Shares is limited to his pecuniary
interest, if any, in the Limited Partnerships.





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 the reporting  person has ceased to be the beneficial  owner of more
than five percent of the class of securities, check the following. [X]


Item 6.  Ownership of More Than Five Percent on Behalf of Another Person

         Not Applicable.


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 such  securities  and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.











                                    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.


                                           February 13, 2008


                                           /s/ Philip C. Timon
                                           -------------------------------------
                                           Philip C. Timon,  in his  capacity as
                                           sole  managing  member  of  Endowment
                                           Capital Group, LLC,  the sole general
                                           partner  of  Endowment Capital,  L.P.
                                           and Long Drive, L.P.



      Attention: Intentional misstatements or omissions of fact constitute
                Federal criminal violations (See 18 U.S.C. 1001)