ARTRA GROUP INC
NT 10-Q, 1996-05-09
COSTUME JEWELRY & NOVELTIES
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 12b-25

                          NOTIFICATION OF LATE FILING
(Check One):[ ]Form 10-K [ ]Form 20-F [ ]Form 1l-K [X]Form 10-Q [ ]Form N-SAR

For Period Ended: March 28, 1996
[ ] Transition Report on Form 10-K                          SEC FILE NUMBER
[ ] Transition Report on Form 20-F                               1-3916
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q                            CUSIP NUMBER
[ ] Transition Report on Form N-SAR                            043147 10 7
For the Transition Period Ended:

  Read Instruction {on back page) Before Preparing Form. Please Print or Type.
    Nothing in this form shall be construed to imply that the Commission has
                   verified any information contained herein.

If the notification  relates to a portion of the filing checked above,  identify
the Item(s) to which the notification relates:

PART I - REGISTRANT INFORMATION

                            ARTRA GROUP INCORPORATED
                            ------------------------
                            Full Name of Registrant


                           -------------------------
                           Former Name if Applicable
 
                        
                               500 Central Avenue
           ---------------------------------------------------------
           Address of Principal Executive Office (Street and Number)


                              Northfield, IL 60093
                            ------------------------  
                            City, State and Zip Code

PART II - RULES 12b-25(b) AND (c)

If the subject report could not be filed without  unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)

                            (a)  The reasons  described in reasonable  detail in
                                 Part III of this form  could not be  eliminated
                                 without unreasonable effort or expense;
                            (b)  The subject annual report,  semi-annual report,
                                 transition  report on Form 10-K,  Form 20-F,  I
                                 I-K, Form N-SAR,  or portion  thereof,  will be
                                 filed on or before the fifteenth calendar day
                  [X]            following  the  prescribed  due  date;  or  the
                                 subject  quarterly report of transition  report
                                 on Form 10-Q, or portion  thereof will be filed
                                 on or before the fifth  calendar day  following
                                 the prescribed due date; and
                            (c)  The  accountant's  statement  or other  exhibit
                                 required by Rule 12b-25(c) has been attached if
                                 applicable.
<PAGE>

PART III - NARRATIVE

State below in  reasonable  detail the reasons  why the Form 10-K,  11-K,  10-Q,
N-SAR, or the transition  report or portion  thereof,  could not be filed within
the prescribed time period. (Attach Extra Sheets if Needed)

In order to properly reflect the effect of certain transactions in its financial
statements,  the  Company is unable to timely file its Form 10-Q for the quarter
ended Narch 28, 1996.


PART IV--OTHER INFORMATION

(1)      Name and telephone number of person to contact in regard to this
         notification

         JAMES D. DOERING              847             441-6650
         ----------------           ---------       ----------------
             (Name)                (Area Code)     (Telephone Number)


(2)      Have all other periodic  reports  required under Section 13 or 15(d) of
         the  Securities  Exchange  Act of 1934 or Section 30 of the  Investment
         Company  Act of 1940  during  the  preceding  12  months  (or for  such
         shorter)  period that the registrant was required to file such reports)
         been filed? If answer is no, identify report(s).
                                [ X] Yes [   ] No


(3)      Is it anticipated that any significant  change in results of operations
         from  the  corresponding  period  for  the  last  fiscal  year  will be
         reflected  by the  earnings  statements  to be  included in the subject
         report or portion thereof?
                                [ X] Yes [  ] No

         If  so,  attach  an  explanation  of  the  anticipated   change,   both
         narratively and quantitatively,  and, if appropriate, state the reasons
         why a reasonable estimate of the results cannot be made.



                            ARTRA GROUP INCORPORATED
                  (Name of Registrant as Specified in Charter)

has  caused  this  notification  to be signed on its  behalf by the  undersigned
hereunto duly authorized.


Date:  May 9, 1996                    By       JAMES D. DOERING
                                               ----------------
                                               JAMES D. DOERING


INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly  authorized  representative.  The name and title of the person
signing  the form  shall  be typed or  printed  beneath  the  signature.  If the
statement is signed on behalf of the registrant by an authorized  representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.

                                   ATTENTION
   Intentional misstatements or omissions of fact constitute Federal Criminal
                        Violations (See 18 U.S.C. 1001).

<PAGE>

     The Company expects to report earnings from operations for the three months
     ended March 28, 1996 as  compared to a loss from  operations  for the three
     months ended March 30, 1995,  principally  due to improved  1996  operating
     results at the Company's Bagcraft subsidiary.



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