<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Barry's Jewelers, Inc
_______________________________________________________
(Name of Issuer)
Common Stock
_____________________________________________
(Title of Class of Securities)
06 88 91308
______________________________
(CUSIP Number)
Mr. John W. Gildea
c/o Gildea Management Company
115 East Putnam Avenue, Greenwich, Connecticut 06830
(203) 661-6945
_______________________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 11 , 1996
_______________________________________________________
(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 the 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 13-d-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 disclosure
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
<PAGE>
<PAGE>
provisions of the Act (however, see the Notes).
CUSIP NO.
068891308
_______________________________________________________
1 Name of Reporting Person(1)
S.S. or I.R.S. Identification No. of Above Person
Network Fund III, Ltd.
________________________________________________________________________________
2 Check the Appropriate Box If a member of a Group
a. [ ]
b. [ ]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds
WC
________________________________________________________________________________
5 Check Box if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
Cayman Islands, B.W.I.
________________________________________________________________________________
7 Sole Voting Power
Number of
Shares ________0_______
Beneficially 8 Shared Voting Power
Owned by
Each ________0_________
- --------
(1) Filing jointly pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended, with John W. Gildea.
<PAGE>
<PAGE>
Reporting 9 Sole Dispositive Power
Person
With ________0_________
10 Shared Dispositive Power
________525,000_____________
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
525,000
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
13.1%
________________________________________________________________________________
14 Type of Reporting Person
PN
________________________________________________________________________________
<PAGE>
<PAGE>
CUSIP NO.
068891308
_________________________________________________
1 Name of Reporting Person(2)
S.S. or I.R.S. Identification No. of Above Person
John W. Gildea
________________________________________________________________________________
2 Check the Appropriate Box If a member of a Group
a. [ ]
b. [ ]
________________________________________________________________________________
3 SEC Use Only
________________________________________________________________________________
4 Source of Funds
PF
________________________________________________________________________________
5 Check Box if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
________________________________________________________________________________
6 Citizenship or Place of Organization
United States of America
________________________________________________________________________________
7 Sole Voting Power
Number of
Shares _____70,000____________
Beneficially 8 Shared Voting Power
Owned by
Each ________0_________
Reporting 9 Sole Dispositive Power
Person
With ______70,000___________
- --------
(2) Filing jointly pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended, with Network Fund III, Ltd.
<PAGE>
<PAGE>
10 Shared Dispositive Power
_________525,000____________
________________________________________________________________________________
11 Aggregate Amount Beneficially Owned by Each Reporting Person
595,000
________________________________________________________________________________
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares
________________________________________________________________________________
13 Percent of Class Represented by Amount in Row (11)
14.9%
________________________________________________________________________________
14 Type of Reporting Person
IN
________________________________________________________________________________
<PAGE>
<PAGE>
This Amendment No. 1 to Schedule 13D amends the Schedule 13D originally
filed by the Reporting Persons.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
The following paragraph is hereby inserted in Item 6:
"Mr. John Gildea and other representatives of
Network have spoken with executive officers of
the Company concerning the possibility of
Board representation. At the present time, no
commitments or agreements have been made between
the Company and Mr. Gildea and Network. It is
possible, that at some time in the future, Mr.
Gildea or Network may request Board representation
in the Company."
SIGNATURE
After reasonable inquiry and to the best of their respective knowledge
and belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated: June 11, 1996
NETWORK FUND III, LTD.
By: /s/ John W. Gildea
__________________
John W. Gildea
Chairman
/s/ John W. Gildea
__________________
John W. Gildea
