BAKER J INC
SC 13G/A, 1996-09-10
SHOE STORES
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<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
            Information Statement Pursuant to Rules 13d-1 and 13d-2
                                Amendment No. 2


                                 J. BAKER, INC.
                  --------------------------------------------
                                (Name of Issuer)



                                  COMMON STOCK
                  --------------------------------------------
                         (Title of Class of Securities)



                                   057232100
                  --------------------------------------------
                                 (CUSIP Number)



     Check the following box if a fee is being paid with this statement _______.
     (A fee is not required only if the filing 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.)



                         (Continued on following pages)

                               Page 1 of 6 Pages
<PAGE>
 
- ----------------
CUSIP NO.
057232100
- ----------------

- --------------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or  I.R.S. Identification No. of  Above Person

     Goldman, Sachs & Co.
- --------------------------------------------------------------------------

2.   Check the Appropriate Box if a Member of a Group

                                         (a) _____
                                         (b) _____
- --------------------------------------------------------------------------

3.   SEC Use Only

- --------------------------------------------------------------------------

4.   Citizenship or place of Organization
 
                        New York
- --------------------------------------------------------------------------
Number of       5  Sole Voting Power
Shares
Beneficially                0
                ----------------------------
Owned By        6  Shared Voting Power
Each
Reporting               1,449,008
                ---------------------------- 
Person With     7  Sole Dispositive Power

                            0
                ----------------------------
                8  Shared Dispositive Power

                        1,449,008
                ----------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person

     1,449,008
- --------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- --------------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (9)

     10.4%
- --------------------------------------------------------------------------
12.  Type of Reporting Person

     RD-PN-LA
- --------------------------------------------------------------------------

                               Page 2 of 6 Pages
<PAGE>
 
- --------------------
CUSIP NO.
057232100
- --------------------
- --------------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or I.R.S. Identification No. of Above Person

     The Goldman Sachs Group, L.P.     

- --------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                         (a) _____
                                         (b) _____

- --------------------------------------------------------------------------
3.   SEC Use Only

- --------------------------------------------------------------------------

4.   Citizenship or place of Organization
 
                        Delaware
- --------------------------------------------------------------------------
Number of       5  Sole Voting Power
Shares
Beneficially                0
Owned By           ----------------------------
Each            6  Shared Voting Power
Reporting 
Person With             1,449,008
                   ----------------------------
                7  Sole Dispositive Power

                            0
                   ----------------------------
                8  Shared Dispositive Power

                        1,449,008
                   ----------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person

      1,449,008
     ---------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

     ---------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (9)

      10.4%
     ---------------------------------------------------------------------
12.  Type of Reporting Person

        HC-PN
     ---------------------------------------------------------------------

                               Page 3 of 6 Pages
<PAGE>
- -------------- 
CUSIP NO.
057232100
- -------------- 


- -------------------------------------------------------------------
1.   Name of Reporting Person
     S.S. or I.R.S. Identification No. of Above Person
     Goldman Sachs Equity Portfolios, Inc. on behalf
     Goldman Sachs Small Cap Equity Fund

- -------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group

                                         (a) _____
                                         (b) _____

- -------------------------------------------------------------------
3.   SEC Use Only


- -------------------------------------------------------------------
4.   Citizenship or place of Organization

         Maryland
- -------------------------------------------------------------------

<TABLE>
<CAPTION>
 
<S>             <C><C>
Number of       5  Sole Voting Power
Shares
Beneficially                0
                   ----------------------
Owned By        6  Shared Voting Power
Each
Reporting                       1,131,708
                   ----------------------
Person With     7  Sole Dispositive Power

                            0
                   ----------------------
                8  Shared Dispositive Power

                       1,131,708
                   -----------------------
</TABLE> 

9.   Aggregate Amount Beneficially Owned by Each Reporting Person

      1,131,708
- -------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares

- -------------------------------------------------------------------
11.  Percent of Class Representing by Amount in Row (9)

      8.1%
- -------------------------------------------------------------------
12.  Type of Reporting Person

        IC
- -------------------------------------------------------------------

                               Page 4 of 6 Pages
<PAGE>
 
     Item 4.       Ownership.

             (a).  Amount beneficially owned:
                   See the response(s) to Item 9 on the attached cover page(s).

             (b).  Percent of class:
                   See the response(s) to Item 11 on the attached cover page(s).

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

                   (i)   Sole power to vote or to direct the vote:
                               See the response(s) to Item 5 on the attached
                               cover page(s).

                   (ii)  Shared power to vote or direct the vote:
                               See the response(s) to Item 6 on the attached
                               cover page(s).

                   (iii) Sole power to dispose or to direct the disposition of:
                               See the response(s) to Item 7 on the attached
                               cover page(s).

                   (iv)  Shared power to dispose or to direct the disposition 
                          of: 
                               See the response(s) to Item 8 on the attached
                               cover page(s).



     Item 10.      Certification.

                   By signing below I certify that, to the best of my knowledge
                   and belief, the securities referred to above were acquired in
                   the ordinary course of business and were not acquired for the
                   purpose of and do not have the effect of changing or
                   influencing the control of the issuer of such securities and
                   were not acquired in connection with or as a participant in
                   any transaction having such purpose or effect.

                                  Page 5 of 6
<PAGE>
 
                                   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.



Date:  September 10, 1996



GOLDMAN SACHS EQUITY PORTFOLIOS,    THE GOLDMAN SACHS GROUP, L.P.
INC. on Behalf of Goldman Sachs
Small Cap Equity Fund               By: /s/ John P. McNulty
                                       --------------------------
                                        Name:  John P. McNulty
By: /s/ Michael J. Richman              Title: General Partner
   -----------------------                                     
Name: Michael J. Richman
Title: Secretary                    GOLDMAN, SACHS & CO.

                                    By: /s/ John P. McNulty
                                       --------------------------
                                    Name:  John P. McNulty
                                    Title: General Partner






                               Page 6 of 6 Pages


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