U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Teran, Alan A.
2126 Knollwood Drive
Boulder, CO U.S.A. 80302
2. Date of Event Requiring Statement (Month/Day/Year)
7/1/1998
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Good Times Restaurants Inc. GTIM
Relationship of Reporting Person to Issuer (Check all applicable)
(x) Director ( ) 10% Owner ( ) Officer (give title below)
( ) Other (specify below)
If Amendment, Date of Original (Month/Year)
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Beneficially Owned
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
Common Stock Class A |2200 |I |By Teran Enterprises |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Class A |1100 |I |By Termar Enterprises |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Class A |2200 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securities Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship: | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C>
___________________________________________________________________________________________________________________________________|
</TABLE>
Alan A. Teran
SIGNATURE OF REPORTING PERSON
/Signature/
Alan A. Teran
DATE
7/23/1998
