ROSES HOLDINGS INC
SC 13D/A, 1999-03-23
VARIETY STORES
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                              WASHINGTON, DC 20549

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

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934

                               (Amendment No. 5)1

                              ROSE'S HOLDINGS, INC.
- --------------------------------------------------------------------------------

                                (Name of issuer)

                           COMMON STOCK, NO PAR VALUE
- --------------------------------------------------------------------------------

                         (Title of class of securities)

                                    777764309
- --------------------------------------------------------------------------------

                                 (CUSIP number)

                              STEVEN WOLOSKY, ESQ.
                 OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
                                 505 Park Avenue
                            New York, New York 10022
                                 (212) 753-7200
- --------------------------------------------------------------------------------

                  (Name, address and telephone number of person
                authorized to receive notices and communications)

                                November 12, 1998
- --------------------------------------------------------------------------------

             (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
/ /.

         Note. six copies of this statement,  including all exhibits,  should be
filed with the  Commission.  See Rule 13d- 1(a) for other parties to whom copies
are to be sent.

                         (Continued on following pages)

                               (Page 1 of 6 Pages)

- --------
     1 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 disclosures 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 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).


<PAGE>
- ------------------------------                       ---------------------------
CUSIP No. 777764309                     13D          Page 2 of 6 Pages
- ------------------------------                       ---------------------------

================================================================================
     1       NAME OF REPORTING PERSONS
             S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

                                                STEEL PARTNERS II, L.P.

- --------------------------------------------------------------------------------
     2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a)/ /
                                                                         (b)/ /
- --------------------------------------------------------------------------------
     3       SEC USE ONLY

- --------------------------------------------------------------------------------
     4       SOURCE OF FUNDS*
                      WC, 00
- --------------------------------------------------------------------------------
     5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
             PURSUANT TO ITEM 2(d) OR 2(e)                                  / /
- --------------------------------------------------------------------------------
     6       CITIZENSHIP OR PLACE OR ORGANIZATION

                      DELAWARE
- --------------------------------------------------------------------------------
 NUMBER OF           7         SOLE VOTING POWER
   SHARES
BENEFICIALLY                            1,108,154**
  OWNED BY
    EACH
 REPORTING
PERSON WITH
               -----------------------------------------------------------------
                     8         SHARED VOTING POWER

                                        -0-
               -----------------------------------------------------------------
                     9         SOLE DISPOSITIVE POWER

                                        1,108,154**
               -----------------------------------------------------------------
                    10         SHARED DISPOSITIVE POWER

                                        -0-
- --------------------------------------------------------------------------------
     11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
             PERSON

                      1,108,154**
- --------------------------------------------------------------------------------
     12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
             CERTAIN SHARES*                                                / /
- --------------------------------------------------------------------------------
     13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                      25.4%
- --------------------------------------------------------------------------------
     14      TYPE OF REPORTING PERSON*

                      PN
================================================================================


                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


**       Includes  39,184  shares of Common  Stock  issuable  upon  exercise  of
         warrants exercisable within 60 days hereof.



<PAGE>
- ------------------------------                       ---------------------------
CUSIP No. 777764309                     13D          Page 3 of 6 Pages
- ------------------------------                       ---------------------------

================================================================================

     1      NAME OF REPORTING PERSONS
            S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

                                                 WARREN LICHTENSTEIN
- --------------------------------------------------------------------------------
     2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*            (a)/ /
                                                                         (b)/ /
- --------------------------------------------------------------------------------
     3      SEC USE ONLY

- --------------------------------------------------------------------------------
     4      SOURCE OF FUNDS*
                     PF, 00
- --------------------------------------------------------------------------------
     5      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
            PURSUANT TO ITEM 2(d) OR 2(e)                                   / /
- --------------------------------------------------------------------------------
     6      CITIZENSHIP OR PLACE OR ORGANIZATION

                     USA
- --------------------------------------------------------------------------------
 NUMBER OF          7         SOLE VOTING POWER
   SHARES
BENEFICIALLY                           1,259,143**
  OWNED BY
    EACH
 REPORTING
PERSON WITH
                 ---------------------------------------------------------------
                    8         SHARED VOTING POWER

                                       - 0 -
                 ---------------------------------------------------------------
                    9         SOLE DISPOSITIVE POWER
                                       1,259,143**
                 ---------------------------------------------------------------
                   10         SHARED DISPOSITIVE POWER

                                       - 0 -
- --------------------------------------------------------------------------------
     11     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
            PERSON

                     1,259,143**
- --------------------------------------------------------------------------------
     12     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
            CERTAIN SHARES*                                                 / /
- --------------------------------------------------------------------------------
     13     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                     27.9%
- --------------------------------------------------------------------------------
     14     TYPE OF REPORTING PERSON*

                     IN
================================================================================

                                         *SEE INSTRUCTIONS BEFORE FILLING OUT!

**       Includes (i) 150,989  shares of Common Stock  issuable upon exercise of
         options  exercisable  within 60 days hereof and (ii)  39,184  shares of
         Common Stock issuable upon exercise of warrants  exercisable  within 60
         days hereof.




<PAGE>
- ------------------------------                       ---------------------------
CUSIP No. 777764309                     13D          Page 4 of 6 Pages
- ------------------------------                       ---------------------------


         The following  constitutes  Amendment No. 5 ("Amendment  No. 5") to the
Schedule 13D filed by the undersigned.  This Amendment No. 5 amends the Schedule
13D as specifically set forth.

                  Item 3(a) is amended to read as follows:

Item 3.           Source and Amount of Funds or Other Consideration.

         (a) The  aggregate  purchase  price of the  1,068,970  Shares of Common
Stock owned by Steel Partners II is $2,811,250. The Shares of Common Stock owned
by Steel  Partners  II were  acquired  with  partnership  funds.  The  aggregate
purchase price of the 2,500 Shares of Common Stock purchased by Mr. Lichtenstein
is $8,281 and came from his personal funds.

                  Item 5(a) is amended to read as follows:

Item 5.           Interest in Securities of the Issuer.

                  (a)  The  aggregate  percentage  of  Shares  of  Common  Stock
reported  owned by each  person  named  herein is based  upon  4,317,856  Shares
outstanding,  which is the total number of Shares of Common Stock outstanding as
reported in the Issuer's  Quarterly  Report on Form 10-Q for the fiscal  quarter
ended October 31, 1998.

                  As of the close of business on March 15, 1999,  Steel Partners
II   beneficially   owns   1,108,154   Shares  of  Common  Stock,   constituting
approximately 25.4% of the Shares outstanding. Included therein is 39,184 shares
of Common Stock  issuable  upon the exercise of warrants  within 60 days hereof.
Mr. Lichtenstein beneficially owns 1,259,143 Shares,  representing approximately
27.9%  of  the  Shares  outstanding.   Mr.  Lichtenstein  has  sole  voting  and
dispositive  power  with  respect  to the  2,500  Shares  owned  by him  and the
1,108,154  Shares owned by Steel  Partners II by virtue of his authority to vote
and dispose of such Shares.  All of such Shares (other than Shares issuable upon
exercise  of  the  Warrants)  were  acquired  in  open-market  transactions.  In
addition,  Mr.  Lichtenstein  is deemed to be the  beneficial  owner of  150,989
shares of Common Stock issuable upon the exercise of options  exercisable within
60 days  hereof,  and to have sole  voting and  dispositive  power with  respect
thereto, and holds additional options to purchase 75,000 shares of Common Stock.

                  Item 5(c) is amended by adding the following:

                  (c) Schedule A annexed  hereto lists all  transactions  in the
Issuer's  Common  Stock  since the filing of  Amendment  No. 4 by the  Reporting
Persons.



<PAGE>
- ------------------------------                       ---------------------------
CUSIP No. 777764309                     13D          Page 5 of 6 Pages
- ------------------------------                       ---------------------------



                                   SIGNATURES
                                   ----------

                  After reasonable  inquiry and to the best of his knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.


Dated:   March 19, 1999          STEEL PARTNERS II, L.P.

                                 By:      Steel Partners, L.L.C. General Partner
                           
                                 By:/s/ Warren G. Lichtenstein
                                    --------------------------------------------
                                          Warren G. Lichtenstein,
                                          Chief Executive Officer
                           
                                 /s/ Warren G. Lichtenstein
                                    --------------------------------------------
                                       WARREN G. LICHTENSTEIN


<PAGE>

- ------------------------------                       ---------------------------
CUSIP No. 777764309                     13D          Page 6 of 6 Pages
- ------------------------------                       ---------------------------


                                   SCHEDULE A

                 Transactions in the Shares Since the Filing of
                      Amendment No. 4 to the Schedule 13D


 Shares of Common                Price Per                          Date of
  Stock Purchased                  Share                            Purchase
  ---------------                  -----                            --------
                             STEEL PARTNERS II, L.P.
       2,500                      4.12250                           9/25/98
       1,500                      4.20500                           9/28/98
      13,750                      3.69342                          10/06/98
       2,500                      4.06000                          10/15/98
       4,250                      4.10250                          10/28/98
       2,250                      4.11250                          10/30/98
       7,500                      4.18500                          11/10/98
      17,875                      4.18500                          11/12/98
       1,000                      4.28500                          11/25/98
       7,250                      4.56948                          12/18/98
       6,500                      5.01096                          12/23/98
       2,000                      5.17560                          12/24/98
       1,000                      5.41000                          12/28/98
      25,000                      4.54000                           3/11/99




                               WARREN LICHTENSTEIN
                               -------------------

                                      None.





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