WEBFINANCIAL CORP
SC 13D/A, 2000-09-22
VARIETY STORES
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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

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

                                  SCHEDULE 13D
                                 (Rule 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                               (Amendment No. 6)1

                            WEBFINANCIAL CORPORATION
--------------------------------------------------------------------------------
                                (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)

                               September 15, 2000
--------------------------------------------------------------------------------
             (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(e),  13d-1(f) or 13d-1(g),  check the
following box / /.

         Note.  Schedules  filed in paper format shall include a signed original
and five copies of the  schedule,  including  all  exhibits.  See Rule 13d-7 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, OO
--------------------------------------------------------------------------------
     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                    1,251,139**
  OWNED BY
    EACH       -----------------------------------------------------------------
 REPORTING
PERSON WITH
                   8      SHARED VOTING POWER

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

                                1,251,139**
               -----------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

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

                     1,251,139**
--------------------------------------------------------------------------------
     12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
               CERTAIN SHARES*                                               |_|
--------------------------------------------------------------------------------
     13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                     28.7%
--------------------------------------------------------------------------------
     14        TYPE OF REPORTING PERSON*

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

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


** Includes 78,369 shares of Common Stock issuable upon exercise of warrants.



<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                    1,478,597**
  OWNED BY
    EACH
 REPORTING     -----------------------------------------------------------------
PERSON WITH
                   8      SHARED VOTING POWER

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

                                1,478,597**
               -----------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

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

                     1,478,597**
--------------------------------------------------------------------------------
     12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
               EXCLUDES CERTAIN SHARES*                                      |_|
--------------------------------------------------------------------------------
     13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW
               (11)

                     34%
--------------------------------------------------------------------------------
     14        TYPE OF REPORTING PERSON*

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

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

** Includes (i) 227,458 shares of Common Stock issuable upon exercise of options
and (ii) 78,369 shares of Common Stock issuable upon exercise of warrants.

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


         The following  constitutes  Amendment No. 6 ("Amendment  No. 6") to the
Schedule 13D filed by the undersigned.  This Amendment No. 6 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 1,172,770 Shares of Common
Stock owned by Steel Partners II is $3,178,139. 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  4,354,280  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 June 30, 2000.

                  As of the close of  business  on  September  15,  2000,  Steel
Partners II  beneficially  owns 1,251,139  Shares of Common Stock,  constituting
approximately 28.7% of the Shares outstanding. Included therein is 78,369 shares
of Common  Stock  issuable  upon the  exercise  of  warrants.  Mr.  Lichtenstein
beneficially owns 1,478,597 Shares, representing approximately 34% of the Shares
outstanding. Mr. Lichtenstein has sole voting and dispositive power with respect
to the  2,500  Shares  owned  by him and the  1,251,139  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 227,458  shares of Common Stock  issuable  upon the
exercise of options.

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

                  (c) Schedule A annexed  hereto lists all  transactions  in the
Issuer's Common Stock in the last sixty (60) days.

<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:  September 22, 2000             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 in the Last Sixty (60) Days


     Shares of
       Common                      Price Per                 Date of
  Stock Purchased                  Share($)                  Purchase
  ---------------                  --------                  --------
                             STEEL PARTNERS II, L.P.
                             -----------------------

      3,600                        3.62375                   8/31/00
     16,000                        3.67500                   9/01/00
      3,700                        3.71570                   9/05/00
      9,700                        3.66500                   9/08/00
      4,000                        3.57130                   9/11/00
        800                        3.60250                   9/13/00
     20,000                        3.07130                   9/15/00



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

                                      None.




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