NATURAL WONDERS INC
SC 13D, 1998-12-31
RETAIL STORES, NEC
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SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549

	Schedule 13D

		Under the Securities Exchange Act of 1934
	(Amendment No. 3)*

                       Natural Wonders, Inc.                     
	(Name of Issuer)

                           Common Stock                         
	(Title of Class of Securities)

	              639014109                
	(CUSIP Number)

	Centennial Associates, L.P.
	900 Third Avenue, New York, NY  10022
	(212) 753-5150
                   Attention:  Joseph H. Reich                
	(Name, Address and Telephone Number of Person
	Authorized to Receive Notices and Communications)

                         December 21, 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 [  ].

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 13d-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 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 ("Act") 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).


			(continued on following page(s))
<PAGE>

Cusip No.: 639014109                                         

1)	Name of Reporting Person and S.S. or I.R.S. Identification No. of Above 
Person: Centennial Associates, L.P.          
					 (13-2860099)                         

2)	Check the Appropriate Box if a Member of a Group
	(a) [   ]
	(b) [ X ]

3)	SEC Use Only:                                             

4)	Source of Funds:               WC                         

5)	Check if Disclosure of Legal Proceedings is Required Pursuant to Items 
2(d) or 2(e):                      [   ]

6)	Citizenship or Place of Organization:       Delaware      

	Number of		(7)  Sole Voting Power:	         829,374 
	Shares
	Beneficially	(8)  Shared Voting Power:	      -0-   
	Owned by
	Each			(9)  Sole Dispositive Power:	    829,374 
	Reporting
	Person With   (10)  Shared Dispositive Power:      -0-   

11)	Aggregate Amount Beneficially Owned by Each Reporting Person:       
829,374                                    

12)	Check if the Aggregate Amount in Row (11) Excludes Certain Shares:      
                                        [   ]

13)	Percent of Class Represented by Amount in Row (11):  10.76% 

14)	Type of Reporting Person:                PN                

<PAGE>
	This Amendment No. 3 to Schedule 13D, originally filed December 12, 1995 
(the "Schedule 13D") by Centennial Associates, L.P., relates to the common 
stock (the "Common Stock") of Natural Wonders, Inc. (the "Company"), whose 
principal executive offices are at 4209 Technology Drive, Fremont, California 
94538.  Unless otherwise indicated all capitalized terms used herein shall 
have the same meanings as set forth in the Schedule 13D.  All information 
previously disclosed in the Schedule 13D, except as set forth herein, is 
reconfirmed.
Item 3.	Source and Amount of Funds or Other Consideration.
		Item 3 of Schedule 13D is hereby supplemented by the addition of 
the following:
		The purchase price (excluding commissions, if any) of $1,024,973 
for the 245,374 shares of the Common Stock purchased by Centennial was 
furnished from contributions made to Centennial by the partners of Centennial.
Item 5.	Interest in Securities of the Issuer.
		Item 5(a) of Schedule 13D is hereby amended and restated in its 
entirety as follows:
		(a)	As of the date hereof, Centennial owns beneficially 829,374 
shares of the Common Stock, constituting approximately 10.76% of the shares 
outstanding.  The percentages used herein are based upon the 7,707,389 shares 
of Common Stock stated by the Company to be outstanding, net of treasury 
shares as of November 28, 1998 in the Company's Form 10-Q filed with the SEC 
for the quarter ended October 31, 1998.
		Item 5(c) of Schedule 13D is hereby supplemented by the addition 
of the following:		
		During the past sixty days, on the following dates Centennial 
purchased the following number of shares of Common Stock, in open market 
transactions, at the per share purchase price (excluding commissions, if any) 
set forth next to each respective transaction.
				  Number of Shares	
	Date				Purchased			($) Price Per Share
	
 
November 17, 1998		  	 5,000			  3.3125
December 3, 1998		   	 5,000			  3.6250
December 7, 1998		  	 2,700			  3.6250
December 9, 1998		  	 2,500			  3.6250
December 9, 1998		  	60,400			  3.6250
December 10, 1998		  	 1,500			  3.6250
December 16, 1998		  	 3,500			  3.6439
December 18, 1998		  	 1,000			  3.6875
December 21, 1998		  	25,000			  3.6875
December 23, 1998		  	 9,000			  3.6875
December 28, 1998		  	 2,100			  3.9900
December 30, 1998		  	13,600			  4.4048

  No other transactions in the Common Stock were effected by the Reporting 
Persons during the sixty day period ending on the date hereof.
<PAGE>
SIGNATURES
		After reasonable inquiry and to the best of our knowledge and 
belief, the undersigned certify that the information set forth in this 
statement is true, complete and correct.

Dated:  December 31, 1998

						CENTENNIAL ASSOCIATES, L.P.

						By: /s/ Joseph H. Reich 
						    Joseph H. Reich
						    General Partner

                        
 

 
 

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