ORCHARD SUPPLY HARDWARE STORES CORP
SC 13D/A, 1996-03-27
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY
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<PAGE>
 
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549


                                  SCHEDULE 13D

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                             (AMENDMENT NO. 3)*  
                                           


                  Orchard Supply Hardware Stores Corporation
         -------------------------------------------------------------
                                (Name of Issuer)

                         Common Stock, $.01 Par Value
              ---------------------------------------------------
                        (Title of Class of Securities)

                                   685691107
                   -----------------------------------------
                                 (CUSIP Number)

 
                              William M. Wardlaw
                     11100 Santa Monica Blvd., Suite 1900
                    Los Angeles, CA  90025   (310) 444-1822
          -----------------------------------------------------------
           (Name, Address and Telephone Number of Person Authorized
                    to Receive Notices and Communications)
 
                                March 18, 1996
          ------------------------------------------------------------
            (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).

                                 Page 1 of 25
<PAGE>
                                 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 2 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS Equity Partners III, L.P., a Delaware limited partnership

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            1,235,416 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             1,235,416 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,235,416

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      14.0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 3 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS Equity Partners II, L.P., a California limited partnership

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      California

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            324,043 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             324,043 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      324,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      4.3%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 4 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS Equity Partners International, L.P., a Delaware limited partnership

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            44,584 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             44,584 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      44,584

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      0.5%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 5 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS&Co. International, L.P., a Cayman Islands exempted limited 
      partnership
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      Cayman Islands

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            44,584 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             44,584 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      44,584

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      0.5%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 6 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS International Holdings Limited, a Cayman Islands exempted company 
      limited by shares
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      Cayman Islands

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            44,584 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             44,584 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      44,584

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      0.5%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      CO

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 7 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      Freeman Spogli & Co., a California general partnership

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      California

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            324,043 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             324,043 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      324,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      4.3%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 8 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS Capital Partners, L.P., a California limited partnership

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      California

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            1,235,416 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             1,235,416 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,235,416

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      14.0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      PN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 9 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      FS Holdings, Inc., a California corporation,
      dba Freeman Spogli Holdings, Inc.
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [X]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      California

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            1,235,416 (See Item 5)
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             1,235,416 (See Item 5)
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,235,416

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      14.0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      CO

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 10 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      Bradford M. Freeman


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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,604,043 (See Item 5)
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,604,043 (See Item 5)
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,604,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      18.2%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 11 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      Ronald P. Spogli

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,604,043 (See Item 5)
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,604,043 (See Item 5)
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,604,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      18.2%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 12 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      William M. Wardlaw

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,604,043 (See Item 5)
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,604,043 (See Item 5)
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,604,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      18.2%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 13 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      J. Frederick Simmons

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,604,043 (See Item 5)
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,604,043 (See Item 5)
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,604,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      18.2%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 14 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      John M. Roth

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,604,043 (See Item 5)
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,604,043 (See Item 5)
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,604,043

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      18.2%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 685691107            SCHEDULE 13D              PAGE 15 OF 25 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      Charles P. Rullman, Jr.

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

- ------------------------------------------------------------------------------
      SOURCE OF FUNDS*
 4    
      WC

- ------------------------------------------------------------------------------
      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
 5    TO ITEMS 2(d) or 2(e)
                                                                    [_]   

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 6    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     7   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      8
                          1,280,000 (See Item 5)
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     9    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          10
                          1,280,000 (See Item 5)
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
      1,280,000

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12                  
                                                                    [_]
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13    
      14.5%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
14
      IN

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

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
         INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
     (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
 
Item 1.  Security and Issuer.
         ------------------- 

          No material change has occurred in the facts set forth in response to
this item of the Initial Filing, Amendment No. 1 and Amendment No. 2 to
Schedule 13D.


Item 2.  Identity and Background.
         ----------------------- 

          No material change has occurred in the facts set forth in the response
to this item of the Initial Filing, Amendment No. 1 and Amendment No. 2 to
Schedule 13D.


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

          No material change has occurred in the facts set forth in the response
to this item of the Initial Filing, Amendment No. 1 and Amendment No. 2 to
Schedule 13D.


Item 4.  Purpose of Transaction.
         ---------------------- 

          No material change has occurred in the facts set forth in the response
to this item of the Initial Filing, Amendment No. 1 and Amendment No. 2 to
Schedule 13D.


Item 5.  Interest in Securities of The Issuer.
         ------------------------------------ 

          No material change has occurred in the facts set forth in the response
to this item of the Initial Filing, Amendment No. 1 and Amendment No. 2 to
Schedule 13D, except as discussed below:

          Paragraph (a) of Item 5 of Amendment No. 2 is hereby amended and
          ----------------------------------------------------------------
restated in its entirety to read as follows:
- ------------------------------------------- 

          (a)  The percentages of outstanding Common Stock reported in this Item
5(a) are based on the assumption that there were 7,523,298 shares of Common
Stock outstanding as of March 19, 1996 with respect to FS Equity Partners II,
L.P. ("FSEP II") and Freeman Spogli & Co. ("FS&Co.") and 8,803,298 shares of
Common Stock outstanding as of March 19, 1996 with respect to the remaining
entities and individuals which assumes the conversion of 800,000 shares of 6%
Cumulative Convertible Stock, $0.01 par value per share ("Convertible Preferred
Stock") into 1,280,000 shares of Common Stock.

                                 Page 16 of 25
<PAGE>
 
          As of March 19, 1996 FSEP II held 324,043 shares of Common Stock.  As
general partner of FSEP II, FS&Co. has the sole power to vote and dispose of
such shares.  Messrs. Freeman, Simmons, Spogli, Wardlaw and Roth are general
partners of FS&Co., and as such may be deemed to be the beneficial owners of
the Common Stock indicated as beneficially owned by FS&Co.

          As of March 19, 1996, FS Equity Partners III, L.P. ("FSEP III") and FS
Equity Partners International, L.P. ("FSEP International") owned 772,135 shares
and 27,865 shares of Convertible Preferred Stock, respectively, that are
convertible into 1,235,416 shares and 44,584 shares of Common Stock,
respectively.  As general partner of FS Capital Partners, L.P., which is
general partner of FSEP III, FS Holdings, Inc. ("FS Holdings")  has the sole
power to vote and dispose of the shares owned by FSEP III.  As general partner
of FS&Co. International, L.P., which is the general partner of FSEP
International, FS International Holdings Limited ("FS International Holdings")
has the sole power to vote and dispose of the shares owned by FSEP
International.  Messrs. Freeman, Simmons, Spogli, Wardlaw, Roth and Rullman are
the sole directors, officers and shareholders of FS Holdings and FS
International Holdings, and as such may be deemed to be the beneficial owners
of the Company's Convertible Preferred Stock.

          Paragraph (c) of Items 5 of Amendment No. 1 is hereby amended and
          -----------------------------------------------------------------
supplemented as follows:
- ----------------------- 

          (c) On March 18, 1996, FSEP II and the Issuer sold 2,000,000 and
500,000 shares of Common Stock, respectively, to Montgomery Securities and
Furman Selz LLC (the "Underwriters") as part of a primary and secondary public
offering.  On March 19, 1996, the Underwriters exercised an over-allotment
option provision of the Underwriting Agreement and purchased another 375,000
shares of Common Stock from FSEP II.  All shares of Common Stock were sold for
$24.25 per share to the public.  Subtracting underwriting fees of $1.21 per
share, both the Issuer and FSEP II received total proceeds of $11,520,000 and
$54,720,000, respectively, from the offering.


Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect
         ---------------------------------------------------------------------
         to Securities of The Issuer.
         --------------------------- 

          No material change has occurred in the facts set forth in the response
to this item of the Initial Filing, Amendment No. 1 and Amendment No. 2 to
Schedule 13D, except as discussed below:

          The Filing Persons have executed a Joint Reporting Agreement dated
March 27, 1996 which is attached hereto as Exhibit 8 and incorporated herein by
                                           ---------                           
reference, pursuant to which

                                 Page 17 of 25
<PAGE>
 
they have agreed to file one joint statement of behalf of all of them with
respect to the subject matter of this Schedule 13D.

          On March 12, 1996, FSEP II, the Issuer and the Underwriters entered
into a customary underwriting agreement for the sale of 2,500,000 shares of
Common Stock, including 2,000,000 shares owned by FSEP II and 500,000 newly
issued shares, to the Underwriters pursuant to a public offering.  This
Agreement also provided for an option exercisable by the Underwriters to
purchase up to 375,000 additional shares of Common Stock from FSEP II.


Item 7.  Material to be Filed as Exhibits.
         -------------------------------- 

         The Filing Persons file as exhibits the following:

         Exhibit 8.  Joint Reporting Agreement among FSEP III, FSEP II, FSEP
         ---------                                                          
International, FS&Co. International, International Holdings, FS&Co., Capital
Partners, Holdings, Freeman, Spogli, Wardlaw, Simmons, Roth and Rullman dated
March 27, 1996 (appears at page 22).

                                 Page 18 of 25
<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.

Dated:  March 27, 1996

                                       FS EQUITY PARTNERS III, L.P.,  
                                       a Delaware limited partnership 
                                                                      
                                       By:  FS Capital Partners, L.P. 
                                       Its: General Partner           
                                                                      
                                       By:  FS Holdings, Inc.         
                                            dba Freeman Spogli Holdings, Inc.
                                       Its: General Partner                  
                                                                             
                                                                             
                                       By:  /s/ William M. Wardlaw           
                                            -------------------------------  
                                            William M. Wardlaw               
                                            Title: Vice President and Secretary
                                                                              
                                                                              
                                       FS EQUITY PARTNERS II, L.P.,           
                                       a California limited partnership       
                                                                              
                                       By:  Freeman Spogli & Co.              
                                       Its: General Partner                   
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  General Partner           
                                                                              
                                                                              
                                       FS EQUITY PARTNERS INTERNATIONAL, L.P.,
                                       a Delaware limited partnership         
                                                                              
                                       By:   FS&Co. International, L.P.       
                                       Its:  General Partner                  
                                                                              
                                       By:   FS International Holdings Limited
                                       Its:  General Partner                  
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  Vice President            

                                 Page 19 of 25
<PAGE>
 
                                       FS&Co. INTERNATIONAL, L.P.,           
                                       a Cayman Islands exempt limited       
                                       partnership                           
                                                                             
                                       By:   FS International Holdings Limited
                                       Its:  General Partner                  
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  Vice President            
                                                                              
                                                                              
                                                                              
                                       FS INTERNATIONAL HOLDINGS LIMITED,     
                                       a Cayman Islands exempt company        
                                       limited by shares                      
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  Vice President            
                                                                              
                                                                              
                                                                              
                                       FREEMAN SPOGLI & CO.,                  
                                       a California general partnership       
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title: General Partner            
                                                                              
                                                                              
                                                                              
                                       FS CAPITAL PARTNERS, L.P.,             
                                       a California limited partnership       
                                                                              
                                       By:  FS Holdings, Inc.                 
                                            dba Freeman Spogli Holdings, Inc. 
                                       Its: General Partner                   
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title: Vice President and Secretary 

                                 Page 20 of 25
<PAGE>
 
                                       FS HOLDINGS, INC.                   
                                       DBA FREEMAN SPOGLI HOLDINGS, INC.,  
                                       a California corporation            
                                                                           
                                                                           
                                       By:  /s/ William M. Wardlaw         
                                            -------------------------------
                                            William M. Wardlaw             
                                            Title: Vice President and Secretary
                                                                           
                                                                           
                                       BRADFORD M. FREEMAN                 
                                                                           
                                                                           
                                       /s/ Bradford M. Freeman             
                                       -------------------------------     
                                                                           
                                                                           
                                       RONALD P. SPOGLI                    
                                                                           
                                                                           
                                       /s/ Ronald P. Spogli                
                                       -------------------------------     
                                                                           
                                                                           
                                       WILLIAM M. WARDLAW                  
                                                                           
                                                                           
                                       /s/ William M. Wardlaw              
                                       -------------------------------     
                                                                           
                                                                           
                                       J. FREDERICK SIMMONS                
                                                                           
                                                                           
                                       /s/ J. Frederick Simmons               
                                       -------------------------------     
                                                                           
                                                                           
                                                                           
                                       JOHN M. ROTH                        
                                                                           
                                                                           
                                       /s/ John M. Roth                    
                                       -------------------------------     
                                                                           
                                                                           
                                       CHARLES P. RULLMAN, JR.             
                                                                           
                                                                           
                                       /s/ Charles P. Rullman, Jr.         
                                       ------------------------------       

                                 Page 21 of 25
<PAGE>
 
                                                                       Exhibit 8
                                                                       ---------


                           JOINT REPORTING AGREEMENT
                           -------------------------


           In consideration of the mutual covenants herein contained, each of
the parties hereto represents to and agrees with the other party as follows:

           (a) Such party is eligible to file a statement or statements on
Schedule 13D pertaining to the Common Stock, $.01 par value per share, of
Orchard Supply Hardware Stores Corporation, to which this agreement is an
exhibit, for filing of the information contained herein.

           (b) Such party is responsible for timely filing of such statement and
any amendments thereto and for the completeness and accuracy of the information
concerning such party contained herein, provided that no such party is
                                        --------                      
responsible for the completeness or accuracy of the information concerning the
other parties making the filing, unless such party knows or has reason to
believe that such information is inaccurate.

           (c) Such party agrees that such statement is filed by and on behalf
of each party and that any amendment thereto will be filed on behalf of each
such party.

           This agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original instrument, but all of such
counterparts together shall constitute but one agreement.

Dated:  March 27, 1996

                                       FS EQUITY PARTNERS III, L.P.,      
                                       a Delaware limited partnership     
                                                                          
                                       By:  FS Capital Partners, L.P.     
                                       Its: General Partner               
                                                                          
                                       By:  FS Holdings, Inc.
                                            dba Freeman Spogli Holdings, Inc.
                                       Its: General Partner                  
                                                                             
                                                                             
                                       By:  /s/ William M. Wardlaw           
                                            -------------------------------  
                                            William M. Wardlaw               
                                            Title:  Vice President           

                                 Page 22 of 25
<PAGE>
 
                                       FS EQUITY PARTNERS II, L.P.,     
                                       a California limited partnership 
                                                                        
                                       By:  Freeman Spogli & Co.        
                                       Its: General Partner             
                                                                        
                                                                        
                                       By:  /s/ William M. Wardlaw      
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  General Partner           
                                                                              
                                                                              
                                       FS EQUITY PARTNERS INTERNATIONAL, L.P.,
                                       a Delaware limited partnership         
                                                                              
                                       By:   FS&Co. International, L.P.       
                                       Its:  General Partner                  
                                                                              
                                       By:   FS International Holdings Limited
                                       Its:  General Partner                  
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  Vice President            
                                                                              
                                                                              
                                       FS&Co. INTERNATIONAL, L.P.,            
                                       a Cayman Islands exempt limited        
                                       partnership                            
                                                                              
                                       By:   FS International Holdings Limited
                                       Its:  General Partner                  
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  Vice President            
                                                                              
                                                                              
                                                                              
                                       FS INTERNATIONAL HOLDINGS LIMITED,     
                                       a Cayman Islands exempt company        
                                       limited by shares                      
                                                                              
                                                                              
                                       By:  /s/ William M. Wardlaw            
                                            -------------------------------   
                                            William M. Wardlaw                
                                            Title:  Vice President            

                                 Page 23 of 25
<PAGE>
 
                                       FREEMAN SPOGLI & CO.,                 
                                       a California general partnership      
                                                                             
                                                                             
                                       By:  /s/ William M. Wardlaw           
                                            ----------------------------     
                                            William M. Wardlaw               
                                            Title:  General Partner          
                                                                             
                                                                             
                                       FS CAPITAL PARTNERS, L.P.,            
                                       a California limited partnership      
                                                                             
                                       By:  FS Holdings, Inc.                
                                            dba Freeman Spogli Holdings, Inc.
                                       Its: General Partner                  
                                                                             
                                                                             
                                       By:  /s/ William M. Wardlaw           
                                            ----------------------------     
                                            William M. Wardlaw               
                                            Title: Vice President and Secretary
                                                                             
                                                                             
                                       FS HOLDINGS, INC.                     
                                       DBA FREEMAN SPOGLI HOLDINGS, INC.,    
                                       a California corporation              
                                                                             
                                                                             
                                       By:  /s/ William M. Wardlaw           
                                            ----------------------------     
                                            William M. Wardlaw               
                                            Title: Vice President and Secretary
                                                                             
                                                                             
                                                                             
                                       BRADFORD M. FREEMAN                   
                                                                             
                                                                             
                                       /s/ Bradford M. Freeman               
                                       ---------------------------------     
                                                                             
                                       RONALD P. SPOGLI                      
                                                                             
                                                                             
                                       /s/ Ronald P. Spogli                  
                                       ---------------------------------     
                                                                             
                                       WILLIAM M. WARDLAW                    
                                                                             
                                                                             
                                       /s/ William M. Wardlaw                
                                       ---------------------------------      

                                 Page 24 of 25
<PAGE>
 
                                       J. FREDERICK SIMMONS             
                                                                        
                                                                        
                                       /s/ J. Frederick Simmons         
                                       ---------------------------------
                                                                        
                                                                        
                                       JOHN M. ROTH                     
                                                                        
                                                                        
                                       /s/ John M. Roth                 
                                       ---------------------------------
                                                                        
                                                                        
                                       CHARLES P. RULLMAN, JR.          
                                                                        
                                                                        
                                       /s/ Charles P. Rullman, Jr.      
                                       --------------------------------- 

                                 Page 25 of 25


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