U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Apollo Investment Fund III, L.P.
c/o Apollo Advisors II, L.P.
Two Manhattanville Road
Purchase, NY 10577
USA
2. Date of Event Requiring Statement (Month/Day/Year)
July 1, 1996
3. IRS or Social Security Number of Reporting Person (Voluntary)
133830527
4. Issuer Name and Ticker or Trading Symbol
Levitz Furniture Incorporated
LFI
5. Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director (X) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
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<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship: | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C>
Warrants (1) |7/1/96 |7/1/2001 |Common Stock, $.01 par |4,558,132|$4.125 |D (2) | |
| | |value | | | | |
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</TABLE>
Explanation of Responses:
(1) Apollo Investment Fund III, L.P. (the "Reporting Entity") acquired
warrants ("Warrants") to purchase common stock, $.01 par value ("Common
Stock") of Levitz Furniture Incorporated (the "Company") in connection with
financing provided to subsidiaries of the Company.
(2) Apollo Advisors II, L.P. ("Advisors") is the general partner of the
Reporting Entity. Apollo Capital Management II, Inc. ("Capital") is the
general partner of Advisors. Apollo Management, L.P. ("Management") serves
as manager of and runs the day-to-day operations of the Reporting Entity.
Messrs. Leon D. Black and John J. Hannan are executive officers and directors
of Capital. Mr. Black is the President and director of AIF III
Management Inc., the general partner of Management. Messrs. Black and Hannan
each disclaim beneficial ownership of the Warrants and underlying
shares of Common Stock.
SIGNATURE OF REPORTING PERSON
By: APOLLO INVESTMENT FUND III, L.P.
By: Apollo Advisors II, L.P., its General Partner
By: Apollo Management II, Inc., its General Partner
By: /s/ Michael D. Weiner
Name: Michael D. Weiner
Title: Vice President
DATE
July 11, 1996
