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                                  FORM 10-Q/A
                                Amendment No. 1
                                       to
                                   Form 10-Q
    

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   (Mark one)

             (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the quarterly period ended May 2, 1997

                                       OR

            ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                          Commission File No. 0-13076

                              LOT$OFF CORPORATION
                          (F/K/A 50-OFF STORES, INC.)


             DELAWARE                                     74-2640559
----------------------------------------          -----------------------------
   (State or other jurisdiction                         (I.R.S. Employer
        of incorporation or                            Identification No.)
           organization                                             


8750 Tesoro Drive, San Antonio, Texas                     78217-0555
----------------------------------------          -----------------------------
(Address of principal executive offices)                  (Zip Code)


                           Telephone: (210) 805-9300
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes  X     No 
                                              ---       ---

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

12,200,915 shares of the Registrant's old common stock were outstanding at May
2, 1997.


855,320 shares of the Registrant's new common stock were outstanding at June
18, 1997.

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

   
LOT$OFF Corporation hereby amends the following items, financial statements,
exhibits or other portions of its Quarterly Report on Form 10-Q for the
quarterly period ended May 2, 1997 by amending Part I, Item 1 -- Financial
Statements (Liabilities and Stockholder's (Deficit) Equity for January 31,
1997). Part II, Item 6. Exhibits (Exhibit 27 for name change).
    

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                     LOT$OFF CORPORATION AND SUBSIDIARIES
      (F/K/A 50-OFF STORES, INC. AND SUBSIDIARIES - DEBTOR-IN-POSSESSION)

                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)

                 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY


   
<TABLE>
<CAPTION>
                                           May 2, 1997      January 31, 1997      May 3, 1996
                                         --------------     ----------------     --------------
<S>                                      <C>                 <C>                 <C>           
CURRENT LIABILITIES:
   Credit facility                       $    7,660,908       $ 5,396,580          $         --
   Accounts payable-trade                     1,747,773         1,381,708             9,705,104
   Accounts payable-other                     2,278,479         2,032,512             4,809,516
   Accrued expenses and
      other current liabilities               1,823,620         1,757,468             4,104,654
   Current portion of closed store
      costs                                        --                  --             1,001,449
   Current portion of long-term debt               --             266,667             1,063,273
                                         --------------      ------------         --------------
TOTAL CURRENT LIABILITIES                    13,510,780        10,834,935            20,683,996

CREDIT FACILITY, refinanced                        --                --              10,109,405
LONG-TERM DEBT, less
   current portion                                 --                --               4,014,674
NOTES PAYABLE - VENDORS                            --                --               2,631,658

LIABILITIES SUBJECT TO COMPROMISE                  --          30,250,544                  --
COMMITMENTS AND CONTINGENCIES                30,193,052                                    --
STOCKHOLDERS' (DEFICIT) EQUITY:
   Common stock                                 122,009           122,009               122,009
   Additional paid-in capital                36,022,264        36,022,264            36,022,264
   Subscription receivable                   (3,991,050)       (3,991,050)           (3,991,050)
   Accumulated deficit                      (56,210,289)      (53,983,966)          (15,275,633)
                                         --------------      ------------        --------------
TOTAL STOCKHOLDERS' EQUITY                  (24,057,066)      (21,830,743)           16,877,590
                                         --------------      ------------        --------------
TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY                  $  (19,646,766)     $ 19,254,736        $   54,317,323
                                         ==============      ============        ==============
</TABLE>
    





  See accompanying notes to these condensed consolidated financial statements.




                                      -4-

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                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized:



                                        LOT$OFF CORPORATION


   
    


                                        By:  /s/ James G. Scogin
                                             ----------------------------------
                                             James G. Scogin, Vice-President, 
                                             Controller, Chief Accounting 
                                             Officer, Treasurer and Secretary

   
                                             Date: June 23, 1997