U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q/A
(Mark One)

[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
1934 For the quarterly period ended May 31, 2000

[ ] Transition  report under Section 13 or 15(d) of the Securities  Exchange Act
of 1934 For the transition period from to

                          Commission File Number 1-8509

                           NANTUCKET INDUSTRIES, INC.

               (Exact Name of Issuer as Specified in Its Charter)

            Delaware                                      58-0962699
 (State or other jurisdiction of                      (I.R.S. Employer
 Incorporation or Organization)                       Identification No.)

                  73 Fifth Avenue, Suite 6A, New York, NY 10003
                    (Address of Principal executive offices)

                                 (917) 853-0475
                (Issuer's telephone number, including area code)

                                   ----------

         (Former Name, Former Address and Former Fiscal Year, if Changed
                                Since Last Report

Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period  that the  issuer was  required  to file such  reports)  and (2) has been
subject to such filing requirements for the past 90 days.
Yes X   No___

                      APPLICABLE ONLY TO CORPORATE ISSUERS

As of July 15, 2000, the Registrant had outstanding  3,238,796  shares of common
stock not including 3,052 shares classified as Treasury Stock.


                                       1
<PAGE>

                           Nantucket Industries, Inc.
                             (Debtor-in-Possession)

                                   ----------

                                TABLE OF CONTENTS
PART I

Item 1 - Financial Information (unaudited)                           Page
                                                                     ----

         Nantucket Industries, Inc. and Subsidiaries
           Consolidated Balance Sheet as of
             May 31, 2000.............................................. 3

         Consolidated Statements of Operations
           for the three month periods
             ended May 31, 2000 and May 29, 1999........................4

         Consolidated Statements of Cash Flows
           for the three-month periods
             ended May 31, 2000 and May 29, 1999........................5

         Notes to Financial Statements..................................6

      The financial  statements  are unaudited.  However,  the management of the
issuer  believes  that all  necessary  adjustments  (which  include  only normal
recurring  adjustments)  have been  reflected  to present  fairly the  financial
position of  registrant  at May 31, 2000 and the results of its  operations  and
changes in its financial position for the three month periods ended May 31, 2000
and May 29, 1999.


                                       2
<PAGE>

                   Nantucket Industries, Inc. and Subsidiaries
                             (Debtor-in-Possession)

                           CONSOLIDATED BALANCE SHEETS
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                                         May 31,         February 27,
                                                                                          2000               2000
                                                                                      -------------      ------------
                                                                                       (unaudited)           (1)
                                 Assets
<S>                                                                                   <C>                <C>
CURRENT ASSETS
   Cash                                                                               $       1,452      $      1,452
   Accounts receivable
   Inventories
   Other current assets                                                                      20,331            20,331
                                                                                      -------------      ------------
              Total current assets                                                           21,783            21,783
                                                                                      -------------      ------------
Property, plant and equipment, net                                                                0                 0
Other assets, net                                                                                 0                 0
                                                                                      -------------      ------------
                                                                                      $      21,783      $     21,783
                                                                                      =============      ============
              LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
   Convertible subordinated debentures                                                $     826,825      $    826,825
   Current portion of capital lease obligations                                              93,070            93,070
   Accounts payable                                                                         244,764           244,764
   Accrued salaries and employee benefits                                                    11,031            11,031
   Accrued unusual charge                                                                    77,083            77,083
   Accrued expenses and other liabilities                                                   129,515           129,515
   Accrued royalties                                                                        319,048           319,048
                                                                                      -------------      ------------
              Total current liabilities                                                   1,701,356         1,701,356
CAPITAL LEASE OBLIGATIONS, NET OF CURRENT PORTION                                                 0                 0
                                                                                          1,701,356         1,701,356
                                                                                      -------------      ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
   Preferred stock, $.10 par value; 500,000 shares authorized, of which
      5,000 shares have been designated as non-voting with liquidating
      preference of $200 per share and are issued and outstanding                               500               500
   Common stock, $.10 par value; authorized 20,000,000 shares;
      issued 3,241,848                                                                      324,185           324,185
   Additional paid-in capital                                                            12,539,503        12,539,503
   Deferred issuance cost                                                                   (61,069)          (61,069)
   Accumulated deficit                                                                  (14,462,755)      (14,462,755)
                                                                                      -------------      ------------
                                                                                         (1,659,636)       (1,659,636)
   Less 3,052 shares of common stock held in treasury, at cost                               19,937            19,937
                                                                                      -------------      -----------
                                                                                         (1,679,573)       (1,679,573)
                                                                                      -------------      ------------
                                                                                      $      21,783      $     21,783
                                                                                      =============      ============
</TABLE>

(1) Derived from audited financial statements.

The accompanying notes are an integral part of these statements.


                                       3
<PAGE>

                   Nantucket Industries, Inc. and Subsidiaries
                             (Debtor-in-Possession)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)


                                                         May 31,       May 29,
                                                          2000          1999
                                                     -----------     ----------
  Net sales                                           $        0     $2,182,275
  Cost of sales                                                0      1,496,609
                                                     -----------     ----------

                Gross profit                                   0        685,666
                                                     -----------     ----------

  Selling, general and administrative expenses                 0        658,825
                                                     -----------     ----------

                Operating (loss) profit                        0         26,841
                                                     -----------     ----------

  Other income                                                 0              0
  Interest expense                                             0        (95,592)
                                                     -----------     ----------

                Net income (loss)                              0        (68,751)
                                                     -----------     ----------
  Net income (loss) per share - basic and diluted                         (0.02)
                                                     -----------     ----------
  Weighted average common shares outstanding           3,238,796      3,238,796
                                                     ===========     ==========

The accompanying notes are an integral part of these statements.


                                       4
<PAGE>

                   Nantucket Industries, Inc. and Subsidiaries
                             (Debtor-in-Possession)

                      Consolidated Statements of Cash Flows
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                                     Thirteen Weeks Ended
                                                                                ------------------------------
                                                                                      May 31,         May 29,
                                                                                       2000            1999
                                                                                    --------          -------
   <S>                                                                              <C>              <C>
   Cash flows from operating activities:
     Net (loss) earnings                                                            $      0         $ (68,751)
     Adjustments to reconcile net (loss) income
        to net cash (used in) provided by operating activities:
          Depreciation and amortization                                                    0            58,453
          Provision for doubtful accounts                                                  0             7,489
          Gain on sale of fixed assets                                                     0                 0
          Provision for obsolete and slow-moving inventory                                 0                 0
          (Increase) decrease in assets
             Accounts receivable                                                           0          (819,214)
             Inventories                                                                   0           378,109
             Other current assets                                                          0           (66,492)
          Increase (decrease) in liabilities
             Accounts payable                                                              0           197,843
             Accrued expenses and other liabilities                                        0           (81,671)
             Accrued unusual charge                                                        0            (8,333)
                                                                                    --------          --------
                Net cash (used in) provided by operating activities                        0          (402,567)
                                                                                    --------          --------
  Cash flows from investing activities
     (Additions) removals to property, plant and equipment                                 0            (5,186)
     Proceeds from sale of fixed assets                                                    0                 0
     Decrease in other assets                                                              0                 0
                                                                                    --------          --------
                Net cash used in investing activities                                      0            (5,186)
                                                                                    --------          --------
  Cash flows from financing activities
     Repayments under line of credit agreement, net                                        0                 0
     Payments of capital lease obligations                                                 0           (13,671)
     Repayments of long-term debt                                                          0                 0
                                                                                    --------          --------
                Net cash used in financing activities                                      0           (13,671)
                                                                                    --------          --------
                  NET (DECREASE) INCREASE IN CASH                                          0          (421,424)

  Cash at beginning of period                                                              0           622,268
                                                                                    --------          --------
  Cash at end of period                                                             $      0          $200,844
                                                                                    ========          ========

  SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
     Cash paid during the period:
        Interest                                                                    $      0           $ 3,119
                                                                                    ========          ========
        Income taxes                                                                $      0                $0
                                                                                    ========          ========
</TABLE>

The accompanying notes are an integral part of these statements.

                                       5
<PAGE>

                   NANTUCKET INDUSTRIES, INC.AND SUBSIDIARIES
                   ------------------------------------------
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------
               THIRTEEN WEEKS ENDED MAY 31, 2000 AND MAY 29, 1999
               --------------------------------------------------
                                   (unaudited)

      The following notes to the  consolidated  financial  statements  should be
read in light of the following:

      As a  result  of the  following,  all  information  which  appears  in the
financial statements included in this report, is purely historical and will have
no impact on future  operations  and results,  if any. For an explanation of the
Company's  historical  accounting  policies  and data,  reference is made to the
Notes to the Financial  Statements  included in the  Company's  annual report on
Form 10-K for the fiscal year ended February 27, 2000.

      The Company experienced significant losses from operations in recent years
which resulted in severe cash flow deficiencies.  As a result of such losses and
the Company's  inability to raise  financing to continue  operations,  it became
insolvent and, finally, it terminated all business operations in October 1999.

      On March 3, 2000, the Company filed a Voluntary  Petition under Chapter 11
of the  United  States  Bankruptcy  Code in the U.S.  Bankruptcy  Court  for the
Southern District of New York. The goal of the projected  reorganization will be
for the Company and each of its  subsidiaries  to be merged with,  or to acquire
the assets or the capital stock of,  existing  businesses,  or to effect similar
business  combinations.  No  assurance  can be  given  that  this  goal  will be
achieved. Management will have sole discretion to determine which businesses, if
any,  may be  merged  or  acquired,  as  well  as the  terms  of any  merger  or
acquisition.  The Plan of  Reorganization  and the Disclosure  Statement,  which
Management  intends to file with the  Bankruptcy  Court,  will  propose that the
Company  acquire,  in  a  "reverse  acquisition",   Accutone  Inc.,  a  Delaware
Corporation  ("Accutone")  controlled by John H. Treglia,  the Company's current
president. In a "reverse acquisition",  the shareholders of the company which is
acquired (in this case,  Accutone) will end up owning the  preponderance  of the
issued and  outstanding  capital stock of the company which was the acquirer (in
this case,  Nantucket  Industries,  Inc.). Before it can be put into effect, the
proposed  Plan of  Reorganization  will  have to be  approved  by the  Company's
creditors, confirmed by the Bankruptcy Court, and not objected to after the fact
by  the  court-appointed  Trustee  for  the  Creditors.  A  hearing  before  the
Bankruptcy  Court with  respect to the  aforesaid  is  currently  scheduled  for
September 7, 2000. Management is completely unable to predict or to even venture
an opinion as to whether all such required  approvals and confirmations  will be
forthcoming.  As a result, no prediction can be made with respect to whether the
reverse  acquisition  of  Accutone by the  Company  will ever take place.  If it
should  occur,  such  acquisition  would not be considered to be an arm's length
transaction. While any transaction between the Company and any of its affiliates
could  present  management  with a conflict of interest,  it is the intention of
management that if such  transaction  should occur, the


                                       6
<PAGE>

terms thereof will be no less beneficial to the Company than if such transaction
had been effected on an arms length basis.  If a Plan of  Reorganization  is not
confirmed by the Bankruptcy  Court, or is confirmed,  but management is not able
to  successfully  complete a merger or  acquisition,  the Company  will cease to
exist.


                                       7
<PAGE>

                                   SIGNATURES

      In accordance  with the  requirements  of the Exchange Act, the registrant
has caused this report to be signed on its behalf by the  undersigned  thereunto
duly authorized.


                                        NANTUCKET INDUSTRIES, INC.

Date: August 15, 2000                   By /s/ John H. Treglia
                                          --------------------------------------
                                          John H. Treglia,
                                          President, Secretary and CFO

Date: August 15, 2000                   By /s/ Marsha C. Ellis
                                          --------------------------------------
                                          Marsha C. Ellis,
                                          Treasurer and Chief Accounting Officer


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