<PAGE>
                              AMENDMENT NO. 1  TO
                                   FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549

     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  FOR THE QUARTERLY PERIOD ENDED JULY 4, 1998
                                        
                                       OR
                                        
     [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
       FOR THE TRANSITION PERIOD FROM _______________ TO _________________

                          COMMISSION FILE NO.  0-21661
                                        

                                THE BIBB COMPANY
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
                                        

           DELAWARE                                             58-2253133
(STATE OR OTHER JURISDICTION OF                              (I.R.S. EMPLOYER
 INCORPORATION OR ORGANIZATION)                             IDENTIFICATION NO.)


     100 GALLERIA PARKWAY                                          30339
         SUITE 1750                                              (ZIP CODE)
       ATLANTA, GEORGIA
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

 
                                 (770)644-7000
              (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 __
                                                --      

     Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by court.  Yes X   No  __
                         --        

     As of July 4, 1998, there were 10,061,576 outstanding shares of the
registrant's Common Stock, par value $.01 per share, which is the only class of
common or voting stock of the registrant.
<PAGE>
 
  PART II.  OTHER INFORMATION


  ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits


     Exhibit 27.   Amended Financial Data Schedule


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<PAGE>
 
                                   SIGNATURES
                                        

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



                                 THE BIBB COMPANY
                                        


Date:   August 18, 1998          /s/ MICHAEL L. FULBRIGHT
                                 ------------------------
                                 By:  Michael L. Fulbright
                                 Chairman of the Board, President and 
                                 Chief Executive Officer
 

                                 /s/ CHARLES R. TUTTEROW
                                 -----------------------
                                 By:  Charles R. Tutterow
                                 Vice President, Chief Financial Officer,
                                 Secretary, and
                                 Principal Accounting Officer

                                       15