<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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


                                   FORM 10 - Q

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

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




 For the Quarter Ended November 1,1997             Commission File No. 1-6695
-----------------------------------------          ---------------------------


                         FABRI-CENTERS OF AMERICA, INC.
-------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)



            Ohio                                          34-0720629
------------------------------------     --------------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

        5555 Darrow Road
          Hudson, Ohio                                          44236
------------------------------------     --------------------------------------
(Address of principal executive offices)                      (Zip Code)

      (330) 656 - 2600
------------------------------------
(Registrant's telephone number)

         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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

   Shares of Class A Common Stock outstanding at November 28, 1997: 9,365,871

   Shares of Class B Common Stock outstanding at November 28, 1997: 9,255,107


<PAGE>   2



FABRI-CENTERS OF AMERICA, INC.
Form 10-Q Index
For the quarter ended November 1, 1997
-------------------------------------------------------------------------------

<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION:                                                        Page Numbers
<S>                                                                                       <C>
        Item 1. Financial Statements (Unaudited)

                Consolidated Balance Sheets as of November 1, 1997 and February 1, 1997        3

                Consolidated Statements of Income for the Thirteen and Thirty-Nine Weeks
                Ended November 1, 1997 and October 26, 1996                                    4

                Consolidated Statements of Cash Flows for the Thirty-Nine Weeks
                Ended November 1, 1997 and October 26, 1996                                    5

                Notes to Consolidated Financial Statements                                    6-8

        Item 2. Management's Discussion and Analysis of Financial Condition
                and Results of Operations                                                    9-11

PART II. OTHER INFORMATION

        Item 5. Other Events                                                                   12

        Item 6. Exhibits and Reports on Form 8-K                                               12

        Signatures                                                                             13
</TABLE>

                                     Page 2

<PAGE>   3



                          PART I FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Fabri-Centers of America, Inc.
(Thousands of dollars)
<TABLE>
<CAPTION>

                                                                           November 1,     February 1,
                                                                               1997            1997
-------------------------------------------------------------------------------------------------------
<S>                                                                           <C>           <C>      
ASSETS
Current assets:
   Cash and cash equivalents                                                  $  19,480     $  12,631
   Merchandise inventories                                                      327,700       296,104
   Prepaid expenses and other current assets                                     11,843         9,532
                                                                              ---------     ---------    
Total current assets                                                            359,023       318,267
Property and equipment, at cost:
   Land                                                                           1,792         1,709
   Buildings                                                                     26,902        23,905
   Furniture and fixtures                                                       123,205       108,684
   Leasehold improvements                                                        48,026        42,118
                                                                              ---------     ---------    
                                                                                199,925       176,416
   Less accumulated depreciation and amortization                                94,368        81,798
                                                                              ---------     ---------    
                                                                                105,557        94,618
Mortgage receivable                                                               6,939         7,136
Other assets                                                                      9,484         9,159
                                                                              ---------     ---------    
Total assets                                                                  $ 481,003     $ 429,180
                                                                              =========     =========    

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable                                                           $ 134,159     $  99,458
   Accrued expenses                                                              21,421        28,898
   Accrued income taxes                                                             489        10,697
   Deferred income taxes                                                          3,469         2,167
                                                                              ---------     ---------    
Total current liabilities                                                       159,538       141,220
Long-term debt                                                                   88,500        15,100
Convertible subordinated debentures                                                 ---        56,983
Deferred income taxes                                                            13,886        13,357
Other long-term liabilities                                                       3,795         3,110
Shareholders' equity:
   Common Stock:
     Class A                                                                        521           507
     Class B                                                                        519           503
   Additional paid-in capital                                                    82,511        76,614
   Other                                                                         (1,238)       (1,248)
   Retained earnings                                                            151,166       141,397
                                                                              ---------     ---------    
                                                                                233,479       217,773
   Treasury stock, at cost                                                      (18,195)      (18,363)
                                                                              ---------     ---------    
Total shareholders' equity                                                      215,284       199,410
                                                                              ---------     ---------    
Total liabilities and shareholders' equity                                    $ 481,003     $ 429,180
                                                                              =========     =========    
</TABLE>

See notes to consolidated financial statements

                                     Page 3

<PAGE>   4



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Fabri-Centers of America, Inc.
(Thousands of dollars, except per share data)

<TABLE>
<CAPTION>

                                                                 Thirteen Weeks Ended               Thirty-Nine Weeks Ended
                                                                  -------------------               ------------------------
                                                              November 1,       October 26,        November 1,    October 26, 
                                                                  1997            1996                 1997           1996
------------------------------------------------------------------------------------------------------------------------------


<S>                                                         <C>               <C>                 <C>             <C>        
Net sales                                                   $    247,180      $   229,587         $   663,480     $   621,480

Costs and expenses:
     Cost of goods sold                                          132,611          125,517             364,517         346,922
     Selling, general and administrative expenses                 97,899           88,502             276,576         255,363
     Interest expense, net                                         1,789            2,831               4,938           8,611
                                                            ------------      -----------         -----------     -----------
                                                                 232,299          216,850             646,031         610,896
                                                            ------------      -----------         -----------     -----------
Earnings before income taxes                                      14,881           12,737              17,449          10,584
Income taxes                                                       5,581            4,776               6,544           3,969
                                                            ------------      -----------         -----------     -----------
Net earnings before extraordinary item                             9,300            7,961              10,905           6,615

Extraordinary loss on debt prepayment, net of
     tax benefit of $682                                             ---              ---              (1,136)           ---
                                                            ------------      -----------         -----------     -----------
Net earnings                                                $      9,300      $     7,961         $     9,769     $     6,615
                                                            ============      ===========         ===========     ===========

Net earnings per common share:
     Before extraordinary item                              $       0.47      $      0.43         $      0.56     $      0.36
     Extraordinary loss on debt prepayment                           ---              ---               (0.06)            ---
                                                            ------------      -----------         -----------     -----------
Net earnings per common share                               $       0.47      $      0.43         $      0.50     $      0.36
                                                            ============      ===========         ===========     ===========

Net earnings per common share--assuming full dilution       $       0.47      $      0.41         $      0.50     $      0.36
                                                            ============      ===========         ===========     ===========
</TABLE>


See notes to consolidated financial statements


                                     Page 4

<PAGE>   5



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Fabri-Centers of America, Inc.
(Thousands of dollars)
<TABLE>
<CAPTION>


                                                                 November 1,  October 26,
Thirty-Nine Weeks Ended                                             1997         1996
---------------------------------------------------------------------------------------
<S>                                                              <C>          <C>     
Operating activities:
     Net earnings                                                $  9,769     $  6,615
     Extraordinary loss on debt prepayment                          1,136          ---
                                                                 --------     --------
     Net earnings before extraordinary item                        10,905        6,615

     Adjustments to reconcile net earnings to net cash
     provided by operating activities:
       Cancellation of restricted stock awards                       (148)         (65)
       Depreciation, amortization and other non-cash expenses      15,919       15,803
       Loss on disposal of fixed assets                               461          453
       Deferred income taxes                                        2,024        1,179
     Working capital changes:
       Merchandise inventories                                    (31,596)     (17,410)
       Prepaid expenses and other current assets                   (2,311)       2,331
       Accounts payable                                            34,701       30,538
       Accrued expenses                                            (7,477)         597
       Accrued income taxes                                        (9,719)         291
                                                                 --------     --------
Net cash provided by operating activities                          12,759       40,332
Investing activities:
       Capital expenditures                                       (26,299)      (9,241)
       Mortgage receivable                                            197          207
       Other, net                                                    (986)         142
                                                                 --------     --------
Net cash used for investing activities                            (27,088)      (8,892)
Financing activities:
       Proceeds from long-term debt                                87,300       13,100
       Repayment of long-term debt                                (13,900)     (31,700)
       Redemption of convertible subordinated debentures          (56,983)         ---
       Debt prepayment premium and issuance costs                  (1,818)         ---
       Other long-term liabilities                                    685          115
       Issuance of common stock upon conversion of debentures       1,061          ---
       Proceeds from exercise of stock options                      4,221        1,166
       Issuance of treasury shares                                    634          ---
       Purchase of common stock                                       (22)      (9,009)
                                                                 --------     --------
Net cash provided by (used for) financing activities               21,178      (26,328)
Net increase in cash                                                6,849        5,112
Cash and cash equivalents at beginning of period                   12,631       11,552
                                                                 --------     --------
Cash and cash equivalents at end of period                       $ 19,480     $ 16,664
                                                                 ========     ========

Supplemental disclosures of cash flow information:
     Cash paid during the period for:
       Interest                                                  $  5,870     $  8,887
       Income taxes                                              $ 14,229     $  2,499
</TABLE>

See notes to consolidated financial statements

                                     Page 5

<PAGE>   6



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Fabri-Centers of America, Inc.
November 1, 1997, February 1, 1997 and October 26, 1996


       1.      Basis of Presentation

               The accompanying consolidated financial statements include the
               accounts of Fabri-Centers of America, Inc., and its wholly owned
               subsidiaries (the "Company") and have been prepared without
               audit, pursuant to the rules of the Securities and Exchange
               Commission. Certain information and footnote disclosures normally
               included in financial statements prepared in accordance with
               generally accepted accounting principles have been condensed or
               omitted pursuant to those rules and regulations, although the
               Company believes that the disclosures herein are adequate to make
               the information not misleading. The statements should be read in
               conjunction with the consolidated financial statements and notes
               thereto included in the Company's Annual Report on Form 10-K for
               the fiscal year ended February 1, 1997 (fiscal 1997).

               The Company's business is seasonal, therefore, earnings or losses
               for a particular interim period are not necessarily indicative of
               full year results. In the opinion of management, the accompanying
               consolidated financial statements contain all adjustments
               (consisting only of normal recurring accruals) necessary for a
               fair statement of results for the interim periods.


       2.      Earnings Per Share

               Primary earnings per common share and earnings per common share
               assuming full dilution equal net earnings divided by the weighted
               average number of common shares outstanding, after giving effect
               for the assumed exercise of dilutive stock options under the
               treasury stock method. The Company's 6 1/4% Convertible
               Subordinated Debentures, which were redeemed on June 30, 1997,
               are considered a common share equivalent in calculating earnings
               per common share assuming full dilution, unless the effect of
               conversion is anti-dilutive.

                                     Page 6

<PAGE>   7




The following table presents information necessary to calculate primary earnings
per common share and earnings per common share assuming full dilution for the
periods presented:

<TABLE>
<CAPTION>

                                                           Thirteen Weeks Ended                      Thirty-Nine Weeks Ended
                                                  --------------------------------------  -- --------------------------------------
                                                     November 1,          October 26,           November 1,          October 26,
                                                        1997                  1996                 1997                  1996
                                                  -----------------     ----------------     -----------------     ----------------
<S>                                                      <C>                  <C>                   <C>                  <C>       
Common shares outstanding-primary:
       Weighted average shares outstanding               18,511,034           17,812,547            18,290,597           17,952,262
       Share equivalents--stock options                   1,249,101              705,578             1,275,930              629,777
                                                  -----------------     ----------------     -----------------     ----------------
                                                         19,760,135           18,518,125            19,566,527           18,582,039
                                                  =================     ================     =================     ================
Common shares outstanding-assuming full dilution:
       Weighted average shares outstanding               18,511,034           17,812,547            18,290,597           17,952,262
       Share equivalents--stock options                   1,254,675              709,539             1,314,692              651,250
       Share equivalents--convertible
         debentures                                             ---            2,337,764                   ---                  ---
                                                  -----------------     ----------------     -----------------     ----------------
                                                         19,765,709           20,859,850            19,605,289           18,603,512
                                                  =================     ================     =================     ================
</TABLE>

               The Financial Accounting Standards Board issued Statement of
               Financial Accounting Standard (SFAS) No. 128, "Earnings Per
               Share," in March 1997, which will revise the calculation methods
               and disclosures regarding earnings per share. As required by the
               Statement, the Company will adopt SFAS No. 128 in the fourth
               quarter of Fiscal 1998.

               The Company's pro forma earnings per common share that would have
               been reported had the new standard been previously in effect are
               as follows:

<TABLE>
<CAPTION>

                                                           Thirteen Weeks Ended                      Thirty-Nine Weeks Ended
                                                  --------------------------------------  -- --------------------------------------
                                                     November 1,          October 26,           November 1,          October 26,
                                                        1997                  1996                 1997                  1996
                                                  -----------------     ----------------     -----------------     ----------------
<S>                                                     <C>                   <C>                  <C>                   <C> 
Basic earnings per common share                         0.50                  0.45                 0.53                  0.37
Diluted earnings per common share                       0.47                  0.41                 0.50                  0.36
</TABLE>


       3.      Amendment to Revolving Credit Facility

               On June 2, 1997, the Company amended its unsecured $200,000,000
               revolving credit facility (the "Credit Facility") with a group of
               eight banks. The amended Credit Facility expires on May 31, 2001.
               The Company pays a facility fee on the revolving commitment
               amount which as a result of the amendment, now ranges from .10%
               to .375% based on the achievement of certain financial covenants.
               Under the amendment, the Company no longer pays a commitment fee
               on the unused portion of the Credit Facility. Interest on
               borrowings under the Credit Facility is payable at an applicable
               margin over prime, federal

                                     Page 7

<PAGE>   8



               funds or LIBOR rates. The applicable margin has been amended and
               now ranges between .25% and 1.00%, based on the achievement of
               certain financial covenants.

               The amended Credit Facility contains financial covenants which
               limit the Company's capital expenditures and defined leverage
               ratio, as well as require the Company to maintain a minimum
               tangible net worth, fixed charge coverage ratio and current
               funded indebtedness ratio. As a result of the amendment, certain
               financial covenants were eliminated. The Company is in compliance
               with the financial covenants contained in the Credit Facility.

       4.      Convertible Subordinated Debentures

               On June 30, 1997, the Company redeemed all outstanding 6 1/4%
               Convertible Subordinated Debentures due March 1, 2002 at a price
               of 101.785 percent of principal. The debenture holders had the
               option to convert their debentures into common shares at a
               conversion price of $24.375 per share, or to accept redemption at
               the stated premium.

               Of the $56,983,000 of debentures outstanding, $1,076,000 were
               converted, resulting in the issuance of 22,062 Class A and 22,062
               Class B Common Shares. The remaining $55,907,000 of debentures
               were redeemed. During the second quarter of fiscal year 1998, the
               Company recorded an extraordinary loss, net of taxes, of
               $1,136,000, or $0.06 per share, consisting of the redemption
               premium, unamortized debenture issuance costs and other related
               expenses.

        5.     Capital Stock

               During the first quarter of fiscal year 1997, the Company
               purchased 407,525 Class A and 450,506 Class B Common Shares on
               the open market. The aggregate purchase price of these shares was
               approximately $9,000,000 which was funded through the Company's
               revolving credit facility.


                                     Page 8

<PAGE>   9



ITEM 2.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS



RESULTS OF OPERATIONS
THIRTEEN WEEKS ENDED NOVEMBER 1, 1997 VS. OCTOBER 26, 1996

       Net sales for the third quarter of fiscal 1998 increased 7.7 percent, or
$17,593,000, compared to the third quarter of fiscal 1997. The sales growth
continues to be well-distributed across all product lines with sales of
craft-related merchandise continuing to show strength. Comparable store sales
increased 4.4 percent in the third quarter of fiscal 1998 over the same quarter
a year earlier.

       Gross profit increased $10,499,000 in the third quarter of fiscal 1998
compared to the same quarter of fiscal 1997. As a percentage of net sales,
fiscal 1998 third quarter gross profit was 46.3 percent, an increase of 1.0
percentage points from the same quarter a year earlier. The improvement in gross
profit margin percentage resulted from smaller markdowns on seasonal merchandise
and focus on inventory control disciplines including enhanced shrinkage controls
and improved merchandise allocation methods.

       Selling, general and administrative expenses as a percentage of net sales
were 39.6 percent for the third quarter of fiscal 1998, an increase of 1.0
percentage points from the same quarter a year earlier. The increase, as a
percent of sales, consisted primarily of advertising, distribution service
center, and store level payroll expenses. The impact of an increase in hourly
wage rates (resulting principally from the change in federal minimum hourly
wage) was partially offset by improvements in store level payroll productivity.

       The Company's effective income tax rate was 37.5 percent for the third
quarter of fiscal 1998 and fiscal 1997.

       Net earnings for the third quarter of fiscal 1998 increased 16.8% to
$9,300,000, or $0.47 per common share, compared to net earnings of $7,961,000,
or $0.43 per common share, for the same quarter a year earlier.

THIRTY-NINE WEEKS ENDED NOVEMBER 1, 1997 VS. OCTOBER 26, 1996

       Net sales for the first three quarters of fiscal 1998 increased 6.8
percent, or $42,000,000 compared to the first three quarters of fiscal 1997. The
sales growth continues to be well-distributed across all product lines, both in
the Jo-Ann Fabrics and Crafts stores and in the Cloth World stores. Comparable
store sales increased 4.9 percent in the first three quarters of fiscal 1998
over the same period a year earlier.

       Gross profit increased $24,405,000 in the first three quarters of fiscal
1998 compared to the same period of fiscal 1997. As a percentage of net sales,
gross profit for the first nine months of fiscal 1998 was 45.1 percent, an
increase of 0.9 percentage points from the same period a year earlier. The
improvement in gross profit margin percentage resulted from smaller markdowns on
seasonal merchandise and focus on inventory control disciplines.

       Selling, general and administrative expenses as a percentage of net sales
were 41.7 percent in the first three quarters of fiscal 1998, an increase of 0.6
percentage points from the same period a year earlier. The increase, as a
percent of sales, consisted primarily of advertising, occupancy and store level
payroll expenses. The impact of an increase in hourly wage rates (resulting
principally from the change in federal minimum hourly wage) was partially offset
by improvements in store level payroll productivity.

       The Company's effective income tax rate was 37.5 percent for the first
nine months of fiscal 1998 and fiscal 1997.

                                     Page 9

<PAGE>   10



       Net earnings for the first three quarters of fiscal 1998, before an
extraordinary charge related to the early redemption of debt, were $10,905,000,
or $0.56 per common share compared to net earnings of $6,615,000, or $0.36 per
common share, for the same period a year earlier, a 64.9 percent improvement in
net earnings.

       During the second quarter of fiscal 1998, the Company incurred an
extraordinary loss of $1,136,000, or $0.06 per share related to the early
redemption of the 6 1/4% Convertible Subordinated Debentures due March 1, 2002.
The redemption was funded through the use of the Company's long-term credit
facilities. 22,062 Class A and 22,062 Class B Common Shares were issued to
holders of $1,076,000 par value of debentures who exercised their conversion
rights.

       The Company's business exhibits seasonality that is typical for most
retail companies, with much stronger sales in the second half of the year than
in the first half of the year. In general, net earnings are highest during the
months of September through December, when sales volumes provide significant
operating leverage. Conversely, net earnings are substantially lower during the
relatively low-volume sales months of January through August. Capital
requirements needed to finance the Company's operations fluctuate during the
year and reach their highest levels during the second and third fiscal quarters
as the Company increases its inventory in preparation for its peak selling
season.

LIQUIDITY AND CAPITAL RESOURCES

       Working capital was $199,485,000 at the end of the third quarter of
fiscal 1998, a decrease of $21,053,000 from one year ago. The decrease in
working capital was the result of planned reductions in merchandise inventories.
Long-term debt to total capitalization improved to 29.1 percent at November 1,
1997 from 43.2 percent at October 26, 1996, as debt declined by $48,383,000.

       The Company generated $12,759,000 of cash from operating activities in
the first three quarters of fiscal 1998 compared to $40,332,000 in the first
three quarters of the prior year. During the first three quarters of fiscal
1998, cash from operating activities was reduced by $14,229,000 of income tax
payments and a $3,280,000 payment to settle a Securities and Exchange Commission
enforcement proceeding. The cost of the Securities and Exchange Commission
settlement was recognized in the fourth quarter of fiscal 1997.

       Capital expenditures were $26,299,000 for the first three quarters of
fiscal 1998 as compared to $9,241,000 for the same period of fiscal 1997. For
the full year of fiscal 1998, capital expenditures are expected to be
approximately $40,000,000, as compared to $13,191,000 in the prior year. The
higher level of fiscal 1998 capital expenditures over fiscal 1997 is principally
related to an increase in store openings. The Company expects to open 65 to 70
new stores and close 75 to 80 smaller stores during fiscal 1998. The expected
openings include six Jo-Ann etc stores, a new 45,000 square foot megastore
format, already opened during fiscal year 1998.

       During the first quarter of fiscal 1997, the Company purchased 407,525
Class A and 450,506 Class B Common Shares on the open market at an aggregate
purchase price of approximately $9,000,000. As of November 1, 1997, the
remaining number of shares that can be acquired pursuant to prior authorization
by the Board of Directors is 597,025 Class A and 557,025 Class B Common Shares.

       On June 2, 1997, the Company amended its $200,000,000 revolving credit
facility (the "Credit Facility") with a group of eight banks. The amendment
extended the expiration to May 31, 2001 and made various changes, including
amendments to or elimination of certain financial covenants. The Company is in
compliance with the financial covenants contained in the Credit Facility. The
Company may borrow up to a maximum of $220,000,000, subject to further
limitations during specified time frames, by utilizing funds available under the
Credit Facility and other lines of credit. As of November 1, 1997, the Company
had borrowings of $88,500,000 under the Credit Facility and other lines of
credit. The Company continues to maintain excellent vendor and banking
relationships and has sufficient resources, including unused credit facilities,
to meet its operating needs and to fund its capital expenditures for fiscal
1998.


                                     Page 10

<PAGE>   11



       During the first three quarters of fiscal 1998, the Company opened 48
stores and closed 55 smaller or under-performing stores. The openings include
four Jo-Ann etc stores, bringing the total of these stores opened to five. As of
November 1, 1997, the Company operated 907 stores in 48 states primarily under
the names Jo-Ann Fabrics and Crafts, Cloth World, New York Fabrics and Crafts
and Jo-Ann etc.

FORWARD-LOOKING STATEMENTS

       Certain statements contained in this report that are not historical facts
are forward-looking statements that are subject to certain risks and
uncertainties. When used herein, the terms "anticipates," "plans," "expects,"
"believes," and similar expressions as they relate to the Company or its
management are intended to identify such forward-looking statements. The
Company's actual results, performance or achievements may materially differ from
those expressed or implied in the forward-looking statements. Risks and
uncertainties that could cause or contribute to such material differences
include, but are not limited to, changes in customer demand, changes in trends
in the fabric and craft industry, changes in the competitive pricing for
products, the impact of competitor store openings and closings, the availability
of acceptable store locations, the availability of merchandise and general
economic conditions.


                                     Page 11

<PAGE>   12



                            PART II OTHER INFORMATION


Item 5.        Other Events
               ------------  
               On October 27, 1997, Leslie H. Duncan joined the Company as
               Senior Vice President and Chief Information Officer. On November
               3, 1997, Brian P. Carney joined the Company as Executive Vice
               President and Chief Financial Officer.

Item 6.        Exhibits and Reports on Form 8-K
               --------------------------------- 
               a)       Exhibits
                        --------
                        See the Exhibit Index on page 14 of this report.

               b)       Reports on Form 8-K
                        -------------------
                        No reports on Form 8-K were filed during the 13-week
                        period ended November 1, 1997.

                                     Page 12

<PAGE>   13



                                   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.




                         FABRI-CENTERS OF AMERICA, INC.



DATE: December 15, 1997       /s/Alan Rosskamm
                              -------------------------------------------
                          BY:    Alan Rosskamm
                                 Chairman, President and Chief Executive Officer


                              /s/Brian P. Carney
                              -------------------------------------------
                          BY:    Brian P. Carney
                                 Executive Vice President and Chief Financial 
                                 Officer


                              /s/ Robert R. Gerber
                              -------------------------------------------
                          BY:     Robert R. Gerber
                                  Senior Vice President, Controller and
                                  Chief Accounting Officer

                                     Page 13

<PAGE>   14






FABRI-CENTERS OF AMERICA, INC.

                 FORM 10-Q FOR THE THIRTEEN AND THIRTY-NINE WEEK
                         PERIODS ENDED NOVEMBER 1, 1997

                                  EXHIBIT INDEX


<TABLE>
<CAPTION>

                                                                                 Sequential
     EXHIBIT NO.                                Description                       Page No.
-------------------    -------------------------------------------------   ----------------------

<S>                   <C>                                                  <C>
          11           Statement re Computation of Earnings per Common               15
                       Share
</TABLE>


                                     Page 14