<PAGE>   1



                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549
                               ---------------- 
                                 FORM 10-K/A
                               Amendment No. 1
                               ---------------- 
        Annual Report Pursuant to Section 13 or 15(d) of the Securities
                              Exchange Act of 1934
                   For the Fiscal Year Ended January 31, 1997

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

                          Commission File No. 1-13099

                             THE MAXIM GROUP, INC.

                             A Delaware Corporation
                  (IRS Employer Identification No. 58-2060334)
                               210 TownPark Drive
                            Kennesaw, Georgia 30144
                                 (770) 590-9369

                Securities Registered Pursuant to Section 12(b)
                    of the Securities Exchange Act of 1934:

           Common Stock, $.001 par value - New York Stock Exchange
           -------------------------------------------------------

                Securities Registered Pursuant to Section 12(g)
                    of the Securities Exchange Act of 1934:

                         Common Stock, $.001 par value
                         ------------------------------

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 if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X]

The aggregate market value of the common stock of the registrant held by
nonaffiliates of the registrant (12,273,806 shares) on April 23, 1997 was
approximately $138,000,000 based on the closing price of the registrant's
common stock as reported on the Nasdaq National Market on April 23, 1997.  For
the purposes of this response, officers, directors and holders of 5% or more of
the registrant's common stock are considered the affiliates of the registrant
at that date.

The number of shares outstanding of the registrant's common stock, as of April
23, 1997: 16,133,644 shares of $.001 par value common stock.

                      DOCUMENTS INCORPORATED BY REFERENCE

                                     None.

<PAGE>   2

ITEM 6.   SELECTED FINANCIAL DATA.

         The following table sets forth selected consolidated financial data of
the Company for the periods indicated, which data has been derived from the
consolidated financial statements of the Company. The consolidated financial
statements of the Company as of January 31, 1997 and 1996, for the year ended
January 31, 1997 and for the ten month period ended January 31, 1996 have been
audited by Arthur Andersen LLP, independent public accountants.  The
consolidated financial statements of the Company as of March 31, 1995 and for
each of the years in the two-year period ended March 31, 1995 have been audited
by KPMG Peat Marwick LLP, independent auditors.  The selected financial data
for the year ended March 31, 1993 are derived from the unaudited consolidated
financial statements of the Company.  The unaudited consolidated financial
statements include all adjustments, consisting of normal recurring accruals,
which the Company considers necessary for a fair presentation of the
consolidated financial condition and results of operations for this period.
The selected consolidated financial data should be read in conjunction with the
consolidated financial statements, related notes and other financial
information included herein.  Financial data gives retroactive effect to the
merger of the Company and GCO on September 28, 1994 and the merger of the
Company and Image on August 30, 1996, which transactions were accounted for as
a pooling-of-interests.



<PAGE>   3

<TABLE>
<CAPTION>
                                                                                        TEN MONTHS
                                                      FISCAL YEAR ENDED  MARCH 31,        ENDED
                                                   ------------------------------       JANUARY 31  FISCAL YEAR ENDED
                                                    1993        1994         1995        1996(1)    JANUARY 31, 1997
                                                   -------     -------     ------       --------    -----------------
STATEMENT OF EARNINGS DATA:

Revenues:

<S>                                                <C>         <C>         <C>          <C>              <C>               
    Sales of floorcovering products ...........    $88,676     $106,237    $174,935     $186,568         $250,968          
                                                                                                                           
    Fees from franchise services ..............      5,113       9,688       13,876       13,432           26,336          
                                                                                                                           
    Fiber and PET sales .......................      4,583       5,297       12,886       24,072           28,853          
                                                                                                                           
    Other .....................................        479       1,369        1,644        3,479            3,564          
                                                   -------     -------     --------     --------         --------          
        Total revenues ........................     98,851     122,591      203,341      227,551          309,721          
                                                                                                                           
Cost of sales .................................     71,570      85,847      139,521      161,723          222,290          
                                                   -------     -------     --------     --------         --------          
        Gross profit ..........................     27,281      36,744       63,820       65,828           87,431          
                                                                                                                           
Selling, general, and administrative expenses .     17,417      23,669       46,870       59,197           72,366          
                                                                                                                           
Replacement stock option charge ...............       --        10,388(2)      --           --               --            
                                                                                                                           
Goodwill impairment charge ....................       --          --           --          6,569(3)          --            
                                                                                                                           
Merger-related costs ..........................       --          --            500(4)      --              4,900(5)       
                                                                                                                           
Interest expense, net .........................      3,824       1,579        1,442        4,280            6,393          
                                                                                                                           
Other expense (income) ........................         98         263         (421)         (78)            (302)         
                                                   -------     -------     --------     --------         --------          
                                                                                                                           
Earnings (loss) before income taxes                                                                                        
                                                                                                                           
    and extraordinary income ..................      5,942         845       15,429       (4,140)           4,074          
                                                                                                                           
Income tax expense ............................        947         376        5,787          105            1,929          
                                                   -------     -------     --------     --------         --------          
                                                                                                                           
Net earnings (loss) before                                                                                           
                                                                                                                           
    extraordinary income ......................      4,995         469        9,642       (4,245)           2,145                   
                                                                                                                           
Extraordinary income ..........................       --           190         --           --               --            
                                                   -------     -------     --------     --------         --------          
                                                                                                                           
Net earnings (loss) ...........................    $ 4,995     $   659     $  9,642     $ (4,245)        $  2,145          
                                                   =======     =======     ========     ========         ========          
Net earnings (loss) per common share(6) .......    $  0.56     $  0.06     $   0.72     $  (0.32)        $   0.15          
                                                   =======     =======     ========     ========         ========          
                                                                                                                           
Weighted average shares outstanding(6) ........      8,903      11,161       13,301       13,301           13,937          
                                                   =======     =======     ========     ========         ========          
SELECTED OPERATING DATA:                                                                                                   
                                                                                                                           
Revenues attributable to:                                                                                                  
                                                                                                                           
    CarpetMAX operations ......................    $ 3,766     $10,051     $ 63,933     $ 85,278         $125,585          
                                                                                                                           
    GCO operations ............................      5,605       9,283       12,158       14,012           21,455          
                                                                                                                           
    Image operations ..........................     89,480     103,257      127,250      128,261          162,681          
                                                                                                                           
End of period:                                                                                                             
                                                                                                                           
    Company-owned stores ......................          8           8           51           59               57          
                                                                                                                           
    Franchise territories .....................        148         233          325          357              368          
</TABLE>                                                      


<TABLE>
<CAPTION>
                                                        MARCH 31,                    JANUARY 31,     
                                            --------------------------------   ---------------------- 
                                              1993       1994         1995       1996(1)       1997
                                            ------      -----       --------   --------        ------
<S>                                         <C>         <C>         <C>        <C>           <C>     
BALANCE SHEET DATA:

Working capital ........................    $12,297     $26,489     $ 44,844   $ 61,456      $ 58,287

Total assets ...........................     63,809      95,281      162,473    202,085       219,673

Long-term debt and capital leases ......     29,908      21,083       56,035     92,710        93,220

Stockholders' equity ...................     30,960      50,053       71,424     72,150        76,154
</TABLE>

-----------
<PAGE>   4
(1)      On January 31, 1996, the Company changed its fiscal year end from
         March 31 to January 31.
(2)      Image granted replacement stock options on August 10, 1993, in
         replacement of a like number of unvested stock appreciation units and
         vested and unvested stock options. As a result of this exchange, Image
         recognized a non- cash, non-recurring charge of $10.4 million in its
         fiscal year ending March 31, 1994. See Note 13 of "Notes to
         Consolidated Financial Statements."
(3)      Certain of the Company's acquired stores have not performed as
         anticipated at the time of purchase. The results from these operations
         through the end of fiscal 1996 led management to assess the
         realizability of the goodwill recorded in connection with these
         acquisitions, the result of which indicated a permanent impairment of
         goodwill necessitating a write-off totaling $6.6 million. See
         "Management's Discussion and Analysis of Financial Condition and
         Results of Operations -- Ten Month Period Ended January 31, 1996
         Compared to Year Ended March 31, 1995 -- Goodwill Impairment" and Note
         2 of "Notes to Consolidated Financial Statements."
(4)      Represents a non-recurring charge of $500,000 related to the merger
         with GCO, Inc.
(5)      Represents a non-recurring charge of $4.9 million related to the
         mergers with Image and Bailey & Roberts.
(6)      Earnings per share is computed on a fully diluted basis as described
         in Note 1 to the Consolidated Financial Statements of the Company.

                     Quarterly Financial Data (unaudited)

<TABLE>
<CAPTION>
                                                 First             Second              Third        Fourth
                                                Quarter            Quarter            Quarter       Quarter
                                               -------------------------------------------------------------
                                                                        (in thousands)
<S>                                            <C>                 <C>                <C>            <C>
Year ended January 31, 1997
                                                                                                            
Maxim net sales                                $33,655             $36,438            $38,110        $38,438
Image net sales                                 39,587              39,643             44,029         38,821
                                               -------------------------------------------------------------
Total Company net sales                         73,242              76,081             82,139         77,259
                                               -------------------------------------------------------------

Maxim gross profit                              13,643              13,320             13,991         13,426
Image gross profit                               6,641               7,088              9,845          9,477
                                               -------------------------------------------------------------
Total Company gross profit                      20,284              20,408             23,836         22,903
                                               -------------------------------------------------------------

Maxim net earnings (loss)                        1,007                 (92)            (2,171)           521 
Image net earnings (loss)                          145                 100              1,059          1,576
                                               -------------------------------------------------------------
Total Company net earnings (loss)                1,152                   8             (1,112)(b)      2,097
                                               -------------------------------------------------------------

Maxim net earnings (loss) per share               0.07               (0.01)             (0.16)          0.04
Image net earnings (loss) per share               0.01                0.01               0.08           0.11
                                               -------------------------------------------------------------
Total Company net earnings (loss) per share       0.08                0.00              (0.08)          0.15
                                               -------------------------------------------------------------

Ten months ended January 31, 1996

Maxim net sales                                $27,989             $31,849            $31,364        $ 8,088
Image net sales                                 35,565              37,337             50,775         12,981
                                               -------------------------------------------------------------
Total Company net sales                         63,554              69,186             82,139         21,069
                                               -------------------------------------------------------------

Maxim gross profit                              11,974              13,681             13,181          1,646
Image gross profit                               8,722               6,965              7,350          2,309
                                               -------------------------------------------------------------
Total Company gross profit                      20,696              20,646             20,531          3,955
                                               -------------------------------------------------------------

Maxim net earnings (loss)                          919               1,212                418         (9,823)
Image net earnings                               1,676                 655                661             37
                                               -------------------------------------------------------------
Total Company net earnings (loss)                2,595               1,867              1,079         (9,786)(a)
                                               -------------------------------------------------------------

Maxim net earnings (loss) per share               0.07                0.09               0.03          (0.73)
Image net earnings per share                      0.12                0.05               0.05           0.00
                                               -------------------------------------------------------------
Total Company net earnings (loss) per share       0.19                0.14               0.08          (0.73)
                                               -------------------------------------------------------------
</TABLE>

(a)  Includes goodwill impairment charge of $6.6 million (pre-tax)
(b)  Includes merger related costs of $4.7 million (pre-tax)
<PAGE>   5

                                   SIGNATURES

         In accordance with the requirements of Section 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report (Amendment No.
1) to be signed on its behalf by the undersigned, in the City of Kennesaw, 
State of Georgia on October 9, 1997.

                             THE MAXIM GROUP, INC.


                             By: /s/ A. J. Nassar 
                                 -------------------------------------
                                 A.J. Nassar
                                 President and Chief Executive Officer