<PAGE>   1
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549
                        --------------------------------
                                    FORM 10-Q

(Mark one)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                   ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED
                                 March 31, 2001

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                   ACT OF 1934 FOR THE TRANSITION PERIOD FROM
               _______________________ TO _______________________

                         Commission file number 1-13474
                              FLORSHEIM GROUP INC.
             (Exact name of registrant as specified in its charter)

                Delaware                                   36-3520923
                --------                                   ----------
    (State or other jurisdiction of                     (I.R.S. Employer
     incorporation or organization)                    Identification No.)

 200 North LaSalle Street, Chicago, Illinois               60601-1014
 -------------------------------------------               ----------
  (Address of principal executive offices)                 (Zip Code)


        Registrant's telephone number, including area code (312) 458-2500
                                                           -------------

                                 Not Applicable
              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

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 [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

          Number of shares outstanding of each of the issuer's classes
                       of common stock as of May 1, 2001:
                8,513,651 Shares Common Stock, without par value

================================================================================

<PAGE>   2

                          PART I FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


         Condensed Consolidated Balance Sheet:

            March 31, 2001 and December 30, 2000


         Condensed Consolidated Statement of Operations and Comprehensive Loss:

            Three Months Ended March 31, 2001 and April 1, 2000


         Condensed Consolidated Statement of Cash Flows:

            Three Months Ended March 31, 2001 and April 1, 2000


         Notes to Condensed Consolidated Financial Statements



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS



ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



                           PART II OTHER INFORMATION



ITEM 4.  EXHIBITS AND REPORTS ON FORM 8-K


                                       2
<PAGE>   3

                              FLORSHEIM GROUP INC.
                      CONDENSED CONSOLIDATED BALANCE SHEET
                                 (In thousands)



                                                       March 31,    December 30,
                                                         2001          2000
                                                       ---------    ------------
                                                      (Unaudited)
                  ASSETS

Current assets:
     Cash and cash equivalents                        $   3,088      $   3,171
     Accounts receivable, net                            18,278         15,728
     Inventories                                         53,345         57,827
     Other current assets                                11,800         11,940
                                                      ---------      ---------
       Total current assets                              86,511         88,666

Property, plant and equipment, net                       24,109         26,168
Deferred income taxes                                    26,397         24,924
Other assets                                             31,406         31,932
                                                      ---------      ---------

     Total assets                                     $ 168,423      $ 171,690
                                                      =========      =========

   LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
     Current portion of long-term debt                $  34,103      $  28,157
     Accounts payable and accrued expenses               26,833         32,689
                                                      ---------      ---------
       Total current liabilities                         60,936         60,846

Bank credit facility                                     60,000         60,000
Other long-term debt                                     18,412         18,412
Other long-term liabilities                              18,850         18,960
                                                      ---------      ---------
       Total liabilities                                158,198        158,218

Shareholders' equity:
     Common stock                                         8,484          8,484
     Paid in capital                                     50,869         50,869
     Accumulated comprehensive loss-
       Cumulative translation adjustment                 (3,922)        (3,367)
     Accumulated deficit                                (45,206)       (42,514)
                                                      ---------      ---------
         Total shareholders' equity                      10,225         13,472
                                                      ---------      ---------

       Total liabilities and shareholders' equity     $ 168,423      $ 171,690
                                                      =========      =========



See accompanying notes to condensed consolidated financial statements.


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                              FLORSHEIM GROUP INC.
      CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
                                   (Unaudited)
                      (In thousands, except per share data)



                                                   Three Months Ended
                                                 ----------------------
                                                 March 31,     April 1,
                                                   2001          2000
                                                 ---------     --------

Net sales                                        $ 50,091      $ 56,221
Cost of sales                                      27,991        32,210
Non-recurring cost of sales                           498           -
                                                 --------      --------

Gross profit                                       21,602        24,011
Selling, general and administrative expenses       22,664        24,470
Non-recurring expenses (credits)                     (278)          923
                                                 --------      --------

Loss from operations                                 (784)       (1,382)

Interest expense, net                               3,390         3,024
Other (income) expense, net                            20          (571)
                                                 --------      --------

Loss before income taxes                           (4,194)       (3,835)
Income tax benefit                                 (1,502)       (1,358)
                                                 --------      --------

Net loss                                           (2,692)       (2,477)

Other comprehensive loss -
     Foreign currency translation adjustment         (555)         (312)
                                                 --------      --------

Comprehensive loss                               $ (3,247)     $ (2,789)
                                                 ========      ========


Basic and diluted net loss per share             $  (0.32)     $  (0.29)
                                                 ========      ========




See accompanying notes to condensed consolidated financial statements.



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                              FLORSHEIM GROUP INC.
                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
                                 (In thousands)


                                                         Three Months Ended
                                                       ----------------------
                                                       March 31,     April 1,
                                                         2001          2000
                                                       ---------     --------
Cash flows from operating activities:
   Net (gain) loss                                      $(2,692)     $(2,477)
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Loss (gain) on disposal of assets                      9         (619)
       Depreciation and amortization                      1,869        1,819
       Deferred income taxes                             (1,391)      (1,370)
       Noncash interest expense                             601          274
       Changes in operating assets and liabilities:
         Receivables                                     (2,550)      (5,253)
         Inventories                                      4,482        4,071
         Prepaid expenses and other assets                 (575)      (1,439)
         Accounts payable and accrued expenses           (5,245)        (947)
         Other long-term liabilities                       (110)         (29)
                                                        -------      -------

Net cash used in operating activities                    (5,602)      (5,970)
                                                        -------      -------

Cash flows from investing activities:
   Proceeds from the disposal of assets                     -            691
   Additions to property, plant and equipment              (427)        (291)
                                                        -------      -------

Net cash provided by (used in) investing activities        (427)         400
                                                        -------      -------

Cash flows from financing activities:
   Net borrowing under revolving credit facility          6,126        2,183
   Net increase (decrease) in other long-term debt         (180)       3,156
                                                        -------      -------

Net cash provided by financing activities                 5,946        5,339
                                                        -------      -------

Net decrease in cash and cash equivalents                   (83)        (231)
Cash and cash equivalents at beginning of period          3,171        5,675
                                                        -------      -------

Cash and cash equivalents at end of period              $ 3,088      $ 5,444
                                                        =======      =======

Supplemental disclosure:
   Cash payments for income taxes, net                  $    20      $   381
   Cash payments for interest                           $ 3,387      $ 2,807


See accompanying notes to condensed consolidated financial statements.



                                       5
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                              FLORSHEIM GROUP INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2001
                                   (Unaudited)
                             (Dollars in thousands)

(1)  BASIS OF PRESENTATION

     The accompanying unaudited condensed consolidated financial statements of
     Florsheim Group Inc. ("Florsheim" or the "Company") have been prepared in
     accordance with accounting principles generally accepted in the United
     States of America for interim financial information and with the
     instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
     they do not include all of the information and notes required by accounting
     principles generally accepted in the United States of America for complete
     financial statements. In the opinion of management, all adjustments,
     consisting of normal recurring adjustments, except as otherwise disclosed,
     considered necessary for a fair presentation have been included. Operating
     results for the three month period ended March 31, 2001 are not necessarily
     indicative of the results that may be expected for the year ending December
     29, 2001.

     The balance sheet at December 30, 2000 has been derived from the audited
     consolidated financial statements at that date, but does not include all of
     the information and notes required by accounting principles generally
     accepted in the United States of America for complete financial statements.

     For further information, refer to the consolidated financial statements and
     notes thereto included in the Company's Annual Report on Form 10-K for the
     fiscal year ended December 30, 2000.

(2)  INVENTORIES

     Inventories are summarized as follows:

                                             March 31,        December 30,
                                               2001               2000
                                             ---------        ------------

          Retail merchandise                  $27,224           $27,884
          Finished products                    25,726            29,769
          Raw materials                           395               174
                                              -------           -------
                                              $53,345           $57,827
                                              =======           =======

(3)  NON-RECURRING EXPENSES

     Non-recurring cost of sales of $498 were recorded in the first quarter of
     2001 consist of provisions made for duties related to imported products
     during the period 1996 through 2000, which is currently under audit by U.S.
     Customs. Non-recurring credits of $278 were recorded in the first quarter
     of 2001 reflecting the favorable settlement of accruals previously
     recorded.


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                              FLORSHEIM GROUP INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2001
                                   (Unaudited)
                             (Dollars in thousands)

     The Company recorded a $923 pretax charge in the quarter ended April 1,
     2000. The charge consisted of $627 for costs associated with the downsizing
     of the Company's corporate headquarters space, including the write-off of
     certain leasehold improvements, lease termination costs, moving expenses
     and severance costs.

     The following table summarizes activity included in the financial
     statements during the first quarter ended March 31, 2001.

<TABLE>
<CAPTION>
                                          Accrued                                         Accrued
                                         Balance at      Additional       Amounts        Balance at
                                        December 30,     Provision        Charged        March 31,
                                            2000          (Credit)       to Accrual         2001
                                        ------------     ----------      ----------      ----------
<S>                                     <C>              <C>             <C>             <C>
     Resignation/Strategic Study
       Legal and professional fees        $   167         $   (80)        $   (87)        $   -
       Employee related expenses               14             (14)            -               -
                                          -------         -------         -------         -------
                                              181             (94)            (87)            -
                                          -------         -------         -------         -------
     Cape Girardeau Closing
       Inventory write-offs                   714             -               (41)            673
       Plant and equipment costs               60             -               (16)             44
       Employee related expenses                9             -               -                 9
                                          -------         -------         -------         -------
                                              783             -               (57)            726
                                          -------         -------         -------         -------
     Facility Downsizing/Golf Sale
       Inventory write-offs                   280             -              (124)            156
       Receivables allowance                  692             -               (50)            642
       Facilities charges                     991             (84)           (750)            157
       Employee related expenses            1,889             -              (591)          1,298
                                          -------         -------         -------         -------
                                            3,852             (84)         (1,515)          2,253
                                          -------         -------         -------         -------
     Other costs
       Duties                                 -               498            (498)            -
       Contractual commitments                751             -              (141)            610
                                          -------         -------         -------         -------
                                              751             498            (639)            610
                                          -------         -------         -------         -------
     Joseph Abboud product line
       Inventory write-offs                   334             -              (324)             10
       Contractual commitments                184            (100)            (84)            -
                                          -------         -------         -------         -------
                                              518            (100)           (408)             10
                                          -------         -------         -------         -------

       Total                              $ 6,085         $   220         $(2,706)        $ 3,599
                                          =======         =======         =======         =======
</TABLE>


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                              FLORSHEIM GROUP INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2001
                                   (Unaudited)
                             (Dollars in thousands)

(4)  LOSS PER SHARE

     Basic loss per share excludes dilution and is computed by dividing income
     available to common shareholders by the weighted average number of common
     shares outstanding for the period. Diluted loss per share reflects the
     potential dilution that could occur if securities or other contracts to
     issue common stock were exercised. Basic and diluted loss per share do not
     include securities in instances where they would be antidilutive. There
     were 8,483,651 common shares issued and outstanding at March 31, 2001 and
     April 1, 2000.

     There are no adjustments to basic and diluted weighted average shares
     outstanding since they are antidilutive, or to net earnings.

(5)  BUSINESS SEGMENT INFORMATION

     Operating segment information is as follows:

                                                 Three Months Ended
                                              ------------------------
                                              March 31,       April 1,
                                                2001           2000
                                              ---------      ---------

        Net Sales
             U.S. Wholesale                   $  22,828      $  24,674
             U.S. Retail                         19,261         21,405
             International                        8,002         10,142
                                              ---------      ---------
                                              $  50,091      $  56,221
                                              =========      =========

        Earnings (Loss) from Operations
             U.S. Wholesale                   $   2,188      $   1,273
             U.S. Retail                         (2,978)        (3,412)
             International                            6            757
                                              ---------      ---------
                                              $    (784)     $  (1,382)
                                              =========      =========


                                              March 31,     December 30,
                                                2001            2000
                                              ---------     ------------
       Total Assets
             U.S. Wholesale                   $  97,685      $  96,089
             U.S. Retail                         51,935         55,833
             International                       18,803         19,768
                                              ---------      ---------
                                              $ 168,423      $ 171,690
                                              =========      =========



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                              FLORSHEIM GROUP INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2001
                                   (Unaudited)
                             (Dollars in thousands)


U.S. Wholesale includes certain corporate expenses and assets, which are not
charged to other reportable segments. The March 31, 2001 period included $498 of
non-recurring cost of sales related to the provision made for duties arising
from imported products and a $278 credit to non-recurring selling, general and
administrative expense for the favorable settlements of previously recorded
accruals. The April 1, 2000 period included $923 of non-recurring expenses,
which are included in U.S. Wholesale, related to downsizing of the Company's
corporate headquarters space and severance.







                                       9
<PAGE>   10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS


RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED APRIL 1, 2000

Net sales for the three months ended March 31, 2001 were $50.1 million, down
$6.1 million, or 10.9%, as compared to the three months ended April 1, 2000.
U.S. Wholesale net sales were $22.8 million in 2001 compared to $24.7 million in
2000, a 7.5% decrease with all wholesale channels showing declines with the
exception of Sears Roebuck & Company ("Sears"). Net sales to Sears were up
57.6%, due to the Sears conversion of its product offering to the FLS label.
Sales to dealers continue to decline, as reorders of core products remain weak.
U.S. Retail net sales decreased $2.1 million or 10.0% to $19.3 million due
primarily to store closings and to a lesser extent the continued weakness of the
total retail market as well as unfavorable weather conditions. U.S. Specialty
Stores same store sales decreased 2.0% over the comparable 2000 period while
same store outlet sales decreased 3.1%. International net sales decreased $2.1
million to $8.0 million, $1.3 million of which was related to Australia as a
result of the continued effects of currency devaluation and the weakness in the
Australian economy. Also contributing to the sales decline in the International
business was a $0.5 million decrease in Canada due to weakness in the wholesale
business and a $0.3 million decrease in export sales.

Gross profit was $21.6 million for the three months ended March 31, 2001, down
$2.4 million from the comparable period in 2000. The decrease in gross profit
was due mainly to lower sales volume during the first quarter 2001. As a
percentage of sales, gross profit was 43.1% in 2001 compared to 42.7% in 2000.
Gross profit excluding non-recurring cost of sales for the first quarter 2001
was $22.1 million or 44.1% of net sales, as compared to $24.0 million or 42.7%
of net sales for the first quarter 2000. The increase in gross profit margin, as
a percentage of net sales, was due mainly to the improved margins at the
wholesale level and low margin closeout sales in 2000.

Selling, general and administrative expenses for the first quarter 2001 were
$22.7 million, a decrease of $1.8 million from the first quarter 2000. Selling,
general and administrative expenses for the first quarter 2001 were 45.3% of net
sales, an increase from 43.2% of net sales for the first quarter of 2000, which
was the result of the lower sales volume. The decrease in expense versus 2000
was the result of cost reductions initiated during 2000 at all business units
and corporate.

Non-recurring cost of sales of $0.5 million were recorded in the first quarter
of 2001 related to provisions made for duties related to imported products
during the period 1996 through 2000, which is currently under audit by U.S.
Customs. Non-recurring credits of $0.3 million were recorded in the first
quarter of 2001 reflecting the favorable settlements of accruals previously
recorded.


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<PAGE>   11

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

The Company recorded a $0.9 million pretax charge in the quarter ended April 1,
2000. The charge consisted of $0.6 million for costs associated with the
downsizing of the Company's corporate headquarters space, including the
write-off of certain leasehold improvements, lease termination costs and move
expenses. The charge also included severance costs for approximately 20 people
located primarily at the Company's corporate headquarters.

Interest expense for the first quarter 2001 was $3.4 million as compared to the
first quarter 2000 amount of $3.0 million. This increase was due mainly to the
amortization of deferred finance charges.

Other income for the first quarter of 2000 includes a $0.6 million gain on the
sale of the Company's Cape Girardeau, Missouri, manufacturing facility.

Income tax benefit for the first quarter of 2001 was $1.5 million and
$1.4 million for the first quarter of 2000. The effective tax rate for 2001 was
35.8% compared to 35.4% in 2000.


LIQUIDITY AND CAPITAL RESOURCES

The Company's cash needs are primarily for working capital to support its
operations and cash for interest payments on borrowing under debt facilities.
The Company's ability to fund its activities is directly dependent on sales, its
ability to effectively manage its inventory and working capital needs, and its
ability to obtain sufficient external financing.

Further borrowings will be made under the credit facility from time to time to
meet liquidity requirements. The credit facility provides for borrowings of up
to $110.0 million, subject to borrowing base availability ($98.3 million at
March 31, 2001). Excess availability at March 31, 2001 was $3.2 million.

At December 30, 2000, the Company's Australian subsidiary was in default of
certain covenants related to interest coverage ratios under a credit facility
provided by an Australian bank. At March 31, 2001, the default remained
uncured. The bank has indicated it does not intend to take any action at the
present time. Borrowings under this credit facility were $2.6 million and $2.8
million at March 31, 2001 and December 30, 2000, respectively, and have been
classified as current due to the covenant violation.

Working Capital

Working capital at March 31, 2001 was $25.6 million, as compared to $27.8
million at December 30, 2000. The decrease in working capital reflects a
decrease in inventory and an increase in the current portion of long-term debt,
which is partially offset by an increase in accounts receivable and a decrease
in accounts payable and accrual expenses.

Net cash used in investing activities during the three months ended March 31,
2001 was $0.4 million, as compared to cash provided of $0.4 million during the
three months ended April 1, 2000. The three months ended April 1, 2000 included
$0.7 million of proceeds from the disposal of assets.

Net cash provided by financing activities, was $5.9 million for the three months
ended March 31, 2001 as compared to cash provided by financing activities of
$5.3 million for three months ended April 1, 2000. The $5.9 million in cash
provided during the three months ended March 31, 2001 was due to additional
borrowing under the revolving credit facility to fund operating activities. For
the three months ended April 1, 2000, cash provided by $5.3 million was from
additional borrowings under the revolving credit facility and funds provided
from a credit facility entered into with an Australian bank in January 2000.


                                       11
<PAGE>   12

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

RECENT ACCOUNTING PRONOUNCEMENTS

Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for
Derivative Instruments and Hedging Activities", as amended, requires companies
to recognize all derivative instruments as assets or liabilities in the balance
sheet and to measure those instruments at fair value. SFAS No. 133 was effective
for the Company beginning on December 31, 2000. The Company did not have any
derivative instruments in place during the quarter ended March 31, 2001.

FORWARD LOOKING STATEMENTS

When used in this discussion, the words "believes" and "expects" and similar
expressions are intended to identify forward-looking statements. Such statements
are subject to certain risks and uncertainties, over which the Company has no
control, which could cause actual results to differ materially from those
projected. Readers are cautioned not to place reliance on these forward-looking
statements, which speak only as of the date hereof. The Company undertakes no
obligations to republish revised forward-looking statements to reflect events or
circumstances after the date thereof or to reflect the occurrence of
unanticipated events. Readers are also urged to carefully review and consider
the various disclosures made by the Company in this report, as well as the
Company's periodic reports with the Securities and Exchange Commission.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the Company's market risk during the
three month period ended March 31, 2001. For additional information, refer to
Item 7A in the Company's Annual Report on form 10-K for the year ended December
30, 2000.



                                       12
<PAGE>   13

                            PART II OTHER INFORMATION


ITEM 4. EXHIBITS AND REPORTS ON FORM 8-K

        (a)  The following exhibits are filed as part of this report:

                Exhibit
                Number     Description
                ------     -----------

                 10.1      Amendment No. 1, dated as of April 5, 2001 to the
                           Employment Agreement by and between the Company and
                           Peter Corritori.

                 10.2      First Amendment to the Consulting Agreement, dated as
                           of January 31, 2001 by and between the Company and
                           Apollo Advisors, L.P.

                 99.1      Press Release dated May 3, 2001

        (b)  Form 8-K was not required to be filed during the quarter ended
             March 31, 2001.




                                       13
<PAGE>   14

                                    SIGNATURE

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.

                                             FLORSHEIM GROUP INC.
                                                 (Registrant)




                                         By  /s/ F. Terrence Blanchard
                                             -------------------------
                                             F. Terrence Blanchard
                                             Vice-President and
                                                 Controller



Date:  May 8, 2001