SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No.__)


                               Galey & Lord, Inc.
          ------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
          ------------------------------------------------------------
                         (Title of Class of Securities)


                                   36352K 103
                      ------------------------------------
                                 (CUSIP Number)



          ----

          Check  the  following  box if a fee is being  paid with this
          statement  [X].  (A fee is not  required  only if the filing
          person:  (1) has a  previous  statement  on  file  reporting
          beneficial  ownership of more than five percent of the class
          of  securities  described  in Item 1;  and (2) has  filed no
          amendment  subsequent thereto reporting beneficial ownership
          of five percent or less of such class.) (See Rule 13d-7.)

          *The  remainder of this cover page shall be filled out for a
          reporting  person's initial filing on this form with respect
          to the subject class of  securities,  and for any subsequent
          amendment  containing  information  which  would  alter  the
          disclosures provided in a prior cover page.

          The information required in the remainder of this cover page
          shall not be deemed to be "filed" for the purpose of Section
          18 of  the  Securities  Exchange  Act  of  1934  ("Act")  or
          otherwise  subject to the liabilities of that section of the
          Act but shall be subject to all other  provisions of the Act
          (however, see the Notes).

                        (Continued on following page(s))

                                Page 1 of 7 Pages

<PAGE>

    CUSIP No. 36352K 10 3                  13G                 Page 2 of 7 Pages

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                 Citicorp                  13-2614988

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY


--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              Delaware

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                None
       SHARES
                      ----------------------------------------------------------
                      6   SHARED VOTING POWER
    BENEFICALLY
                                None
      OWNED BY
                      ----------------------------------------------------------
                      7   SOLE DISPOSITIVE POWER
        EACH
                                None
     REPORTING
                      ----------------------------------------------------------
                      8   SHARED DISPOSITIVE POWER
       PERSON
                                None
        WITH
--------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       None, except through its wholly-owned subsidiary, Citibank, N.A., and its
       wholly-owned subsidiary, Citicorp Venture Capital Ltd.

--------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                See Line 9, above

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                 HC

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!

<PAGE>

    CUSIP No. 36352K 10 3                  13G                 Page 3 of 7 Pages

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                 Citibank, N.A.                  13-5266470

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY


--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              A national banking association

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                *
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                               *
      OWNED BY
                      ----------------------------------------------------------
                      7   SOLE DISPOSITIVE POWER
        EACH
                               *
     REPORTING
                      ----------------------------------------------------------
                      8   SHARED DISPOSITIVE POWER
       PERSON
                               *
        WITH
--------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       None,  except  through  its  wholly-owned  subsidiary,  Citicorp  Venture
       Capital, Ltd.

--------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                      *  See line 9, above

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                  BK

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!

<PAGE>

    CUSIP No. 36352K 10 3                  13G                 Page 4 of 7 Pages

--------------------------------------------------------------------------------
  1    NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                 Citibank Venture Capital Ltd.                  13-2598089

--------------------------------------------------------------------------------
  2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *

       (a)_______


       (b)_______

--------------------------------------------------------------------------------
  3    SEC USE ONLY


--------------------------------------------------------------------------------
  4    CITIZENSHIP OR PLACE OF ORGANIZATION

              New York

--------------------------------------------------------------------------------
                       5   SOLE VOTING POWER
     NUMBER OF
                                4,629,500
       SHARES
                     -----------------------------------------------------------
                       6   SHARED VOTING POWER
    BENEFICALLY
                                None
      OWNED BY
                     -----------------------------------------------------------
                       7   SOLE DISPOSITIVE POWER
        EACH
                                4,629,500
     REPORTING
                     -----------------------------------------------------------
                       8   SHARED DISPOSITIVE POWER
       PERSON
                                None
        WITH
--------------------------------------------------------------------------------
  9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                      4,629,500

--------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES *


--------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                      39.99%

--------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON *

                  CO

--------------------------------------------------------------------------------
                      * SEE INSTRUCTION BEFORE FILLING OUT!

<PAGE>

                                                Page 5 of 7 Pages

  SCHEDULE 13G

  ITEM 1(A) NAME OF ISSUER:                Galey & Lord, Inc.

  ITEM 1(B) ADDRESS OF ISSUER'S PRINCIPAL  980 Avenue of the Americas
                                           New York, NY  10018

  ITEM 2(A) NAMES OF PERSONS:              Citicorp    and   its    wholly-owned
                                           subsidiary, Citibank, N.A., and those
                                           subsidiaries checked below:

                                           [X]Citicorp  Venture  Capital Ltd., a
                                           wholly-owned  subsidiary of Citibank,
                                           N.A.

                                           [_]399  Venture  Partners,   Inc.,  a
                                           wholly-owned subsidiary of Citibank

  ITEM 2(B) ADDRESS OF PRINCIPAL
            BUSINESS OFFICE:               Citicorp
                                           Citibank, N.A.
                                           Citicorp Venture Capital Ltd.
                                           Citicorp Investments Inc.
                                           399 Park Avenue
                                           New York, N.Y. 10043

  ITEM 2(C) CITIZENSHIP:                   Citicorp: Delaware;
                                           Citibank, N.A.: A national banking
                                             association;
                                           Citicorp Venture Capital Ltd.: New
                                             York;
                                           399 Venture Partners Inc.: Delaware;

  ITEM 2(D) TITLE OF CLASS OF SECURITIES:  Common Stock

  ITEM 2(E) CUSIP NUMBER:                  36352K 10 3

  ITEM 3 THE PERSONS  FILING THIS  SCHEDULE  PURSUANT TO EITHER RULE 13D-1(B) OR
  RULE 13D-2(B) ARE:

  Citicorp:                                (g)  Parent   Holding   Company,   in
                                           accordance with ss.240.13d-1 (b) (ii)
                                           (G).
  Citibank, N.A.:                          (b) Bank as defined in ss.3 (a)(6) oF
                                           the Act;
  and those subsidiaries checked below:
  [x]Citicorp Venture Capital Ltd.:        Corporation.
  [_]399 Venture Partners Inc.:            Corporation.

<PAGE>

                                                Page 6 of 7 Pages


  ITEM 4   OWNERSHIP

           (a)   Total Amount Beneficially Owned:  4,629,500

           (b)   Percent of Class:                 39.99%

           (c)   Total Number of Shares as to which such persons have:

                 (i)   sole power to vote or to direct the vote
                       4,629,500
                       ---------

                 (ii)  shared power to vote or to direct
                       None
                       ---------

                 (iii) sole power to dispose or to direct
                       the disposition of
                       4,629,500
                       ---------

                 (iv)  shared power to dispose or to
                       direct the disposition of
                       None
                       ---------

  ITEM 5   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:

           [x] Not applicable.

           [_] This statement is being filed to report the fact that as of
               December 31, 1996, the reporting persons had ceased to be the
               beneficial owners of more than five percent of the securities
               described.

  ITEM 6   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
           None

  ITEM 7   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
           THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
           See Items 2(a) and 3.

  ITEM 8   IDENTIFICATION  AND  CLASSIFICATION  OF MEMBERS OF THE GROUP:
           Not applicable.

  ITEM 9   NOTICE OF DISSOLUTION OF GROUP:
           Not applicable.

<PAGE>

                                                Page 7 of 7 Pages


ITEM  10. CERTIFICATION: By signing below I certify that, to the best of my
          knowledge and belief, the securities referred to above were acquired
          in the ordinary course of business and were not acquired for the
          purpose of and do not have the effect of changing or influencing the
          control of the issuer of such securities and were not acquired in
          connection with or as a participant in any transaction having such
          purposes or effect.

          SIGNATURE: After reasonable inquiry and to the best of my knowledge
          and belief, I certify that the information set forth in this statement
          is true, complete and correct.

          NOTE: Signatures below are for Citicorp and Citibank,  N.A., and those
          subsidiaries  holding the issue,  indicated by check  below.  All data
          shown is as of December 31, 1996.

           FEBRUARY 14, 1997              CITICORP
           -----------------
           DATE
                                          By /s/Patricia K. Perlman
                                            -----------------------------------
                                                Patricia K. Perlman
                                                Assistant Secretary, Citicorp

                                          CITIBANK, N.A.

                                          By /s/Patricia K. Perlman
                                            -----------------------------------
                                                Patricia K. Perlman
                                                Vice President, Citibank N.A.

                                          CITICORP VENTURE CAPITAL LTD.

                                          By /s/Helene B. Shavin
                                            -----------------------------------
                                                Helene B. Shavin
                                                 Assistant Vice President

                                          399 VENTURE PARTNERS, INC.

                                          By
                                            -----------------------------------
                                                Helene B. Shavin
                                                Assistant Vice President


  Copies to:
  Corporate Secretary