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

                                   FORM 10-Q

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

                For the quarterly period ended October 31, 1997

                                      OR

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

                       For the transition period from to

                        Commission File Number 0-21226

                        SEAMAN FURNITURE COMPANY, INC.
            (Exact Name of Registrant as Specified In Its Charter)



           Delaware                                        11-2751205 
   --------------------------------                     ---------------------
   (State or Other Jurisdiction of                      I.R.S. Employer
   Incorporation or Organization)                       dentification Number)
                                                               
                                                 
   300 Crossways Park Drive 
   Woodbury, New York                                      11797
   ----------------------------------                   ------------
   (Address of principal executive offices)             Zip Code)
 

   Registrant's telephone number including area code (516) 496-9560
                                                     --------------
 
   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 REGISTRANTS INVOLVED IN BANKRUPTCY
                 PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

   Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.

   Yes X   No __

                     APPLICABLE ONLY TO CORPORATE ISSUERS

   Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.

          Class                              Outstanding as of December 12, 1997
   ---------------------------               -----------------------------------
   Common Stock $.01 par value                          4,536,839

                                  Page 1 of 14
<PAGE>
 
                SEAMAN FURNITURE COMPANY, INC. AND SUBSIDIARIES

                              INDEX TO FORM 10-Q

                                                                            Page
Part I
------

   Condensed Consolidated Balance Sheets -
   October 31, 1997 and April 30, 1997                                        3


   Condensed Statements of Consolidated Operations -
   Three and six months ended October 31, 1997 and 1996                       4


   Condensed Statements of Consolidated Cash Flows -
   Three and six months ended October 31, 1997 and 1996                       5


   Notes to Condensed Consolidated Financial Statements                       6


   Management's Discussion and Analysis of Financial
   Condition and Results of Operations                                   7 - 10


Part II
-------

   Other Information                                                    11 - 12

   Signatures                                                                13

   Exhibits                                                                  14

                                  Page 2 of 14
<PAGE>
 
                                    PART I

                             FINANCIAL INFORMATION

     ITEM I. FINANCIAL STATEMENTS

                SEAMAN FURNITURE COMPANY, INC. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                           (IN THOUSANDS OF DOLLARS)



                                               OCTOBER 31,       APRIL 30,
                                                  1997             1997
                                                  ----             ----
                                               (UNAUDITED)      

     ASSETS                                                     
     ------

     CURRENT ASSETS:                                            
       Cash & cash equivalents                    $75,609          $6,423
       Accounts receivable, net                         0          68,916
       Merchandise inventories                     29,504          28,782
       Prepaid expenses and other                   3,426           1,133
       Deferred tax asset                           4,977           4,977
                                               -----------      ----------
              Total current assets                113,516         110,231
                                                                
     PROPERTY AND EQUIPMENT-net                    30,235          31,391
     PROPERTY FINANCED BY CAPITAL LEASES-net        4,521           4,727
     OTHER ASSETS                                   4,516           4,039
     DEFERRED TAX ASSET                            10,484          10,834
                                               -----------      ----------
     TOTAL                                       $163,272        $161,222
                                               ===========      ==========
                                                                
     LIABILITIES & STOCKHOLDERS' EQUITY                         
     ----------------------------------
     CURRENT LIABILITIES:                                       
       Accounts payable - trade                   $12,330         $13,167
       Accrued expenses                            21,671          19,947
       Customer deposits                            8,854           8,487
       Current portion of long-term debt            1,161           1,123
                                               -----------      ----------
                                                                
              Total current liabilities            44,016          42,724
                                                                
     LONG-TERM DEBT                                12,264          12,878
                                                                
     STOCKHOLDERS' EQUITY                                       
                                                                
       Common stock                                    50              50
       Additional paid-in capital                  86,817          86,817
       Retained earnings                           25,686          24,310
       Treasury stock                             (5,561)         (5,557)
                                               -----------      ----------
     Stockholders' equity                         106,992         105,620
                                               -----------      ----------
                                                                
     TOTAL                                       $163,272        $161,222
                                               ===========      ==========

     See notes to condensed consolidated financial statements.

                                  Page 3 of 14
<PAGE>
 
                SEAMAN FURNITURE COMPANY, INC. AND SUBSIDIARIES
                CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
              (IN THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>


                                                              THREE MONTHS ENDED                       SIX MONTHS ENDED
                                                                 OCTOBER 31,                             OCTOBER 31,
                                                                 ----------                              ----------
                                                           1997                 1996               1997                 1996
                                                        (UNAUDITED)         (UNAUDITED)         (UNAUDITED)         (UNAUDITED)
<S>                                                         <C>                  <C>               <C>                  <C>     
                                                                                             
REVENUES:                                                                                    
Net sales                                                  $67,659              $63,722           $134,156             $126,381
                                                                                             
Net finance charge income                                                         2,893              2,861                6,507
                                                                 -                           
                                                        ------------        -------------       ------------        -------------
                                                                                             
  Total                                                     67,659               66,615            137,017              132,888
                                                        ------------        -------------       ------------        -------------
                                                                                             
OPERATING COST & EXPENSES:                                                                   
  Cost of sales, including                                                                   
    buying and occupancy costs                              45,194               42,584             89,628               84,882
                                                                                            
                                                                                            
  Selling, general and administrative                       20,340               21,629             43,665               44,311
                                                                                            
                                                                                            
  Nonrecurring charges                                         948                    -              1,307                     -
                                                                                             
                                                        ------------        -------------       ------------        -------------
                                                                                             
  Total                                                     66,482               64,213            134,600              129,193
                                                        ------------        -------------       ------------        -------------
                                                                                             
  INCOME FROM OPERATIONS                                     1,177                2,402              2,417                3,695
                                                                                            
  INTEREST EXPENSE                                             455                  555                958                1,093
                                                                                            
  INTEREST INCOME                                             (998)                 (12)            (1,090)                 (37)
                                                                                             
                                                                                             
                                                        ------------        -------------       ------------        -------------
                                                                                             
  INCOME BEFORE PROVISION FOR INCOME TAXES                   1,720                1,859              2,549                2,639
                                                                                            
  PROVISION FOR INCOME TAXES                                   792                  800              1,173                1,135
                                                                                             
                                                        ------------        -------------       ------------        -------------
                                                                                             
  NET INCOME                                                  $928               $1,059             $1,376               $1,504
                                                        ============        =============       ============        =============
                                                                                             
NET INCOME PER SHARE (PRIMARY AND FULLY DILUTED)             $0.18                $0.21              $0.27                $0.30
                                                        ============        =============       ============        =============


</TABLE>

See notes to condensed consolidated financial statements.

                                  Page 4 of 14
<PAGE>
 
                SEAMAN FURNITURE COMPANY, INC. AND SUBSIDIARIES
                CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

                           (IN THOUSANDS OF DOLLARS)

<TABLE> 
<CAPTION> 
                                                                                    SIX MONTHS ENDED
                                                                                      OCTOBER 31,

                                                                             1997                   1996
                                                                             ----                   ----
                                                                          (UNAUDITED)            (UNAUDITED)
                                                                 
<S>                                                                            <C>                    <C> 
OPERATING ACTIVITIES:                                            
                                                                 
Net Income                                                                      $1,376                 $1,504
Adjustments to reconcile net income to net cash                  
 provided by operating activities:                               
                                                                 
Depreciation and amortization                                                    3,045                  2,386
Deferred tax asset                                                                 350                    498
                                                                 
Asset and liability management:                                  
                                                                 
Accounts receivable                                                              (817)                (2,141)
Merchandise inventories                                                          (722)                (3,638)
Prepaid expenses and other assets                                              (3,304)                  2,174
Accounts payable                                                                 (837)                  3,530
Accrued expenses and other                                                       1,724                  1,688
Customer deposits                                                                  367                (1,162)
                                                                         --------------         --------------
Net cash  provided by operating                                                  1,182                  4,839
activities                                                       
                                                                         --------------         --------------
                                                                 
INVESTING ACTIVITIES:                                            
                                                                 
Purchase of equipment                                                          (1,149)                (1,829)
                                                                         --------------         --------------
                                                                 
Net cash used in investing activities                                          (1,149)                (1,829)
                                                                         --------------         --------------
                                                                 
FINANCING ACTIVITIES:                                            
                                                                 
Repayment of loans                                                               (576)                (4,833)
Purchase of treasury stock                                                         (4)                      -
Sale of accounts receivable portfolio                                           69,733                      -
                                                                         --------------         --------------
                                                                 
Net cash used in financing activities                                           69,153                (4,833)
                                                                         --------------         --------------
                                                                 
NET INCREASE (DECREASE)  IN CASH AND CASH EQUIVALENTS                           69,186                (1,823)
                                                                 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                   6,423                  3,436
                                                                         --------------         --------------
                                                                 
CASH AND CASH EQUIVALENTS, END OF PERIOD                                       $75,609                 $1,613
                                                                         ==============         ==============

See notes to condensed consolidated financial statements.

</TABLE> 

                                  Page 5 of 14
<PAGE>
 
                SEAMAN FURNITURE COMPANY, INC. AND SUBSIDIARIES

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.       Basis of Presentation
         ---------------------

                  The accompanying unaudited condensed consolidated financial
         statements include the accounts of Seaman Furniture Company, Inc. and
         its wholly-owned subsidiaries (the "Company"). All significant
         intercompany transactions and balances have been eliminated in
         consolidation.

                  In the opinion of management, the accompanying unaudited
         condensed consolidated financial statements contain all the adjustments
         necessary to present fairly the Company's financial position at October
         31, 1997; the results of consolidated operations for each of the three
         and six month periods ended October 31, 1997 and October 31, 1996; and
         the cash flows for the six month periods ended October 31, 1997 and
         October 31, 1996. Such adjustments consisted only of normal recurring
         items. The condensed consolidated financial statements and notes
         thereto should be read in conjunction with the consolidated financial
         statements and notes for the years ended April 30, 1997 and 1996
         included in the Company's Annual Report on Form 10-K/A for 1997 and
         Form 10-K for 1996, each of which was filed with the Securities and
         Exchange Commission.

                  The interim financial results are not necessarily indicative
         of the results to be expected for the full year.

2.       Net Income Per Share
         --------------------

                  Net income per share is based on the weighted average number
         of common and common equivalent shares outstanding. Employee and
         director stock options are considered to be common stock equivalents
         and, accordingly, 532,336 common stock equivalent shares have been
         included in the computation for the three month period and 532,182
         common stock equivalent shares have been included in the computation
         for the six month period ended October 31, 1997 using the treasury
         stock method.

3.       Sale of Customer Accounts Receivable
         ------------------------------------
 
                  On August 5, 1997, the Company consummated the sale of
         substantially all of its customer accounts receivable to Household Bank
         (Nevada), N.A. ("Household) for net proceeds of approximately $70
         million. In connection therewith, the Company also entered into a
         Merchant Agreement with Household, dated August 1, 1997 with an
         effective date of August 5, 1997, pursuant to which Household will
         provide revolving credit financing to individual qualified customers of
         the Company through issuance of the Company's proprietary credit card
         and will provide services to existing credit customers. The Company has
         terminated its Service Agreement with SPS Payment Systems, Inc. which
         had provided services since April 1994 with regard to the Company's
         proprietary credit card program.

                                  Page 6 of 14
<PAGE>
 
4.       Subsequent Event
         ----------------

                  At a meeting of the Board of Directors (the "Board") of the
         Company held on November 17, 1997, the Board called for a Special
         Meeting of Stockholders of the Company to be held on December 23, 1997
         at 9:00 A.M., New York time at the office of Jones, Day, Reavis &
         Pogue, 599 Lexington Avenue, New York, New York 10022, for the
         following purposes: (i) to consider and vote upon the adoption of an
         Agreement and Plan of Merger dated as of August 13, 1997, as amended on
         September 4, 1997 (the "Merger Agreement"), by and between the Company
         and SFC Merger Company, a Delaware corporation ("Newco"), providing for
         the merger (the "Merger") of Newco with and into the Company, with the
         Company continuing as the surviving corporation; and (ii) to transact
         such other business as may properly come before the Meeting or any
         postponements or adjournments thereof. Only holders of the Company's
         common stock of record on the books of the Company at the close of
         business on November 17, 1997 are entitled to notice of, and to vote
         at, the Meeting and any adjournment thereof.

Item 2.                    MANAGEMENT DISCUSSION AND ANALYSIS
-------
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations
---------------------

Three Months Ended October 31, 1997 compared to Three Months 
Ended October 31, 1996
------------------------------------------------------------

         Net sales for the three months ended October 31, 1997 of $67.7 million
increased by $3.9 million (or 6.2%) compared to net sales for the three months
ended October 31, 1996. Comparable store sales for the three months ended
October 31, 1997 were $64.6 million, an increase of approximately $900,000 (or
1.4%) compared to comparable store sales of $63.7 million for the same period
last year.

         Net finance charge income of $2.9 million for the three months ended
October 31, 1996 decreased to $0 for the three months ended October 31, 1997 due
to the sale of the customer accounts receivable on August 5, 1997. See
"Liquidity and Capital Resources".

         As a result of the foregoing, total revenues for the three months ended
October 31, 1997 were $67.7 million, an increase of $1.0 million (or 1.6%) over
the comparable prior year period.

         Cost of sales, including buying and occupancy costs, increased by $2.6
million (or 6.1%) for the three months ended October 31, 1997 as compared to the
three months ended October 31, 1996, primarily due to the increased cost of
goods sold related to the additional sales and increased occupancy costs
primarily associated with the opening of four new stores since April 1997.

         Selling, general and administrative expenses decreased by $1.3 million
(or 6.0%) for the three months ended October 31, 1997, principally due to the
elimination of write-offs related to the accounts receivable.

         Nonrecurring charges of $948,000 for the three months ended October 31,
1997 are attributed to the sale of the accounts receivable.

                                  Page 7 of 14
<PAGE>
 
         As a result of the foregoing, income from operations was $1.2 million
for the three months ended October 31, 1997, as compared to $2.4 million for the
three months ended October 31, 1996, a decrease of $1.2 million (or 51.0%).

         Net interest income for the three months ended October 31, 1997 was
$543,000 compared to net interest expense of $543,000 for the three months ended
October 31, 1996. This is primarily due to increased interest income due to the
Company's higher cash balance primarily attributed to the sale of the accounts
receivable.

         The provision for income taxes for the three months ended October 31,
1997 of $792,000 is based upon an effective income tax rate of 46.0%, as
compared to $800,000, which was based on effective income tax rate of 43% for
the three months ended October 31, 1996.

         As a result of the foregoing, the Company's net income for the three
months ended October 31, 1997 was $928,000, a decrease of $131,000 (or 12.4%)
compared to $1.1 million for the three months ended October 31, 1996.


SIX MONTHS ENDED OCTOBER 31, 1997 COMPARED TO SIX MONTHS ENDED OCTOBER 31, 1996
-------------------------------------------------------------------------------

         Net sales for the six months ended October 31, 1997 of $134.2 million
increased by $7.8 million (or 6.2%) compared to net sales for the six months
ended October 31, 1996. The increase in net sales is attributed to an increase
in comparable store sales and to the Company opening new stores. Comparable
store sales were $129.7 million and $126.4 million for the six months ended
October 31, 1997 and 1996 respectively, an increase of $3.3 million (or 2.6%).

         Net finance charge income decreased from $6.5 million for the six
months ended October 31, 1996 to $2.9 million (or 56.0%) for the six months
ended October 31, 1997. This decrease is attributed to the sale of the customer
accounts receivable. See "Liquidity and Capital Resources".

         As a result of the foregoing, total revenues for the six months ended
October 31, 1997 were $137.0 million, an increase of $4.1 million (or 3.1%) over
the comparable prior year period.

         Cost of sales, including buying and occupancy costs, increased by $4.7
million (or 5.6%) for the six months ended October 31, 1997 as compared to the
six months ended October 31 1996, principally due to the increased cost of goods
sold related to the additional sales and increased occupancy costs primarily
associated with the opening of four new stores since April 1997.

         Selling, general and administrative expenses decreased $646,000 (or
1.5%) for the six months ended October 31, 1997, principally due to the
elimination of write-offs related to the accounts receivable.

         Nonrecurring charges of $1.3 million for the six months ended October
31, 1997 are attributed to the sale of the accounts receivable and to the
Company's termination of the $40 million Revolving Credit and Security
Agreement. See "Liquidity and Capital Resources".

                                  Page 8 of 14
<PAGE>
 
         As a result of the foregoing, income from operations was $2.4 million
for the six months ended October 31, 1997 compared to $3.7 million for the six
months ended October 31, 1996, a decrease of $1.3 million (or 34.6%).

         For the six months ended October 31, 1997 there was net interest income
of $132,000 compared to net interest expense of $1.1 million for six months
ended October 31, 1996. This is primarily due to increased interest income due
to the Company's higher cash balance primarily attributed to the sale of the
accounts receivable.

         The provision for income taxes for the six months ended October 31,
1997 of $1.2 million is based upon an effective income tax rate of 46.0%, as
compared to $1.1 million which is based upon an effective income tax rate of
43%, for the six months ended October 31, 1996.

         As a result of the foregoing, the Company's net income for the six
months ended October 31, 1997 was $1.4 million, a decrease of approximately
$100,000 (or 8.5%) compared to $1.5 million for the six months ended October 31,
1996.

Liquidity and Capital Resources
-------------------------------

         The Company's working capital increased from $67.5 million at April 30,
1997 to $69.5 million at October 31, 1997. Cash and cash equivalents increased
from $6.4 million at April 30, 1997 to $75.6 million at October 31, 1997,
primarily due to the sale of the Company`s accounts receivable on August 5, 1997
for approximately $70 million. The Company's principal uses of cash are working
capital needs, capital expenditures and debt service obligations, including
capitalized lease costs. As of October 31, 1997 the Company had stockholder's
equity of $107 million. In addition, at October 31, 1997, the Company had $12.3
million in other long term debt, consisting of capitalized lease obligations and
a mortgage in connection with its Central Islip, New York warehouse facility.

         Capital expenditures were approximately $1.1 million for the six months
ended October 31, 1997. These expenditures were primarily for the opening of new
stores and the renovation of existing stores. The Company plans to spend
approximately $3.5 million in capital expenditures during the current fiscal
year ending April 30, 1998.

         On July 30, 1997 the Company terminated the $40 million Revolving
Credit and Security Agreement (the "Loan Agreement") with the Bank of New York
Commercial Corporation and Fleet Bank, N.A. (as Successor-by-Merger to NatWest
Bank N. A.) as lenders. The termination of the Loan Agreement was done in
connection with the sale of the Company's customer accounts receivable. See
"Note 3 to the Notes to Condensed Consolidated Financial Statements."

         The Company entered into a commitment letter dated July 31, 1997 with
Heller Business Credit, a division of Heller Financial, Inc., to provide a
five-year term loan for $10 million and a five-year revolving credit facility
for $25 million collateralized by eligible inventory of the Company (the "Heller
Loan Facility"). Pursuant to a letter dated December 9, 1997, this commitment
was extended through December 31, 1997.

         The Company currently expects that its cash position and prospective
borrowings under the Heller Loan Facility will be sufficient to meet the
Company's planned capital expenditures, long-term debt (composed of capital
lease obligations, principal on the Company's mortgage and repayments on 

                                  Page 9 of 14
<PAGE>
 
the Heller Loan Facility) and currently anticipated working capital requirements
through the end of fiscal 1999 without consideration of uncertainties
surrounding the Merger Agreement. See "Note 4 to the Notes to Condensed
Consolidated Financial Statements" and "Item 5 of Part II Other Information". It
is expected that final documentation for the Heller Loan Facility will be
consummated at the effective time of the Merger.

Certain Factors Affecting Future Performance
--------------------------------------------

         From time to time, information provided by the Company, statements by
its employees or information included in its filing with the Securities and
Exchange Commission (including those portions of this Management Discussion and
Analysis that refer to the future) may contain forward looking statements that
are not historical facts. These statements are "forward looking" within the
meaning of the Private Securities Litigation Reform Act of 1996. Such forward
looking statements and the Company's future performance operating results,
financial position and liquidity are subject to a variety of factors that could
materially affect such results including the Company's ability to select and
stock merchandise attractive to customers, general economic cycles affecting
consumer spending, weather factors affecting retail operations, the Company's
inventory controls, operating factors affecting customers satisfaction, the
Company's relationship with its employees, the mix of goods sold, pricing and
other competitive factors.


Item 3.                    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
-------                                    MARKET RISKS.

                            None.

                                 Page 10 of 14
<PAGE>
 
                                    PART II
                                    -------

                               OTHER INFORMATION

      Item 1         Legal Proceedings.
                    
                     The Company from time to time is involved in legal
                     proceedings and litigation incidental to the normal
                     course of the Company's business. The Company
                     believes that the ultimate disposition of these
                     proceedings and litigation will not materially
                     adversely affect the Company's financial position.
                    
      Item 2         Change in Securities.
                    
                     None
                    
      Item 3         Defaults Upon Senior Securities.
                    
                     None
                    
      Item 4         Submission of Matters to a Vote of Security Holders.
                    
                     None
                    
      Item 5         Other Information.
                     Proposal to take the Company Private
                    
                     On July 9, 1997 the Company announced that it had
                     received a proposal from a group consisting of the
                     Company's senior management and majority
                     stockholders, M.D. Sass Associates, Inc., T. Rowe
                     Price Recovery Fund, L.P., and Carl Marks Management
                     Co., L.P. to purchase the approximate 20% of the
                     Company's outstanding common stock not already owned
                     by the group for $24.00 per share. SFC Merger
                     Company, a Delaware corporation controlled by this
                     group, executed a merger agreement (the "Merger
                     Agreement") with the Company on August 13, 1997. The
                     Merger Agreement provides for, among other things,
                     cash consideration of $25.05 per share for each share
                     of the Company's outstanding common stock, excluding
                     shares of common stock held by SFC Merger Company,
                     and other than shares as to which dissenters rights
                     are perfected in accordance with Delaware law. Under
                     the terms of the Merger Agreement, the Company will
                     survive the merger and be owned directly and
                     indirectly by the majority stockholders and the
                     current senior management of the Company (the
                     "Merger"). The Merger Agreement was approved by a
                     special committee of the Board of 

                                 Page 11 of 14
<PAGE>
 
                     Directors of the Company consisting of two directors not
                     affiliated with the majority stockholders or management.
                     The special committee received a fairness opinion from
                     Wasserstein Perrella & Co., Inc. The Merger Agreement is
                     subject to certain conditions, including financing and
                     stockholder approval.
                    
      Item 6         Exhibits and Reports on Form 8-K
                    
                     (a)    The exhibits listed on the Exhibit Index
                            following the signature page hereof are filed
                            herewith in response to this item.
                    
                     (b)    Reports on Form 8-K
                    
                              The Company filed a report on Form 8-K on
                              August 15, 1997 regarding the sale of the
                              customer accounts receivables pursuant to
                              Item 2 of Form 8-K and the execution of the
                              Merger Agreement pursuant to Item 5 of Form
                              8-K.
                    
                              The Company filed a report on Form 8-K
                              regarding the Amendment dated September 4,
                              1997 executed by the Company and SFC Merger
                              Company amending the Agreement and Plan of
                              Merger between the Company and SFC Merger
                              Company, pursuant to Item 5 of Form 8-K.
                    

                                 Page 12 of 14
<PAGE>
 
                                  SIGNATURES

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

                                                SEAMAN FURNITURE COMPANY, INC.



    Date:  December 12, 1997                  /s/  Alan Rosenberg
                                              -------------------
                                              Alan Rosenberg, President &
                                                Chief Executive Officer


                                              /s/   Peter McGeough
                                              --------------------
                                              Peter McGeough, Executive Vice
                                                President / Chief Administrative
                                                & Financial Officer

                                 Page 13 of 14
<PAGE>
 
                                 EXHIBIT INDEX


     Exhibit No.           Description
     -----------           -----------
  
        11                 Statement regarding computation of per share
                           earnings.
                       
                           See Note 2 to Consolidated Financial Statements.

                                 Page 14 of 14