<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549


                                    FORM 8-K
                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934


                          Date of Report: May 28, 1998


                         FURR'S/BISHOP'S, INCORPORATED
                         -----------------------------
               (Exact name of registrant as specified in charter)


       Delaware               1-10725             75-2350724          
       --------------       ------------          ----------------     
       (State or other      (Commission           (I.R.S. Employer
       jurisdiction         File Number)          Identification No.)
       of incorporation)

       6901 Quaker Avenue, Lubbock, Texas                79413   
       -------------------------------------------------------
       (Address of principal executive offices)        (Zip Code)

       Registrant's telephone number, including area code:  (806) 792-7151
                                                            --------------

                                 Not applicable
          -----------------------------------------------------------
         (Former name or former address, if changed since last report)

<PAGE>   2
ITEM 1.  CHANGES IN CONTROL OF THE REGISTRANT.

       On May 28, 1998, Furr's/Bishop's, Incorporated (the "Company") held its
Annual Meeting of Stockholders.  At the meeting, the stockholders of the
Company elected a slate of directors proposed by the Company's largest
stockholder, Teachers Insurance and Annuity Association of America
("Teachers").

       The elected slate consists of prior Board members Suzanne Hopgood and
Gilbert C. Osnos as well as Jacob C. Baum, Ben Evans, Damien W. Kovary, William
J. Nightingale and Barry W. Ridings.  The Board has appointed Suzanne Hopgood
Chairman of the Board.

ITEM 5.  OTHER EVENTS.

       On May 29, 1998, Theodore J. Papit resigned as Chief Executive Officer
of the Company.

       The Board has appointed Suzanne Hopgood as interim Chief Executive
Officer while the Board conducts a search for a new Chief Executive Officer.

       The following is biographical information about each Board member:

Jacob C. Baum                     Jacob C. Baum (age 41) has served as
Engles, Urso, Follmer             President, Chief Executive Officer and 
Capital Corporation               principal stockholder of Canyon Cafes, 
3811 Turtle Creek Blvd.,          Inc. since its formation in 1989 until its 
Suite 1300                        acquisition by Apple South, Inc., a 
Dallas, Texas  75219              publicly held company, in July 1997. 
                                  Since the acquisition, Mr. Baum has continued
                                  to serve as  President of the Canyon Cafes
                                  division of Apple South, Inc. until recently
                                  when he became Chairman of the Board of this
                                  division and joined Engles, Urso, Follmer
                                  Capital Corporation, a leveraged buy-out
                                  firm, as a principal.  In his various
                                  positions, Mr. Baum was principally
                                  responsible for growing Canyon Cafes to over
                                  $50 million in annual sales. At various
                                  times, Mr. Baum has also been the
                                  owner/president of Sam's Cafe, Hampton's
                                  Market, Newport's and Nickel City Grill.
                                  
<PAGE>   3
Ben Evans                         Ben Evans (age 68) has served as a consultant 
95 Wake Robin Lane                to Ernst & Young LLP since 1989 in its 
Stamford, Connecticut  06903      corporate financial service group.  Prior to 
                                  becoming a consultant with Ernst & Young LLP,
                                  Mr. Evans was a partner with Ernst & Young LLP
                                  from 1968 to 1989 and worked with many diverse
                                  industries, including a heavy concentration in
                                  retail.  Mr. Evans is a CPA.  Mr. Evans has
                                  served on the board of directors of Revco
                                  D.S., Inc., Jamesway Corporation, Kash 'n
                                  Karry Food Stores, Inc. and Megafoods Stores,
                                  Inc.

Suzanne Hopgood                   Suzanne Hopgood (age 49) has served as 
The Hopgood Group                 President of the Hopgood Group since founding 
100 Wells Street, Suite 210       the company in 1985.  Such company provides 
Hartford, Connecticut  06103      consulting, development and brokerage 
                                  services to hotel investors. Prior to founding
                                  the Hopgood Group, she served as Second Vice
                                  President at Aetna Realty Investors where she
                                  oversaw one-third of the corporation's
                                  multi-billion dollar real estate equity
                                  portfolio.  Before joining Aetna, she was Vice
                                  President and Senior Loan Officer of the
                                  Lowell Institution for Savings in Lowell,
                                  Massachusetts.  Ms. Hopgood currently serves
                                  on the Board of Directors of the Company and
                                  has served since 1996.  Ms. Hopgood also
                                  serves on the board of directors of the Real
                                  Estate Finance Association and the Greater 
                                  Hartford Arts Council and is a director
                                  emerita of the Connecticut Business & Industry
                                  Association.
                                   
Damien W. Kovary                  Damien W. Kovary (age 43) has served as a 
Heico Acquisitions                Managing Director of Heico Acquisitions, a 
152 West 57th Street              subsidiary of Heico Companies, LLC, since 
55th Floor                        1997.  Prior to joining Heico Acquisitions, 
New York, New York  10019         Mr. Kovary was the Managing Director of the 
                                  Special Loan Unit at Teachers from 1986 to
                                  1997.  Before joining Teachers, Mr. Kovary was
                                  a Vice President in the Workout Department at
                                  Marine Midland Bank from 1982 to 1986.  While
                                  at Marine Midland Bank, Mr. Kovary also served
                                  as President of MarMid Energy Corp. and TOMAR
                                  Energy Corp.  From 1979 to 1982, Mr. Kovary
                                  was an officer in the Workout Department of
                                  Chemical Bank.
<PAGE>   4
William J. Nightingale            William J. Nightingale (age 68) has been a 
Nightingale & Associates          Senior Advisor of Nightingale & Associates, 
195 Rowaytan Ave.                 LLC since founding the company in 1975.  Such 
Rowaytan, Connecticut  08653      company provides general management 
                                  consulting to clients who sell consumer and
                                  industrial products, natural resource and
                                  financial and business services.  Prior to
                                  founding Nightingale & Associates, LLC, he
                                  served as President and Chief Executive
                                  Officer of the Bali Company, Inc., a
                                  manufacturer of women's apparel.  Before
                                  joining Bali, he was Vice President and Chief
                                  Financial Officer of Hanes Corporation.  Mr.
                                  Nightingale also serves on the board of
                                  directors of Kasper A.S.L., Ltd. and  Ring's
                                  End, Inc., and is a trustee of Churchill      
                                  Tax-Free Fund of Kentucky, Churchill Cash
                                  Reserves Trust and Narragansett Insured
                                  Tax-Free Income Fund. Mr. Nightingale is a
                                  graduate of Harvard University's              
                                  Business School.
                                   
Gilbert C. Osnos                  Gilbert C. Osnos (age 68) has been Chairman of
Osnos and Company, Inc.           Osnos & Company since 1992.  In 1979 he joined
230 Park Avenue, Suite C-301      the predecessor firm, Grisanti & Galef, and
New York, New York  10169         became a partner in 1981.  He has served as
                                  Interim President/CEO/COO to a large array of
                                  companies in manufacturing, distribution,
                                  retailing, and service industries.  Mr. Osnos
                                  was a director of the Turnaround Management
                                  Association from 1988 to 1993 and Chairman in
                                  1990 to 1991.  He currently serves on the
                                  Board of Directors of the Company and has
                                  served since 1996.  Mr. Osnos also serves on
                                  the board of directors of Mrs. Fields Original
                                  Cookie Company, Inc. and Dunham's Athleisure,
                                  and on the Advisory Committee of Business
                                  Executives for National Security in the New
                                  York Chapter.  Mr. Osnos is a graduate of
                                  Harvard University's Business School.
                                   
<PAGE>   5
Barry W. Ridings                  Barry W. Ridings (age 46) has been a 
BT Alex. Brown Incorporated       Managing Director of BT Alex. Brown 
1290 Avenue of the Americas       Incorporated, a major investment banking firm 
10th Floor                        and wholly-owned subsidiary of Bankers Trust 
New York, New York  10104         Corporation, since 1990.  Mr. Ridings manages 
                                  BT Alex. Brown's Restructuring Group and is
                                  active in such firm's mergers and acquisitions
                                  and public debt activities.  Before joining BT
                                  Alex. Brown Incorporated, Mr. Ridings was a
                                  Managing Director at Drexel Burnham Lambert. 
                                  Mr. Ridings serves on the board of directors
                                  of Noodle Kidoodle Inc., Norex Industries,
                                  Search Capital Group, SubMicron Systems,
                                  Telemundo Group, American Stock Exchange and
                                  Transcor Waste Services Corp.
<PAGE>   6

                                   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 hereunto duly authorized.

                                    FURR'S/BISHOP'S, INCORPORATED



                                    By: /s/ ALTON R. SMITH
                                        ----------------------------------------
                                        Alton R. Smith, Executive Vice President
                                        and Secretary


Dated: June 11, 1998