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: November 25, 1998
                       (Date of earliest event reported)


                             NATHAN'S FAMOUS, INC.
             (Exact Name of Registrant as Specified in its Charter)





         Delaware                 1-3189                      11-3166443
- ------------------------       ------------              -------------------
(State of Incorporation)       (Commission                (I.R.S. Employer
                               File Number)              Identification No.)


1400 Old Country Road, Westbury, New York                       11590
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(Address of Principal Executive Offices)                     (Zip Code)


Registrant's telephone number including area code          (516) 338-8500
                                                            -------------



- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)

ITEM 2.   Acquisition or Disposition of Assets
          ------------------------------------

     1. (a) On November 25, 1998,  Nathan's  acquired  8,121,000 Shares of Miami
Subs Corporation  ("MSC") in a private  purchase  transaction from Gus Boulis in
consideration of the sum of $4,200,000.  The 8,121,000 Shares are  approximately
30% of the  issued  and  outstanding  shares  of MSC.  In  connection  with  its
acquisition  of the  8,121,000  Shares,  Nathan's  and MSC entered into a letter
agreement ("Letter  Agreement") which contemplates the execution and delivery by
Nathan's and MSC of a Merger  Agreement which will provide for the merger of MSC
with and into Nathan's (the  "Transaction")  and the payment to the stockholders
of  MSC  in  common   stock  and   warrants   of  Nathan's   (the   "Transaction
Consideration).  The Transaction Consideration for each share of Common Stock of
MSC shall  consist  of (a) a  fraction  of a share of common  stock of  Nathan's
having a market  price of $.517 per share at  closing;  provided  that  Nathan's
shall not be required to issue more than one share of its common  stock for each
eight shares of common stock of MSC; and (b) warrants to acquire Nathan's common
stock at an  exercise  price of $6.00 per share at the rate of one  warrant  for
each four shares of Nathan's common stock received by MSC's  stockholders in the
Transaction.

      (b) MSC's  facilities are used by it in the operation of its  restaurants,
and the  Registrant  will  continue  such  operations,  including  under  leases
thereof.

ITEM 7. Financial Statements, Pro Forma Financial
        Information and Exhibits
        -----------------------------------------
      (a) Financial Statements of Business Acquired.  Since it is impractical to
provide the required  financial  statements at this time,  the Company will file
the required financial statements on Form 8-K/A as soon as practicable,  but not
later than sixty days after the required filing date of this report.

      (b) Pro forma  Financial  Information.  Any required  pro forma  financial
information  also  will be filed on Form  8-K/A  within  sixty  days  after  the
required filing date of this report.

      (c)  Exhibits.

     (1) Stock Purchase  Agreement among Gus Boulis,  Miami Subs Corporation and
Nathan's Famous,  Inc. dated as of November 25, 1998  (incorporated by reference
to Registrant's Schedule 13D dated November 25, 1998).

     (2)  Letter  Agreement  between  Nathan's  Famous,   Inc.  and  Miami  Subs
Corporation  (incorporated  by  reference  to  Registrant's  Schedule  13D dated
November 25, 1998).

                                    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.

                                   Nathan's Famous, Inc.



                                   By: /s/ Wayne Norbitz
                                      ---------------------------------  
                                   Wayne Norbitz
                                   President and Chief Operating Officer

Date: December 30, 1998