UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G


                    Under the Securities Exchange Act of 1934
                               (Amendment No. 2)*


                               STAGE STORES, INC.
                               ------------------
                                (Name of Issuer)


                     COMMON STOCK, PAR VALUE $.01 PER SHARE
                     --------------------------------------
                         (Title of Class of Securities)


                                    85254C305
                                    ---------
                                 (CUSIP Number)


                                NOVEMBER 21, 2003
                                -----------------
             (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

         [_]      Rule 13d-1(b)
         [_]      Rule 13d-1(c)
         [X]      Rule 13d-1(d)

*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
disclosures provided in a prior cover page.

The information required on the reminder 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).



CUSIP NO. 85254C305             Schedule 13G                       Page  2 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Securities Fund, L.P.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               PN

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  3 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Securities GenPar, L.P.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               PN

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  4 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Securities MGP, Inc.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               CO

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  5 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Securities Fund II, L.P.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               PN

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  6 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Securities GenPar II, L.P.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               PN

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  7 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Securities MGP II, Inc.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               CO

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  8 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Asset Management, Inc.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               0
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          0
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  0
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               CO

--------------------------------------------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page  9 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Advisors, L.P.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               20,000 (1)
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          20,000 (1)
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  20,000 (1)
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0.1%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               PN; IA

--------------------------------------------------------------------------------


------------------------
1    Represents options to purchase 20,000 shares of Common Stock.



CUSIP NO. 85254C305             Schedule 13G                       Page 10 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Oak Hill Advisors MGP, Inc.
         S.S. or I.R.S. Identifica-
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        Delaware


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               20,000 (1)
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          20,000 (1)
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  20,000 (1)
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      0.1%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               CO

--------------------------------------------------------------------------------


------------------------
1    Represents options to purchase 20,000 shares of Common Stock.



CUSIP NO. 85254C305             Schedule 13G                       Page 11 of 21


--------------------------------------------------------------------------------
1.       Name of Reporting Person       Glenn R. August
         S.S. or I.R.S. Identifica-     (in the capacity described herein)
         tion No. of Above Person
--------------------------------------------------------------------------------
2.       Check the Appropriate Box                              (a)     [_]
         if a Member of a Group                                 (b)     [X]

--------------------------------------------------------------------------------
3.       S.E.C. Use Only


--------------------------------------------------------------------------------
4.       Citizenship or Place of Organization        United States


--------------------------------------------------------------------------------

Number of Shares        (5)     Sole Voting Power               186,313 (1)
Beneficially            (6)     Shared Voting Power             0
Owned by Each           (7)     Sole Dispositive Power          186,313 (1)
Reporting Person        (8)     Shared Dispositive Power        0
--------------------------------------------------------------------------------
9.       Aggregate Amount Beneficially Owned by Each Reporting Person

                  186,313 (1)
--------------------------------------------------------------------------------
10.      Check if the Aggregate Amount in Row (9) Excludes Certain
         Shares
                                                                        [_]
--------------------------------------------------------------------------------
11.      Percent of Class Represented by Amount in Row (9)      1.0%


--------------------------------------------------------------------------------
12.      Type of Reporting Person                               IN

--------------------------------------------------------------------------------


------------------------
1    Includes options to purchase 20,000 shares of Common Stock.



CUSIP NO. 85254C305             Schedule 13G                       Page 12 of 21


ITEM 1.  (a)      NAME OF ISSUER

                  Stage Stores, Inc. (the "Company").

         (b)      ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES

                  10201 Main Street
                  Houston, Texas 77025


ITEM 2.  (a)      NAMES OF PERSONS FILING

                  (i)      Oak Hill Securities Fund, L.P., a Delaware limited
                           partnership ("OHSF");

                  (ii)     Oak Hill Securities GenPar, L.P., a Delaware limited
                           partnership ("OHSF GenPar") and general partner of
                           OHSF;

                  (iii)    Oak Hill Securities MGP, Inc., a Delaware corporation
                           ("OHSF MGP") and general partner of OHSF GenPar;

                  (iv)     Oak Hill Securities Fund II, L.P., a Delaware limited
                           partnership ("OHSF II");

                  (v)      Oak Hill Securities GenPar II, L.P., a Delaware
                           limited partnership ("OHSF GenPar II") and general
                           partner of OHSF II;

                  (vi)     Oak Hill Securities MGP II, Inc., a Delaware
                           corporation ("OHSF MGP II") and general partner of
                           OHSF GenPar II;

                  (vii)    Oak Hill Asset Management, Inc., a Delaware
                           corporation ("OHAM");

                  (viii)   Oak Hill Advisors, L.P., a Delaware limited
                           partnership ("OHA");

                  (ix)     Oak Hill Advisors MGP, Inc. ("OHA MGP") and general
                           partner of OHA; and

                  (x)      Glenn R. August ("Mr. August"), sole stockholder and
                           President of OHSF MGP, OHSF MGP II, OHA MGP and OHAM,
                           ((i) through (x) collectively, the "Reporting
                           Persons").

         (b)      ADDRESS OF PRINCIPAL BUSINESS OFFICE

                  The address of the principal business offices of (i) OHSF MGP,
         (ii) OHSF MGP II and (iii) Mr. August is 65 East 55th Street, 32nd
         Floor, New York, NY 10022.

                  The address of the principal business offices of (i) OHSF,
         (ii) OHSF GenPar, (iii) OHSF II, (iv) OHSF GenPar II, (v) OHA, (vi) OHA
         MGP and (vii) OHAM is 201 Main Street, Suite 2415, Forth Worth, TX
         76102.



CUSIP NO. 85254C305             Schedule 13G                       Page 13 of 21


         (c)      CITIZENSHIP

                  OHSF - a Delaware limited partnership
                  OHSF GenPar, L.P. - a Delaware limited partnership
                  OHSF MGP - a Delaware corporation
                  OHSF II - a Delaware limited partnership
                  OHSF GenPar II - a Delaware limited partnership
                  OHSF MGP II - a Delaware corporation
                  OHA - a Delaware limited partnership
                  OHA MGP - a Delaware corporation
                  OHAM - a Delaware corporation
                  Mr. August - United States

         (d)      TITLE OF CLASS OF SECURITIES

                  Common Stock, par value $.01 per share (the "Common Stock" or
                  "Shares")

         (e)      CUSIP NUMBER

                  85254C305


ITEM 3.  This statement is not filed pursuant to either Rule 13d-1(b) or
         13d-2(b) or (c).


ITEM 4.  OWNERSHIP.

         (a)      AMOUNT BENEFICIALLY OWNED:

                  As of November 21, 2003 (i) OHA may be deemed to beneficially
                  own 20,000 shares of Common Stock and OHA MGP, in its capacity
                  as general partner of OHA, may be deemed to beneficially own
                  20,000 shares of Common Stock as a result of its voting and
                  dispositive power over the 20,000 shares of Common Stock held
                  by OHA; and (ii) as a result of the relationships described in
                  Item 2, Mr. August may be deemed to beneficially own 186,313
                  shares of Common Stock as a result of the 166,313 shares of
                  Common Stock that he may be deemed to own directly and as a
                  result of his voting and dispositive power over 20,000 shares
                  of Common Stock held by OHA.

         (b)      PERCENTAGE OWNED:

                  Based on calculations made in accordance with Rule 13d-3(d),
                  and there being 18,976,216 shares of Common Stock outstanding
                  as of August 29, 2003, as reported in the Company's Form 10-Q
                  filed on August 29, 2003 with the Securities and Exchange
                  Commission, (i) OHA and OHA MGP, in its capacity as general
                  partner of OHA, may be deemed to beneficially own
                  approximately 0.1% of the outstanding Common Stock on a
                  diluted basis in accordance with Rule 13d-3(d); and (ii) Mr.
                  August may be deemed to beneficially own



CUSIP NO. 85254C305             Schedule 13G                       Page 14 of 21


                  approximately 1.0% of the outstanding Common Stock on a
                  diluted basis in accordance with Rule 13d-3(d).

         (c)      NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

                  (i)      OHA and OHA MGP, in its capacity as general partner
                  of OHA, may be deemed to have the sole power to direct the
                  voting and disposition of the 20,000 shares of Common Stock
                  OHA beneficially owns; and (ii) by virtue of the relationship
                  between Mr. August and each of OHA and OHA MGP, Mr. August may
                  be deemed to have the sole power to direct the voting and
                  disposition of 186,313 shares of Common Stock, consisting of
                  the 166,313 shares of Common Stock that he owns directly and
                  the 20,000 shares of Common Stock beneficially owned by each
                  of such persons mentioned above.

                           Each of the Reporting Persons disclaims beneficial
                  ownership of the Common Stock beneficially owned by the other
                  Reporting Persons, other than the shares of Common Stock
                  reported in this Schedule 13G as beneficially owned by such
                  Reporting Person.


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

                  If this statement is being filed to report the fact that as of
         the date hereof the reporting persons have ceased to be the beneficial
         owners of more than five percent of the class of securities, check the
         following [x].


ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

         Not applicable.


ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARY WHICH ACQUIRED THE
         SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

         Not applicable.


ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

         Not applicable.


ITEM 9.  NOTICE OF DISSOLUTION OF GROUP

         Not applicable.


ITEM 10. CERTIFICATION

         Not applicable.



CUSIP NO. 85254C305             Schedule 13G                       Page 15 of 21


                                   SIGNATURES

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

Dated as of November 25, 2003


                                OAK HILL SECURITIES FUND, L.P.


                                By:     Oak Hill Securities GenPar, L.P.
                                        its general partner


                                By:     Oak Hill Securities MGP, Inc.
                                        its general partner


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                OAK HILL SECURITIES GENPAR, L.P.


                                By:     Oak Hill Securities MGP, Inc.
                                        its general partner


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President




CUSIP NO. 85254C305             Schedule 13G                       Page 16 of 21


                                OAK HILL SECURITIES MGP, INC.


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                OAK HILL SECURITIES FUND II, L.P.


                                By:     Oak Hill Securities GenPar II, L.P.
                                        its general partner


                                By:     Oak Hill Securities MGP II, Inc.
                                        its general partner


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                OAK HILL SECURITIES GENPAR II, L.P.


                                By:     Oak Hill Securities MGP II, Inc.
                                        its general partner


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                OAK HILL SECURITIES MGP II, INC.


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                OAK HILL ASSET MANAGEMENT, INC.


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President



CUSIP NO. 85254C305             Schedule 13G                       Page 17 of 21


                                OAK HILL ADVISORS, L.P.


                                By:     Oak Hill Advisors MGP, Inc.
                                        its general partner


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                OAK HILL ADVISORS MGP, INC.


                                By:     /s/ Glenn R. August
                                        ---------------------------------------
                                        Name:   Glenn R. August
                                        Title:  President


                                GLENN R. AUGUST


                                /s/ Glenn R. August
                                -----------------------------------------------



CUSIP NO. 85254C305             Schedule 13G                       Page 18 of 21


                                  EXHIBIT INDEX
                                  -------------

Exhibit 1.        Joint Filing Agreement as required by Rule 13d-1(k)(1) under
                  the Securities Exchange Act of 1934, as amended.