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                                  UNITED STATES                                 

                       SECURITIES AND EXCHANGE COMMISSION                       

                             WASHINGTON, D.C. 20549                             

                           

                                  SCHEDULE 13G                                  

                           

                    Under the Securities Exchange Act of 1934                   

                             (Amendment No. _)*                             

                           

                           

                           

                    

Footstar, Inc.

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                                (Name of Issuer)                                

                           

                           

                                  Common Stock   

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                         (Title of Class of Securities)                         

                           

                           

                                   344912209

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                                 (CUSIP Number)                                 

                           

                           

                                 September 10, 2009  

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             (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)                                  

                             [X] Rule 13d-1(c)                                  

                             [ ] 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 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).



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 2 OF 8 PAGES



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1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION        

                  NO. OF ABOVE PERSON                                           

                           

                  WEISS ASSET MANAGEMENT LLC                                   

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

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                         

                           

                                      0                                         

   NUMBER OF                  --------------------------------------------------

    SHARES                     6.     SHARED VOTING POWER                       

 BENEFICIALLY              

   OWNED BY                           849,875

    EACH                      --------------------------------------------------

  REPORTING                    7.     SOLE DISPOSITIVE POWER                    

   PERSON                  

    WITH:                             0                                         

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

                               8.     SHARED DISPOSITIVE POWER                  

                           

                                      849,875                              

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

9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  

                           

                  849,875

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

10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES        

                  CERTAIN SHARES*                                          [ ]

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

11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)            

                           

                  3.9%     

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

12.               TYPE OF REPORTING PERSON*                                    

                           

                  00 - Limited Liability Company                               



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 3 OF 8 PAGES



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1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION       

                  NO. OF ABOVE PERSON                                          

                           

                  WEISS CAPITAL LLC                                   

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

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                        

                           

                                      0                                        

   NUMBER OF                  --------------------------------------------------

    SHARES                     6.     SHARED VOTING POWER                      

 BENEFICIALLY              

   OWNED BY                           457,625

    EACH                      --------------------------------------------------

  REPORTING                    7.     SOLE DISPOSITIVE POWER                  

   PERSON                  

    WITH:                             0                                       

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

                               8.     SHARED DISPOSITIVE POWER                

                           

                                      457,625                    

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

9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                           

                  457,625

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

10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES        

                  CERTAIN SHARES*                                          [ ]

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

11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)           

                           

                  2.1%     

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

12.               TYPE OF REPORTING PERSON*                                  

                           

                  00 - Limited Liability Company                             



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 4 OF 8 PAGES



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1.                NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION      

                  NO. OF ABOVE PERSON                                         

                           

                  ANDREW M. WEISS, PH.D.                                      

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

2.                CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*   (A) [ ]

                  (B) [ ]   

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

3.                SEC USE ONLY                                                

                           

                           

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

4.                CITIZENSHIP OR PLACE OF ORGANIZATION                        

                           

                  USA      

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                               5.     SOLE VOTING POWER                       

                           

                                      0                                       

   NUMBER OF                  --------------------------------------------------

    SHARES                     6.     SHARED VOTING POWER                     

 BENEFICIALLY              

   OWNED BY                           1,307,500

    EACH                      --------------------------------------------------

  REPORTING                    7.     SOLE DISPOSITIVE POWER                  

   PERSON                  

    WITH:                             0                                       

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

                               8.     SHARED DISPOSITIVE POWER               

                           

                                      1,307,500

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

9.                AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                           

                  1,307,500

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

10.               CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES       

                  CERTAIN SHARES*                                          [ ]

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

11.               PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)           

                           

                  6.1    

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

12.               TYPE OF REPORTING PERSON*                                  

                           

                  IN       

================================================================================

                           

                           

ITEM 1.                    

                           

      (a) Name of Issuer:  Footstar, Inc.

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

                           



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 5 OF 8 PAGES



      (b) Address of Issuer's Principal Executive Offices:    


933 MacArthur Blvd.

Mahwah, NJ 07430


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

                          

ITEM 2.                    

                           

      (a) and (c): Name and Citizenship of Persons Filing:                    

                           

      (i) Weiss Asset Management LLC, a Delaware limited liability company   

          ("Weiss Asset Management").                                         

      (ii) Weiss Capital LLC, a Delaware limited liability company     

          ("Weiss Capital").                                          

      (iii) Andrew M. Weiss, Ph.D., a United States citizen.      

                           

                           

      (b):  Address of Principal Business Office:                            

                           

      Weiss Asset Management, Weiss Capital, and Dr. Weiss have a business    

      address of 29 Commonwealth Avenue, 10th Floor, Boston, Massachusetts 02116

                           

      (d) Title of Class of Securities:  Common Stock           

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

                           

      (e) CUSIP Number:     344912209

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

                           

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK

        WHETHER THE PERSON FILING IS A:                                         

                           

     (a)  [ ] Broker or Dealer registered under Section 15 of the Act           

              (15 U.S.C. 78o).                                                  

     (b)  [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).    

     (c)  [ ] Insurance Company as defined in section 3(a)(19) of the Act       

              (15 U.S.C. 78c).                                                  

     (d)  [ ] Investment  Company  registered  under section 8 of the Investment

              Company Act of 1940 (15 U.S.C. 80a-8).                            

     (e)  [ ] Investment  Adviser registered under section 203 of the Investment

              Advisers Act or under the laws of any State                       

     (f)  [ ] Employee  Benefit  Plan,  Pension  fund  which is  subject to the

              provisions of the Employee  Retirement  Income Security Act of    

              1974 or Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F)        

     (g)  [ ] A Parent Holding Company  or  control  person, in  accordance with

              Section 240.13d-1(b)(ii)(G)(Note: See Item 7)                     

     (h)  [ ] A Savings  Association  as defined in Section  3(b) of the Federal

              Deposit Insurance Act (12 U.S.C. 1813)                            

     (i)  [ ] A  Church  Plan  that  is  excluded  from  the  definition  of  an

              investment  company under Section  3(c)(14) of the Investment     

              Company Act of 1940 (15 U.S.C. 80a-3)                             

     (j)  [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J)          

                           

                           

ITEM 4.   OWNERSHIP        



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 6 OF 8 PAGES



                           

      Provide the following information regarding the aggregate number and      

percentage of the class of securities of the issuer identified in Item I.       

                           

      WEISS ASSET MANAGEMENT LLC*                                              

      (a) Amount Beneficially Owned:    849,875

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

      (b) Percent of Class:     3.9%        

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

      (c) Number of shares as to which such person has:                         

                           

         (i)  sole power to vote or to direct the vote:    0                    

   ------------------------

         (ii) shared power to vote or to direct the vote:  849,875

    -----------------------

         (iii)sole power to dispose or to direct the disposition of:  0         

                -----------

         (iv) shared power to dispose or to direct the disposition of: 849,875

                  ---------

                           

      WEISS CAPITAL LLC**                                              

      (a) Amount Beneficially Owned:    457,625

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

      (b) Percent of Class:     2.1%                                            

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

      (c) Number of shares as to which such person has:                         

                           

         (i)  sole power to vote or to direct the vote:    0                    

   ------------------------

         (ii) shared power to vote or to direct the vote:  457,625

    -----------------------

         (iii)sole power to dispose or to direct the disposition of:  0         

                -----------

         (iv) shared power to dispose or to direct the disposition of: 457,625

                  ---------                     

                           

      ANDREW M. WEISS, PH.D.***                         

      (a) Amount Beneficially Owned:    1,307,500

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

      (b) Percent of Class:     6.1                                           

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

      (c) Number of shares as to which such person has:                         

                           

         (i)  sole power to vote or to direct the vote:    0                    

   ------------------------

         (ii) shared power to vote or to direct the vote:  1,307,500

    -----------------------

         (iii)sole power to dispose or to direct the disposition of:  0         

                -----------

         (iv) shared power to dispose or to direct the disposition of: 1,307,500

                  ---------

-----------------------    

* Shares reported for Weiss Asset Management include shares beneficially owned

by a private investment  partnership of which Weiss Asset Management is the sole

general partner.



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 7 OF 8 PAGES



** Shares reported for Weiss Capital include shares beneficially owned

by a private investment corporation of which Weiss Capital is the sole

investment manager.          

*** Shares  reported for Andrew Weiss include shares beneficially owned by a

private  investment  partnership  of which  Weiss Asset  Management  is the sole

general  partner and which may be deemed to be controlled  by Mr. Weiss,  who is

the Managing Member of Weiss Asset Management,  and also includes shares held by

a private  investment  corporation  which may be deemed to be  controlled by Mr.

Weiss, who is the managing member of Weiss Capital, the Investment Manager of

such private investment corporation. Dr. Weiss disclaims beneficial ownership of

the shares reported herein as beneficially owned by him except to the extent of

his pecuniary interest therein. The percent of class computations are based on

21,575,404 shares of common stock issued and outstanding as of August 10, 2009 as reported on the 10-Q filed with the SEC on August 13, 2009.                           



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  person has ceased to be the beneficial  owner of more than

five percent of the class of securities, check the following [ ].

                           

                           

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

                           

      Not Applicable       

                           

                           

ITEM 7.  IDENTIFICATION  AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE

         SECURITY  BEING  REPORTED  ON BY  THE PARENT HOLDING COMPANY OR CONTROL

         PERSON            

                           

      Not Applicable       

                           

                           

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP             

                           

      Not Applicable       

                           

                           

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP                                        

                           

      Not Applicable       

                           

                           



CUSIP NO. 344912209

SCHEDULE 13G

PAGE 8 OF 8 PAGES



ITEM 10.  CERTIFICATION    

                           

By signing  below,  I certify that, to the best of my knowledge and belief,  the

securities  referred to above were not acquired and are not held for the purpose

of or with the effect of  changing or  influencing  the control of the issuer of

the securities and were not acquired and are not held in connection with or as a

participant in any transaction having that purpose or effect.                   

                           


                                    SIGNATURE                                   

                           

After reasonable inquiry and to the best of my knowledge and belief, I hereby

certify that the information  set forth in this statement is true,  complete and

correct.                   

                           

Dated:  September 21, 2009      

                           

                                    WEISS ASSET MANAGEMENT LLC           

                           

                           

                                    By:  /s/ Georgiy Nikitin              

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

                                       Georgiy Nikitin, Chief Compliance Officer

                           

                           

                           

                                    WEISS CAPITAL LLC           

                           

                           

                                    By:  /s/ Georgiy Nikitin              

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

                                       Georgiy Nikitin, Chief Compliance Officer

                           

                           

                           

                                    By:  /s/ Georgiy Nikitin

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

                                       Attorney-in-Fact for Andrew Weiss