UNITED STATES
                       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: August 30, 2004
                        (Date of Earliest Event Reported)

                      OLYMPIC CASCADE FINANCIAL CORPORATION
             (Exact name of Registrant as specified in its charter)


            Delaware                      001-12629              36-4128138
(State or other jurisdiction of   (Commission File Number)    (I.R.S. Employer
 incorporation or organization)                              Identification No.)


            875 NORTH MICHIGAN AVENUE, SUITE 1560, CHICAGO, IL 60611
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (312) 751-8833

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))




ITEM  3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR
           STANDARD; TRANSFER OF LISTING.


      On August 30, 2004, Olympic Cascade Financial Corporation (the "Company")
received notice from the staff of The American Stock Exchange ("Amex")
indicating that the Company is not in compliance with Section 1003(a)(i) of the
Amex Company Guide, in that its stockholders' equity is less than $2 million and
it has sustained losses from continuing operations and/or net losses in two of
its three most recent fiscal years, and with Section 1003(a)(ii) of the Amex
Company Guide, in that its stockholders' equity is less than $4 million and it
has sustained losses from continuing operations and/or net losses in three of
its four most recent fiscal years, and that its common stock is, therefore,
subject to being delisted from the Amex.

      The Company intends to submit a plan to the Amex that it believes will
achieve the necessary compliance. Accordingly, the Company has decided to appeal
this determination and request an oral hearing before a listing qualifications
panel of the Amex. In the event that the Company fails to comply with the
listing standards, or the Amex determines that the Company's compliance program
is not satisfactory, the Company's common stock may be removed from the Amex and
could trade on the OTC Bulletin Board or in the "pink sheets" maintained by the
National Quotation Bureau, Inc. Such alternatives are generally considered to be
less efficient markets, and the price of the Company's common stock, as well as
the liquidity of the Company's common stock, may be adversely impacted as a
result.


                                   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.

                                     OLYMPIC CASCADE FINANCIAL CORPORATION

                                     By: /s/ Mark Goldwasser
                                         Mark Goldwasser
                                         President and Chief Executive Officer

Dated: September 3, 2004


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