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Lfs Acquisition Corp

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BUSINESS
June 3, 1995 | Times Staff and Wire Reports
Woolworth Sells Division: The financially ailing chain said it has sold its 331-store Kids Mart-Little Folks division to LFS Acquisition Corp., an investor group headed by Bernie Tessler. Terms of the sale were not disclosed. New York-based Woolworth Corp., once the nation's leading mass retailer, has suffered amid competition from giants such as Wal-Mart Stores Inc., Kmart Corp. and Toys R Us. In April, amid a first-quarter loss and flat revenue, it eliminated its quarterly cash dividend.
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BUSINESS
June 3, 1995 | Times Staff and Wire Reports
Woolworth Sells Division: The financially ailing chain said it has sold its 331-store Kids Mart-Little Folks division to LFS Acquisition Corp., an investor group headed by Bernie Tessler. Terms of the sale were not disclosed. New York-based Woolworth Corp., once the nation's leading mass retailer, has suffered amid competition from giants such as Wal-Mart Stores Inc., Kmart Corp. and Toys R Us. In April, amid a first-quarter loss and flat revenue, it eliminated its quarterly cash dividend.
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BUSINESS
January 11, 1997 | Times Staff and Wire Reports
City of Industry-based Kids Mart Inc., which operates 146 children's retail apparel stores, has filed for Chapter 11 bankruptcy protection and, according to its attorney, will liquidate its assets if it cannot find a buyer. The bankruptcy filing listed assets of $13.8 million and liabilities of $29.8 million. Kids Mart has lost money since Chief Executive Bernie Tessler's LFS Acquisition Corp. acquired the Little Folks and Kids Mart business from Woolworth Corp. and its Kinney Shoe Corp.
BUSINESS
September 18, 1996 | From Bloomberg Business News
Kids Mart Inc. said Tuesday it will close 97 stores this week and fire 600 workers, resulting in a $5.4-million charge in its third quarter. The Industry-based retailer, which is having cash-flow problems, also said it's seeking additional financing, in part to buy merchandise for the holiday season and fund its operations. Failure to get financing, raise cash or cut costs could force the retailer to consider Chapter 11 bankruptcy protection, the company said in a regulatory filing.
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