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Venator Group Inc

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BUSINESS
June 12, 1998 | Bloomberg News
Woolworth Corp. shareholders approved a proposal asking that the specialty retailer seek their approval before adopting a "poison pill" aimed at thwarting a takeover attempt. A so-called poison pill would make a hostile takeover prohibitively expensive by letting existing shareholders buy additional shares cheaply. In another vote at their annual meeting, shareholders approved the New York-based company's name change to Venator Group Inc., which will become effective today.
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BUSINESS
May 18, 2001
Other companies reporting earnings, excluding one-time gains or charges unless noted, include: Gottschalks Inc. said its first-quarter net loss widened to $4.6 million, or 36 cents a share, from 8 million, or 8 cents, a year ago, on a 30% rise in sales to $147 million. The Fresno-based department store chain also lowered its forecasts for the second quarter and full year, citing current business conditions and higher electricity rates in California. Sharper Image Corp.
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BUSINESS
September 11, 1998 | Reuters
Retailer Venator Group Inc. said it is terminating its merger agreement with leading sporting goods retailer Sports Authority Inc. because of market conditions. New York-based Venator had reiterated its intention to buy Sports Authority on Aug. 20 despite disappointing earnings and a stock price below the $20.50-per-share "walkaway" price specified in the deal. Under the walkaway provision, shareholders could opt out of the deal if Venator's stock price was less than $20.
BUSINESS
November 17, 2000 | Bloomberg News and Reuters
Other earnings, excluding one-time gains or charges unless noted, include: * American Eagle Outfitters Inc.'s third-quarter profit grew 20% to $29.2 million, or 61 cents a share, well beyond the 54 cents analysts anticipated. The retailer's sales rose 27% to $282.8 million, led by strong demand for its branded denim, sweaters, knits and accessories. * Barnes & Noble Inc. reported a third-quarter net loss of 4 cents a share, excluding charges from its investment in Barnesandnoble.
BUSINESS
July 2, 1999 | Reuters
The U.S. Equal Employment Opportunity Commission filed an age discrimination suit against Venator Group Inc., alleging that the company fired hundreds of workers over the age of 40 at its former Woolworth chain and replaced them with younger ones. The suit, filed in U.S. District Court in New York, alleges that the practice was implemented by individual store managers and approved by the company's personnel staff from at least 1995 until the five-and-dime chain was closed in 1997.
BUSINESS
May 18, 2001
Other companies reporting earnings, excluding one-time gains or charges unless noted, include: Gottschalks Inc. said its first-quarter net loss widened to $4.6 million, or 36 cents a share, from 8 million, or 8 cents, a year ago, on a 30% rise in sales to $147 million. The Fresno-based department store chain also lowered its forecasts for the second quarter and full year, citing current business conditions and higher electricity rates in California. Sharper Image Corp.
BUSINESS
August 12, 1998 | Bloomberg News
Sports Authority Inc. rejected the $445.2-million bid for a 70% stake made by Gart Sports Co., its smaller rival that's controlled by Leonard Green, a keen investor in troubled companies. The nation's largest sports retailer said the price was unacceptable and said it was concerned about whether Denver-based Gart could finance its bid. Officials at Gart weren't immediately available for comment. Sports Authority said it also may shelve an agreement for Venator Group Inc.
BUSINESS
August 17, 1999 | Bloomberg News
Venator Group Inc. replaced its chief executive and said it will sell or close eight small chains. The former Woolworth Corp. said Dale Hilpert, 56, will replace Roger Farah as CEO and retain the position of president. Farah, 46, will stay as chairman. Venator, owner of Foot Locker and Champs Sports chains, will close or sell its San Francisco Music Box, Randy River, Foot Locker Outlets, Colorado U.S., Team Edition and Going to the Game chains and its Burger King franchises.
BUSINESS
January 26, 2000 | (Bloomberg News)
Venator Group Inc. said it will close 358 stores and lay off 3,700 workers, or a third of its work force, to focus on its most-profitable Foot Locker chain. Venator, which has been transformed from five-and-dime retailer Woolworth & Co. to the nation's largest retailer of athletic shoes, said it expects the cuts to boost annual pretax profit by about $50 million.
BUSINESS
May 19, 2000 | Bloomberg News
Venator Group Inc. and AnnTaylor Stores Corp. reported better-than-expected earnings for their fiscal first quarter as they benefited from strong consumer spending. Venator, the nation's largest chain of athletic-shoe stores, including Foot Locker and Champs, posted operating profit of $23 million, or 16 cents a share, up from $1 million, or 1 cent, a year ago. Analysts were expecting earnings of 12 cents. Exclusive products and increased demand in Europe helped boost sales 13% to $1.
BUSINESS
May 19, 2000 | Bloomberg News
Venator Group Inc. and AnnTaylor Stores Corp. reported better-than-expected earnings for their fiscal first quarter as they benefited from strong consumer spending. Venator, the nation's largest chain of athletic-shoe stores, including Foot Locker and Champs, posted operating profit of $23 million, or 16 cents a share, up from $1 million, or 1 cent, a year ago. Analysts were expecting earnings of 12 cents. Exclusive products and increased demand in Europe helped boost sales 13% to $1.
BUSINESS
January 26, 2000 | (Bloomberg News)
Venator Group Inc. said it will close 358 stores and lay off 3,700 workers, or a third of its work force, to focus on its most-profitable Foot Locker chain. Venator, which has been transformed from five-and-dime retailer Woolworth & Co. to the nation's largest retailer of athletic shoes, said it expects the cuts to boost annual pretax profit by about $50 million.
BUSINESS
August 17, 1999 | Bloomberg News
Venator Group Inc. replaced its chief executive and said it will sell or close eight small chains. The former Woolworth Corp. said Dale Hilpert, 56, will replace Roger Farah as CEO and retain the position of president. Farah, 46, will stay as chairman. Venator, owner of Foot Locker and Champs Sports chains, will close or sell its San Francisco Music Box, Randy River, Foot Locker Outlets, Colorado U.S., Team Edition and Going to the Game chains and its Burger King franchises.
BUSINESS
July 2, 1999 | Reuters
The U.S. Equal Employment Opportunity Commission filed an age discrimination suit against Venator Group Inc., alleging that the company fired hundreds of workers over the age of 40 at its former Woolworth chain and replaced them with younger ones. The suit, filed in U.S. District Court in New York, alleges that the practice was implemented by individual store managers and approved by the company's personnel staff from at least 1995 until the five-and-dime chain was closed in 1997.
BUSINESS
November 20, 1998 | From Times Wire Services
Barnes & Noble Inc. reported a wider-than-expected loss for its fiscal third quarter as expenses at its fledgling Internet unit offset higher sales at its chain of large bookstores. The largest U.S. bookseller lost $4.59 million, or 7 cents a share, compared with net income of $65,000, or break-even on a per-share basis, a year ago. Analysts were expecting, on average, a loss of 3 cents. Total revenue rose 9.6% to $674.1 million.
BUSINESS
September 23, 1998 | Bloomberg News
Venator Group Inc. said it will sell its retail chain in Germany, the last of its legendary F.W. Woolworth stores, marking its exit from general merchandise to focus on athletic shoe and clothing stores. The 357-store German chain, Deutsche Woolworth, is being acquired by its management along with Electra Fleming, an international private equity group, for $552 million. Venator also plans to buy back as much as $200 million of its stock, or about 15% of its 135.5 million shares outstanding.
BUSINESS
September 23, 1998 | Bloomberg News
Venator Group Inc. said it will sell its retail chain in Germany, the last of its legendary F.W. Woolworth stores, marking its exit from general merchandise to focus on athletic shoe and clothing stores. The 357-store German chain, Deutsche Woolworth, is being acquired by its management along with Electra Fleming, an international private equity group, for $552 million. Venator also plans to buy back as much as $200 million of its stock, or about 15% of its 135.5 million shares outstanding.
BUSINESS
August 21, 1998 | Bloomberg News and Reuters
Venator Group Inc., operator of Foot Locker and Champs Sports stores, reported a second-quarter loss of $13 million, or 9 cents a share, compared with profit of $26 million, or 19 cents, as weak sales forced it to mark down prices. The loss was deeper than the 7 cents analysts expected but in line with the revised expectations Venator issued in July, citing weak apparel sales, a glut in the athletic shoe market and repercussions from Asia's economic crisis.
BUSINESS
September 17, 1998 | GEORGE WHITE, TIMES STAFF WRITER
Financially troubled Venator Group Inc. said Wednesday it will close its 570 Kinney and Foot-quarters shoe stores by the end of the year to focus its resources on its athletic shoe chains. The move will affect about 230 employees at the 33 Kinney stores in Southern California. Venator, formerly known as Woolworth Corp., has no Footquarters stores in California but has 65 Kinney stores statewide. Nationwide, Kinney and Foot-quarters have a combined work force of about 4,600.
BUSINESS
September 11, 1998 | Reuters
Retailer Venator Group Inc. said it is terminating its merger agreement with leading sporting goods retailer Sports Authority Inc. because of market conditions. New York-based Venator had reiterated its intention to buy Sports Authority on Aug. 20 despite disappointing earnings and a stock price below the $20.50-per-share "walkaway" price specified in the deal. Under the walkaway provision, shareholders could opt out of the deal if Venator's stock price was less than $20.
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