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NEWS
June 23, 1998 | From Times Wire Reports
The Woolworth Building, New York City's Gothic-style "Cathedral of Commerce" that once was the world's tallest skyscraper, has been sold to a real estate developer for a reported $155 million. The 60-story tower with its spires and gargoyles was bought by the Witkoff Group. The sale is one more step by the Venator Group, formerly the Woolworth Corp., to shut down its five-and-dime operation and focus on its Foot Locker, Lady Foot Locker and Champs Sports stores.
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BUSINESS
August 7, 1992 | From Times Staff and Wire Reports
Woolworth Expansion: Woolworth Corp. said it had bought 89 Joan Bari and Cabaret accessories store from Edison Bros. Stores Inc. Terms of the sale were not disclosed. Woolworth said the stores will be operated primarily as parts of its Afterthoughts and Carimar chain, which sell costume jewelry, handbags and cosmetics. The stores are located in malls nationwide. Woolworth has about 540 Afterthoughts and Carimar stores also located in malls.
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.
BUSINESS
June 23, 1989
Woolworth Forms Company: F. W. Woolworth Co. said shareholders approved the formation of a holding company called Woolworth Corp. The new company more accurately will reflect the company's current management structure, as well as create greater operational flexibility, F. W. Woolworth said.
BUSINESS
March 16, 1990 | United Press International
Woolworth Corp. said it plans record capital expenditures in 1990 of $325 million to be used principally for the continued expansion of its specialty store operations. The company, which operates 1,600 Woolworth general merchandise stores and 6,400 specialty units worldwide, plans to open about 735 stores in 1990. About 90% of the new stores will be Foot Locker, Lady Foot Locker, Kids Mart, Champs Sports and Afterthoughts outlets.
BUSINESS
February 11, 1993 | From Times Staff and Wire Reports
New Woolworth Chief Elected: Woolworth Corp. announced the election of William K. Lavin to succeed retiring Harold E. Sells as chairman and chief executive effective July 1. Sells, who turns 65 in July, will remain a director of the company. Lavin, 48, serves as chief financial officer and executive vice president. He joined the retailer in 1981 as an assistant controller and was elected chief financial officer in 1986.
BUSINESS
May 8, 1998 | From Reuters
Woolworth Corp. said it agreed to buy Sports Authority Inc. in a deal valued at $849 million in stock and debt, adding the largest sporting goods retailer to its Champs and Foot Locker chains. Fort Lauderdale, Fla.-based Sports Authority has 202 stores. Holders of Sports Authority common stock would receive 0.8 share of Woolworth common stock for each of its own shares. New York-based Woolworth, to be renamed Venator Group Inc., is trying to shed its five-and-dime image.
BUSINESS
November 14, 1997 | From Times Wire Services
Kmart Corp. on Thursday posted disappointing results for the third quarter, pressured by sluggish apparel sales, and offered early retirement to 11% of its work force to cut costs. Kmart, the nation's third-largest retailer, said lower apparel volumes and markdowns pressured results during the quarter. But it denied the weakness led to the departure of No. 2 executive Warren Flick, who announced Wednesday he is retiring.
BUSINESS
November 5, 1997 | Reuters
Woolworth Corp., which abandoned its traditional five-and-dime stores this summer to focus on athletic gear, said its Foot Locker unit has entered a marketing partnership with Burbank-based Walt Disney Co. Financial terms were not disclosed. The centerpiece of the agreement will be a 40,000-square-foot superstore that Foot Locker will build at Walt Disney World in Florida to sell athletic footwear, apparel and sporting goods.
NEWS
July 18, 1997 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Frank Winfield Woolworth launched his retail empire 118 years ago on a foundation of nickels and dimes, but it was the dearth of millions of dollars that caused Woolworth Corp. to declare an end to the dime-store era on Thursday and announce the closure of the 400-store chain.
NEWS
July 18, 1997 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Frank Winfield Woolworth launched his retail empire 118 years ago on a foundation of nickels and dimes, but it was the dearth of millions of dollars that caused Woolworth Corp. to declare an end to the dime-store era on Thursday and announce the closure of the 400-store chain. Woolworth said it will lay off 9,200 employees, change the venerable company name to something else and convert about 100 of the best locations into some of its more profitable chains, such as Foot Locker or Champs Sports.
BUSINESS
August 15, 1996 | Times Staff and Wire Reports
Federated, Woolworth Earnings Recover: The two large retailing chains reported sharp rebounds in second-quarter earnings as tight cost controls helped offset sluggish sales. Cincinnati-based Federated Department Stores Inc. posted a significantly narrowed second-quarter loss. The retailer said cost cutting and fewer markdowns helped make up for heavy costs of swallowing Broadway Stores Inc. in California. The parent of Bloomingdale's and Macy's reported a loss of $27.
BUSINESS
June 14, 1996 | Times Staff and Wire Reports
Woolworth Spinoff Proposal Defeated: The Greenway Partners investment group, led by senior director Alfred Kingsley, had sought, against the recommendation of Woolworth Corp. management, to separate the profitable Foot Locker, Lady Foot Locker, Kid's Foot Locker and Champs Sports stores from the rest of Woolworth operations. But shareholders at the New York-based retailer's annual meeting rejected the idea. Woolworth also said it has no plans to reinstate its dividend until business improves.
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