May 8, 1998 |
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.
November 14, 1997 |
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.
July 18, 1997 |
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.
July 18, 1997 |
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.
August 15, 1996 |
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.
June 14, 1996 |
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.