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Non-Tech : Woolworth -- Ignore unavailable to you. Want to Upgrade?

To: Duker who wrote (161)	8/16/1999 10:18:00 AM
From: Duker	Read Replies (1) \| Respond to of 179

Venator To Exit Noncore Businesses Monday August 16 9:40 AM ET By RACHEL BECK AP Business Writer NEW YORK (AP) - Venator Group Inc. (NYSE:Z - news) will take another step toward building itself into just a sporting goods chain by selling or closing eight of its noncore businesses, totaling more than 500 stores. The New York-based company, which was formerly known as Woolworth, also announced today that its president, Dale Hilpert, was named chief executive officer. He will replace Roger Farah, who will remain Venator's chairman. It's been a tough few years for Venator, which has attempted to boost profits by reducing costs and closing more than 4,000 stores - including the entire chain of Woolworth five-and-dime stores and all of its Kinney Shoe stores. It is now mostly a sporting goods chain, with 6,000 stores including Foot Locker and Champs Sports. Venator said the businesses it will now exit include San Francisco Music Box, Randy River, Foot Locker Outlets, Colorado U.S., Team Edition, Going to the Game, Weekend Edition and some Burger King franchises. These businesses had total sales of $97 million and incurred a pretax operating loss of approximately $26 million for the six months ended July 31. Venator will sell up to 51 of its 87 Weekend Edition women's apparel stores in Canada to YM Inc., a Toronto-based retailer. Details of the transaction were not disclosed. The company did not return calls for comment on what will happen to the seven other businesses that it is exiting. The restructuring charge and operating losses are expected to total approximately $48 million, most of which will be recorded in the second quarter that ended July 31. Excluding the restructuring costs, Venator expects its second-quarter earnings to be between 3 cents and 5 cents a share, above forecasts of 2 cents a share by Wall Street analysts. Hilpert had been president and chief operating officer, a position that the company has no present plans to fill. He joined Venator in 1995 after serving as chairman and CEO of Payless Shoe Source. Farah has been chairman and CEO since 1994. He was formerly president and chief operating officer at R.H. Macy & Co.