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WOOLWORTH SHAREHOLDERS DEFEAT PLAN TO SELL SPORTS UNITS
Published June 14, 1996
Woolworth Corp. shareholders "easily defeated" a proposal to spin off the company's sports-related stores, which include Foot Locker and Champs, according to the WALL STREET JOURNAL. About 85% of the votes cast were against the proposal made by Greenway Partners LP. Woolworth management had urged defeat of the proposal, saying they preferred to expand "sound businesses" like their athletic-shoe stores (Laura Bird, WALL STREET JOURNAL, 6/14). Greenway controls 6.1% of Woolworth stock (THE DAILY).