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  • KINNEY TRANSPLANT: VENATOR TO CLOSE TWO SHOE-STORE CHAINS

              Venator Group, "in another step to bolster flagging
         results and narrow its focus, announced plans to close two
         weak shoe-store chains" that have accounted for 7% of sales,
         according to Yumiko Ono of the WALL STREET JOURNAL.  Ono
         reports that by year end, "Venator said it will close 467
         Kinney Shoe and 103 Footquarters stores," which sell
         moderately-priced shoes and sneakers.  Around 60 of the
         stores will become Lady Foot Locker, Kids Foot Locker and
         Colorado clothing stores.  Venator said that about 1,400
         full-time and 3,200 part-time jobs "will be affected" (WALL
         STREET JOURNAL, 9/17).  In N.Y., Richard Wilner reports that
         an "as-yet unnamed outlet chain will be formed" to help Foot
         Locker and Champs "keep inventory fresh" (N.Y. POST, 9/17).
         CNN's Lou Dobbs reported that Venator will take a "$173
         million charge" on the closings.  Venator stock closed at 10
         7/16, off 60% from its 52-week high ("Moneyline," 9/16).
    
    

    Print | Tags: Finance, Foot Locker/Venator Group, Time Warner
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