SBD/17/Finance

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).

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