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KINNEY TRANSPLANT: VENATOR TO CLOSE TWO SHOE-STORE CHAINS
Published September 17, 1998
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).