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VENATOR GROUP TO FOCUS ON SPORTS BY SELLING EIGHT BUSINESSES

          The Venator Group "will close or sell eight noncore
     businesses" operating nearly 500 stores, according to
     Rebecca Quick of the WALL STREET JOURNAL, who writes that
     the company is "continuing to shrink itself to focus mainly
     on its athletic-apparel business."  Quick reports that after
     the sale, its remaining businesses "will consist mainly of"
     Foot Locker and Champs Sports chains.  Wall Street "cheered
     the news" yesterday, "pushing" Venator up $1.125, or 13%, to
     $10 in NYSE trading yesterday (WALL STREET JOURNAL, 8/17). 
     Meanwhile, Venator CEO Roger Farah is "stepping down
     immediately," but will "stay on" as Chair.  President & COO
     Dale Hilpert will "succeed" Farah as CEO (N.Y. TIMES, 8/17).
          WHAT THE MOVE MEANS: USA TODAY's Lorrie Grant notes
     that the 500 stores "account for" $240M in sales.  Brown
     Bros. Harriman retail analyst Donald Trott: "This has been a
     long-term, well-articulated strategy to narrow the focus. 
     They made it clear the focus would be on the predominant
     footwear and apparel sector" (USA TODAY, 8/17).  In N.Y.,
     Evelyn Nussenbaum reports that Venator will take a $48M
     charge to pay for its sale or shut down of eight of its 10
     non-sports businesses (N.Y. POST, 8/17).  CNN's Susan
     Lisovicz: "Some analysts also question the timing of
     Venator's announcement and say it may be an attempt to
     massage quarterly earnings" ("Moneyline," CNN, 8/16). 

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