Footstar begins trading on NYSE; New $1.6 Billion Footwear Company Resulting from Melville Spinoff.MAHWAH, N.J.--(BUSINESS WIRE)--October 14, 1996--Footstar, Inc., a new $1.6 billion company, today began trading on the New York Stock Exchange New York Stock Exchange (NYSE)World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "FTS FTS facteur thymique sérique. ." Footstar was created through a spinoff of the footwear businesses of Melville Corporation Melville Corporation, formerly based in Rye, New York, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville. It changed its name to CVS Corporation in 1996. (NYSE NYSE See: New York Stock Exchange : MES (Manufacturing Execution Software) Software that provides real time access to plant activities that include equipment, labor, orders and inventory. An MES integrates the data with enterprise resource planning (ERP) systems so that management has complete control of ) to its shareholders. Footstar is composed of Meldisco, a leading operator of leased footwear departments in approximately 2,500 Kmart and other stores, and Footaction, a 444-unit mall-based, branded athletic footwear chain. "Today marks the beginning of an exciting new stage in our history," said Mickey Robinson, Chairman and Chief Executive Officer of Footstar. "Meldisco, our strong cash generating unit, and Footaction, our fast-growing branded athletic footwear and apparel chain, have enjoyed strong, successful records as part of Melville. Now, as an independent footwear company, these businesses will benefit from greater focus as we take advantage of new opportunities to increase sales and profits and build value for Footstar shareholders." All of the common stock of Footstar is being distributed to Melville shareholders of record as of October 2, 1996 at a ratio of 0.2879 shares of Footstar common stock for every one share of Melville common stock held. The official distribution date was October 12, 1996, and certificates for Footstar shares will be mailed tomorrow. Immediately following the distribution, Footstar will have approximately 30.5 million common shares outstanding. VIDEO/PHOTOS AVAILABLE: Video footage of Footstar officials at the Exchange -- plus B-roll -- will be fed from 2:30-2:45 p.m. and can be accessed through Telstar 401, Transponder 19, NR Loop # 102362 and Waterfront # 1630. Photos will be provided to Associated Press, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Additional photos can be obtained by request. CONTACT: Kekst and Company Jim Fingeroth/Roanne Kulakoff/Wendi Kopsick, 212/593-2655 |
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