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WOOLWORTH CORPORATION COMPLETES DISPOSITION OF CANADIAN WOOLCO STORES TO WAL-MART

 NEW YORK, March 17 /PRNewswire/ -- Woolworth Corporation (NYSE: Z) announced today that its wholly owned subsidiary, Woolworth Canada Inc., completed the disposition of 122 of its 142 Woolco discount department stores in Canada to Wal-Mart Stores, Inc. (NYSE: WMT).
 The previously announced transaction involved the sublease of the Woolco stores affected, the sale of the assets of those stores and virtually all of the inventory and inventory commitments of the Woolco operation, other than inventory in the stores not being acquired. Woolworth Canada Inc. plans to convert to other retail formats, close or sell the 20 Woolco stores not involved in this transaction.
 William K. Lavin, chairman of the board and chief executive officer of Woolworth Corporation, said, "Now that the transaction has been completed, we are in a better position to focus our resources on the specialty businesses that provide the highest returns to our shareholders."
 Woolworth will continue to operate its more than 1,400 stores in Canada which are not affected by the transaction. During 1994, the company plans to open approximately 150 stores in Canada. This includes the scheduled conversion of about 100 former Woolworth stores to The Bargain! Shop stores, which offer low-priced family apparel and household merchandise.
 Woolworth Corporation operates stores in over 40 different retail formats in 13 countries in North America, Europe, Australia and Asia. In Canada, the company operates stores under such names as Northern Reflections, Foot Locker, Northern Getaway, Northern Traditions, Silk & Satin, Randy River and The Bargain! Shop.
 -0- 3/17/94
 /CONTACT: Frances E. Trachter of Woolworth, 212-553-2394/
 (Z WMT)


CO: Woolworth Corporation; Wal-Mart Stores, Inc.; Woolworth Canada Inc. ST: New York IN: REA SU:

MP -- NY041 -- 1035 03/17/94 11:10 EST
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Publication:PR Newswire
Date:Mar 17, 1994
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