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WAL-MART ANNOUNCES ACQUISITION OF WOOLCO STORES IN CANADA

 BENTONVILLE, Ark., Jan. 14 /PRNewswire/ -- Wal-Mart Stores, Inc. (NYSE: WMT; PSE) announced today it is acquiring approximately 120 Woolco stores across Canada from Woolworth Canada Inc., a subsidiary of Woolworth Corporation of New York (NYSE: Z). The acquisition marks Wal-Mart's entry into the Canadian market. Subject to Canadian regulatory approval, the acquisition is expected to be finalized sometime in March.
 "We are excited about the opportunity to serve the Canadian consumer," said David D. Glass, Wal-Mart president and chief executive officer. Noting that many Canadians are not familiar with Wal-Mart's stores, Glass said further: "We look forward to earning their support and trust by demonstrating what we do best: offer a broad assortment of quality merchandise at low prices every day while providing exceptional customer service."
 Terms of the cash transaction were not announced. The transaction involves the sublease of the Woolco stores affected, the purchase 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. The process of converting the present Woolco units to Wal-Mart stores, including re-merchandising and re-fixturing, will begin at the time of closing of the transaction and will be completed over a period of time.
 Bob L. Martin, president and chief executive officer, Wal-Mart International, announced that R. Bruce West will become president and chief executive officer of Wal-Mart's Canadian operation. Mr. West is currently president and chief operating officer of Woolworth Canada Inc.'s Woolco division. "We are extremely pleased Bruce West has agreed to join our company," Martin said. "Bruce's management talents and knowledge of Canadian retailing and Woolco employees will be a real asset in building our Canadian organization." The agreement calls for Wal-Mart to hire substantially all Woolco store employees in the acquired units and Wal-Mart said it will hire additional non-store Woolco employees as it builds its operation in Canada.
 Wal-Mart, founded in 1962 by the late retail legend Sam Walton, has grown to more than 2,000 stores and 360 Sam's Clubs, a membership warehouse club chain, in 49 U.S. states, Puerto Rico and Mexico. Its securities are listed on the New York and Pacific Stock Exchanges as WMT.
 -0- 1/14/94
 /CONTACT: Investor: Paul Carter, 501-273-4184, or Steve Hunter, 501-273-8446, or Media: Don Shinkle, 501-273-4313, all of Wal-Mart Stores/
 (WMT Z)


CO: Wal-Mart Stores, Inc.; Woolworth Canada Inc. ST: Arkansas IN: REA SU: TNM

BN-CF -- AT003 -- 2042 01/14/94 08:33 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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