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WOOLWORTH CORPORATION'S TWO CANADIAN SUBSIDIARIES AMALGAMATED TO FORM A SINGLE COMPANY

 TORONTO, Feb. 1 /PRNewswire/ -- F.W. Woolworth Co. Limited and Kinney Canada Inc., major Canadian retailers and wholly owned subsidiaries of New York-based Woolworth Corporation (NYSE: Z; Toronto), have been amalgamated to form a single corporation, Woolworth Canada, Inc., effective January 31, it was announced today.
 "The amalgamation is the latest in a series of steps designed to streamline Woolworth Corporation's Canadian operations in order to eliminate duplication, trim overhead, achieve greater operating efficiencies and reduce costs," stated Douglas J. Lawson, vice chairman and chief executive officer of Woolworth Canada Inc. Prior to the amalgamation, Lawson was vice chairman and chief executive officer of both F.W. Woolworth Co. Limited and of Kinney Canada Inc.
 The consolidation process has been underway since 1990. Since that time, Woolworth and Kinney Canada have merged most of their administrative and support functions.
 A further step in the consolidation process is expected to occur in the fall of 1995, when plans call for the present Woolworth and Kinney headquarters offices, located in Toronto and Weston, Ontario, respectively, to be relocated to a new headquarters building to be built in Burlington, Ontario.
 Although they share the same corporate parent, the two Canadian companies historically had generally operated independently of each other, with separate boards of directors and managements. F.W. Woolworth Co. Limited was formed in 1907 and operated general merchandise stores for over 80 years before branching into specialty retailing as well in the mid-1980s. Kinney Canada Inc. had operated from the start as a specialty retailer, principally of footwear, apparel and sporting goods, since entering the Canadian market in 1965.
 Woolworth Canada Inc. currently operates over 1,700 stores across Canada, including more than 350 Woolco full-line discount department stores Woolworth and Robinson's general merchandise stores, and The
Bargain! Shop discount stores. In addition, it operates nearly 1,400 specialty stores, including Foot Locker, Northern Reflections, Northern Traditions, Randy River, Kinney, Champs Sports, Lady Foot Locker, Lady Foot Locker Casuals, Canary Island, Karuba, Silk & Satin, Northern Getaway, Willow Ridge, Reflexions, The Best of Times and Ashbrooks.
 -0- 2/1/93
 /CONTACT: Frances E. Trachter of Woolworth Corporation, 212-553-2394, or John S. Berrington of Woolworth Canada, Inc., 416-361-2111 ext. 4183/
 (Z)


CO: Woolworth Corporation ST: New York, Ontario IN: REA SU: TNM

TS -- NY095 -- 1507 02/01/93 15:40 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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