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WOOLWORTH CORPORATION ANNOUNCES MANAGEMENT AND ORGANIZATIONAL CHANGES

 NEW YORK, Feb. 10 /PRNewswire/ -- Harold E. Sells, chairman of the board and chief executive officer of Woolworth Corporation (NYSE: Z), announced today the election by the company's board of directors of William K. Lavin, as chairman of the board and chief executive officer, succeeding Sells, who will be retiring. The change will be effective July 1. Sells, who turns 65 in July, will remain a director of the company.
 Lavin, 48, has been Woolworth Corporation's executive vice president - finance and administration and chief financial officer since 1991, responsible for all corporate staff functions of the large, multinational retailer. He was elected to the company's board of directors in 1992.
 Lavin joined Woolworth in 1981 as an assistant controller. In 1983, he was elected senior vice president - finance and chief financial officer. He was elected executive vice president - finance and chief financial officer in 1986, a position he held until 1991. Lavin was previously employed by J.C. Penney Company, where he was manager of financial reporting. Prior to joining Penney, he was with Peat, Marwick, Mitchell & Co. in New York.
 Lavin is a certified public accountant and a 1965 graduate of St. John's University who holds a bachelor's degree in business administration. He was awarded an honorary doctorate in commercial science by St. John's in 1992.
 Lavin is a member of the board of directors of Alleghany Corporation. He is chairman of the board of HeartShare Human Services of New York (formerly, The Catholic Guardian Society), a member of the board of advisors of St. John's University College of Business Administration and a trustee of Xaverian High School in Brooklyn, New York.
 In other moves, Sells announced that C. Jackson Gray, 45, vice president - corporate planning and development, was promoted to senior vice president - corporate planning and development, effective immediately. Effective July 1, W. Barry Thomson, 40, who is senior vice president - administration, will become senior vice president and chief administrative officer; and Charles T. Young, 49, who is senior vice president - finance, will become senior vice president and chief financial officer.
 Sells also announced several changes in the organizational structure and senior management of the company's F.W. Woolworth Co. and Kinney Shoe
Corporation subsidiaries that are intended to streamline operations. All of these changes are effective immediately.
 The Rx Place chain of deep-discount drug stores, which has operated as a separate division of Woolworth Corporation, will not be operated by F.W. Woolworth Co. In connection with this change, Gary T. Fuller, 56, who has served as president and chief executive officer of The Rx Place division, was named executive vice president of F.W. Woolworth Co. and chief operating officer of that company's general merchandise and deep- discount drug operations. This is a new position which includes responsibility for the operations of the Woolworth and The Rx Place drug stores in the United States. In his new position, Fuller will report to Robert G. Lynn, president and chief executive officer of F.W. Woolworth Co.
 The Little Folk Shop and Kids Mart children's apparel stores, which have been operated by Holtzman's Little Folk Shop, Inc., a separate subsidiary of Woolworth Corporation, will now be operated by Kinney Shoe Corporation. Ronald J. Berens, 53, who has served as president and chief executive officer of Holtzman's Little Folk Shop, Inc., was named executive vice president of Kinney Shoe Corporation and chief operating officer of that company's United States operations. This is a new position which includes responsibility for the operations of Kinney's domestic footwear and athletic divisions and the Little Folk Shop and Kid Mart stores. In his new position, Berens will report to Harold C. Rowen, president and chief executive officer of Kinney Shoe Corporation. Berens also previously served as Woolworth Corporation senior vice president - U.S. Apparel Group.
 Floyd R. Huff, 56, was named executive vice president - worldwide buying director of Kinney Shoe Corporation, a new position. Huff, who has served as Kinney's executive vice president, will continue to report to Rowen.
 "These changes are meaningful steps which will help us to stay focused on important parts of our business," Sells said. "We also expect to benefit from the greater efficiencies which result from operating consolidations," he added.
 Prior to joining Woolworth in 1982 as vice president for corporate development, Gray was with Dayton Hudson Corporation. He was elected vice president - corporate planning and development of Woolworth in 1983. Gray is a member of the Advisory Board of the Center for Retailing Studies in the Department of Marketing of Texas A & M University.
 Thomson joined Woolworth in 1979 as director of special projects in the company's law department. He was named an assistant secretary in 1982 and was elected corporate secretary in 1986. Thomson was promoted to vice president - public affairs in 1990, and named senior vice president - administration in 1991.
 After joining the company's Kinney subsidiary in 1971, Young was named corporate controller for Kinney in 1973 and was promoted to vice president and chief financial officer of that subsidiary in 1980. In 1983, he was elected vice president - management information systems for the parent company. He was named senior vice president - finance in 1991.
 Fuller joined F.W. Woolworth Co. in 1957 and held the position of vice president of operations and expense prior to being named president and chief executive officer of The Rx Place division in 1989.
 Berens began his career with Kinney in 1957, and was senior vice president-real estate of that company before joining the Little Folk subsidiary in 1986 as its executive vice president and general merchandise manager. He served as president and chief executive officer of Little Folk from 1986 to 1989, and was named senior vice president - U.S. Apparel Group of Woolworth Corporation in 1989. In addition to his position at the parent company, he resumed the presidency of Little Folk in 1991.
 Huff began his career with Kinney in 1960, and has held a variety of positions in that organization, most recently having been named executive vice president in 1990.
 Woolworth Corporation operates more than 9,000 specialty and general merchandise stores in the United States, Canada, Mexico, Germany, Belgium, England, France, Italy, Spain, Luxembourg, the Netherlands and Australia. Some of its more-than 40 retail formats include Foot Locker, Champs Sports, Woolworth, Northern Reflections, Kinney, Afterthoughts, Lady Foot Lockers, The San Francisco Music Box Company, The Rx Place and World Foot Locker.
 -0- 2/10/93
 /CONTACT: Frances E. Trachter of Woolworth, 212-553-2394/
 (Z)


CO: Woolworth Corporation ST: New York IN: REA SU: PER

KD -- NY069 -- 5189 02/10/93 13:00 EST
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Date:Feb 10, 1993
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