358 stores to close, cutting 3,700 jobs

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Tuesday, Jan. 25, 2000 | 10:43 a.m.

THE ASSOCIATED PRESS

NEW YORK -- Venator Group Inc. will slash 3,700 jobs and close 358 stores, the latest move by the company formerly known as Woolworth to restructure its business in an attempt to boost sales and profits.

Over the last few years, New York-based Venator has closed thousands of stores and sold off many of its noncore businesses so that it could focus its efforts on its sporting goods divisions.

Venator operates more than 4,000 stores, mostly under the Foot Locker and Champs Sports name.

The retailer announced today that it would cut about 30 percent of its sales and corporate staff. That includes about 600 corporate staffers and 3,100 people who work in its stores.

It also will close 123 Foot Locker, Lady Foot Locker and Kids Foot Locker stores, 27 Champs stores and 208 Northern Group clothing stores.