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Woolworth sports new name
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April 2, 1998: 9:14 a.m. ET
In next step of its evolution, retailer will adopt Venator Group as new moniker
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NEW YORK (CNNfn) - Woolworth Corp., the venerable retailer, has selected Venator Group as the new name it hopes will transform its image from a five-and-dime outfit to a high-performance sporting apparel operation.
Once known for its low-priced stores, Woolworth over the past three years has undergone a transformation, picking up athletic merchandise chains such as Foot Locker, Champs Sports and footwear cataloguer Eastbay.
The Venator Group moniker is inspired by a Latin word for sportsman (initially derived from hunters who sought deer, or venison). Because of Venator's sports evocation, Woolworth hopes the name will emphasize the company's new operations.
"While the Woolworth name has served us well for many years, it no longer reflects who we are, given the significant change in our portfolio of retail businesses," said Roger Farah, Woolworth chairman.
"The need to position the company for future growth affords us a unique, historical opportunity to send a signal about our focus for the future."
The company intends to adopt the new name on June 12, the day after its annual stockholders meeting. The company said it will keep its New York Stock Exchange ticker symbol [Z].
Since 1995, Woolworth has sold or disposed of 19 retail formats encompassing 1,237 stores. Most controversially, last July it closed its 442 namesake stores, converting some of them into Foot Locker and others of its brands.
Woolworth was spurred to make the changes by ever-weakening finances as its once-dominant five and dime format was replaced by discount retailers like Kmart Corp. (KM) and Wal-Mart Stores Inc. (WMT).
The strategy has succeeded in cutting costs. Woolworth said it has reduced its debt by $600 million during the past four years. However, the company is planning on spending more than $1 billion over the next three years to open stores and remodel existing ones. 
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Foot Locker
Eastbay
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