OTHER NEWS - June 14, 1996

Woolworth Spinoff Proposal Defeated: The Greenway Partners investment group, led by senior director Alfred Kingsley, had sought, against the recommendation of Woolworth Corp. management, to separate the profitable Foot Locker, Lady Foot Locker, Kid’s Foot Locker and Champs Sports stores from the rest of Woolworth operations. But shareholders at the New York-based retailer’s annual meeting rejected the idea. Woolworth also said it has no plans to reinstate its dividend until business improves. Sales for May fell 1.8% on a same-store basis from May 1995. Woolworth stock closed up 12.5 cents at $22.50 in New York Stock Exchange trading.