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Archive for Friday, January 10, 1992

T SAY IF PLANS INCLUDE LAWRENCE STORE

January 10, 1992

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Woolworth officials aren't saying whether the Lawrence store is on a list of retail outlets the company has targeted for closing, selling or reformatting.

A spokesman for Woolworth's headquarters in New York said the company had assembled "a tentative list" of 900 less profitable stores whose fates would be decided during the next 18 months.

"What they want to do is look at them on a store-by-store basis," said the spokesman, who declined to give his name.

The company is not saying which of its 9,300 specialty and general merchandise stores are on the list, he said.

Dennis Iams, manager of the Lawrence store, 911 Mass., said Thursday that he was not at liberty to comment.

The company annouced the move Wednesday afternoon, saying it planned the changes to increase profitability.

The company said that stores on the list suffered an operating loss of $50 million during the first three quarters of its current fiscal year.

Half of the 900 stores in question will be converted to specialty stores. In addition to Woolworth stores, the company operates Kinney shoe stores, Kids Mart and Little Folks Shops, and Susie's, Sportelle, Richman Brothers and Anderson-Little clothing outlets.

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