Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Businessweek Archives

Sadder Days At Woolworth's


In Business This Week

SADDER DAYS AT WOOLWORTH'S

Retailer Woolworth is gasping for air. On Oct. 13, the company announced that it will close some 970 general merchandise and specialty stores in the U.S. and Canada. The move will eliminate 13,000 jobs from Woolworth's payroll and force the company to take a $775 million pretax write-off against 1993 earnings. The restructuring is Woolworth's second in as many years. By the end of 1993, the retail chain will have shuttered 1,200 stores. At the end of 1992, Woolworth had nearly 9,000 outlets. The move prompted Duff & Phelps to place Woolworth's A+ debt on credit watch. Woolworth stock fell 1/4, closing at 26 1/8 on Oct. 13. EDITED BY KEITH H. HAMMONDS


The Aging of Abercrombie & Fitch
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus