-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ea1KeBHcevRz6sEQeJvetq4VBFrg4M1tmnxCW4De7EGALnSHU9Ywy+S49y9IqbGd s9+e87wz5J78XxlOMZ7ApQ== 0000909518-98-000382.txt : 19980608 0000909518-98-000382.hdr.sgml : 19980608 ACCESSION NUMBER: 0000909518-98-000382 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19980605 SROS: NYSE GROUP MEMBERS: ALFRED D. KINGSLEY GROUP MEMBERS: GARY K. DUBERSTEIN GROUP MEMBERS: GREENBELT CORP. GROUP MEMBERS: GREENHOUSE PARTNERS, L.P. GROUP MEMBERS: GREENHUT OVERSEAS, L.L.C. GROUP MEMBERS: GREENHUT, L.L.C. GROUP MEMBERS: GREENSEA OFFSHORE, L.P. GROUP MEMBERS: GREENTREE PARTNERS, L.P. GROUP MEMBERS: GREENWAY PARTNERS L P SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WOOLWORTH CORPORATION CENTRAL INDEX KEY: 0000850209 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 133513936 STATE OF INCORPORATION: NY FISCAL YEAR END: 0127 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-42257 FILM NUMBER: 98642860 BUSINESS ADDRESS: STREET 1: WOOLWORTH BLDG STREET 2: 233 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10279-0003 BUSINESS PHONE: 2125532000 MAIL ADDRESS: STREET 1: 233 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10279-0003 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GREENWAY PARTNERS L P CENTRAL INDEX KEY: 0000938356 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 277 PARK AVE 27TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2123505100 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1) ---------- WOOLWORTH CORPORATION (Name of Issuer) Common Stock, $.01 par value per share 980883 10 2 (Title of class of securities) (CUSIP number) Gary K. Duberstein, Esq. Greenway Partners, L.P. 277 Park Avenue, 27th Floor New York, New York 10172 (212) 350-5100 (Name, address and telephone number of person authorized to receive notices and communications) June 3, 1998 (Date of event which requires filing of this statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [_]. Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss. 240.13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 15 pages) ================================================================================ NYFS11...:\92\56392\0003\1751\SCH6048M.230 - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 2 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENWAY PARTNERS, L.P. S.S. OR I.R.S. IDENTIFICATION NO. 13-3714238 OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 1,375,700 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 1,375,700 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,375,700 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.0% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 3 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENTREE PARTNERS, L.P. S.S. OR I.R.S. IDENTIFICATION NO. 13-3752875 OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 700,000 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 700,000 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 700,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.5% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 4 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENHOUSE PARTNERS, L.P. S.S. OR I.R.S. IDENTIFICATION NO. 13-3793447 OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 1,375,700 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 1,375,700 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 1,375,700 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 1.0% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 5 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENHUT, L.L.C. S.S. OR I.R.S. IDENTIFICATION NO. 13-3793450 OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 700,000 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 700,000 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 700,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.5% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: OO - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 6 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENBELT CORP. S.S. OR I.R.S. IDENTIFICATION NO. 13-3791931 OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 5,194,422 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 5,194,422 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 5,194,422 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 3.8% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: CO - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 7 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENSEA OFFSHORE, L.P. S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 950,000 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 0 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 950,000 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 0 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 950,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: PN - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 8 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GREENHUT OVERSEAS, L.L.C. S.S. OR I.R.S. IDENTIFICATION NO. 13-3868906 OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: WC, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 950,000 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 950,000 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 950,000 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.7% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: OO - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 9 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON ALFRED D. KINGSLEY S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: PF, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 8,220,122 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 8,220,122 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 8,220,122 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.1% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - ------------------ ------------------------------------------------------------- - ----------------------------------- ---------------------------------- CUSIP No. 980883 10 2 13D Page 10 of 15 Pages - ----------------------------------- ---------------------------------- - ------------------ ------------------------------------------------------------- 1 NAME OF REPORTING PERSON GARY K. DUBERSTEIN S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON - ------------------ ------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [x] (b) [_] - ------------------ ------------------------------------------------------------- 3 SEC USE ONLY - ------------------ ------------------------------------------------------------- 4 SOURCE OF FUNDS: PF, AF, OO - ------------------ ------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e): [_] - ------------------ ------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION: United States - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER: 0 SHARES ------- -------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER: 8,220,122 OWNED BY ------- -------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER: 0 REPORTING ------- -------------------------------------------------- PERSON WITH 10 SHARED DISPOSITIVE POWER: 8,220,122 - ------------------ ------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON: 8,220,122 - ------------------ ------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: [_] - ------------------ ------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 6.1% - ------------------ ------------------------------------------------------------- 14 TYPE OF REPORTING PERSON: IN - ------------------ ------------------------------------------------------------- This Amendment No. 1 ("Amendment No. 1") amends the Statement on Schedule 13D (the "Schedule 13D") filed on May 18, 1998 by and on behalf of Greenway Partners, L.P. ("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse Partners, L.P. ("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt Corp. ("Greenbelt"), Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas, L.L.C. ("Greenhut Overseas"), Alfred D. Kingsley and Gary K. Duberstein (collectively, the "Reporting Persons"). Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Schedule 13D. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION Since the filing of the Schedule 13D, accounts managed by Greenbelt purchased an aggregate of 140,000 Shares for total consideration (including brokerage commissions) of $2,789,974 derived from capital in the managed accounts and margin indebtedness from Bear, Stearns & Co. Inc. ITEM 4. PURPOSE OF THE TRANSACTION The Reporting Persons distributed a written communication dated May 28, 1998 to the other shareholders of the Company. The text of this communication is set forth in Exhibit 5 attached hereto, which is incorporated herein by reference. The Reporting Persons distributed a written communication dated June 3, 1998 to the other shareholders of the Company. The text of this communication is set forth in Exhibit 6 attached hereto, which is incorporated herein by reference. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As of the date of this Statement, the Reporting Persons beneficially owned in the aggregate 8,220,122 Shares constituting 6.1% of the outstanding Shares (the percentage of Shares owned being based upon 135,251,929 Shares outstanding on April 23, 1998, as set forth in the Company's Proxy Statement dated April 28, 1998 relating to the Company's 1998 annual meeting of shareholders). The Reporting Persons may be deemed to have direct beneficial ownership of Shares as follows: Approximate Number of Percentage of Name Shares Outstanding Shares ---- ------ ------------------ Greenway 1,375,700 1.0% Greentree 700,000 0.5% Greenbelt 5,194,422 3.8% Greensea 950,000 0.7% Greenhouse, as the general partner of Greenway, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which Greenway may be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as general partners of Greenhouse, may be deemed to beneficially own Shares which Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein disclaims beneficial ownership of such Shares for all other purposes. 11 Greenhut, as the general partner of Greentree, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which Greentree may be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of Greenhut, may be deemed to beneficially own Shares which Greenhut may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein disclaims beneficial ownership of such Shares for all other purposes. Greenhut Overseas, as the investment general partner of Greensea, may be deemed to own beneficially (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) Shares which Greensea may be deemed to possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of Greenhut Overseas, may be deemed to beneficially own Shares which Greenhut Overseas may be deemed to beneficially own. Each of Messrs. Kingsley and Duberstein disclaims beneficial ownership of such Shares for all other purposes. Greenbelt has direct beneficial ownership of the Shares in the accounts which it manages. In addition, Greenbelt is the investment advisor for Greenland Investment Company Limited, a Cayman Islands company ("Greenland"). In such capacity, Greenbelt has the right to vote and direct the disposition of the 205,000 Shares held by Greenland and, consequently, has direct beneficial ownership of such Shares. Substantially all of the equity interests in Greenland are owned by Strategic Investment Partners Limited ("SIPL"). Because SIPL has the right to elect to terminate its investment in Greenland upon less than 60 days' notice and, upon such termination, all securities held by Greenland would be sold by Greenland or, with SIPL's consent, distributed to SIPL in kind, SIPL could be deemed to be the beneficial owner of the Shares held by Greenland. Information concerning SIPL and the identity and background of certain individuals and entities related thereto is set forth on Exhibit 2 to the Schedule 13D and incorporated herein by reference. Each of Messrs. Kingsley and Duberstein, as executive officers and directors of Greenbelt, may be deemed to beneficially own Shares which Greenbelt beneficially owns. Each of Messrs. Kingsley and Duberstein disclaims beneficial ownership of such Shares for all other purposes. (b) Greenway has the sole power to vote or direct the vote of 1,375,700 Shares and the sole power to dispose or to direct the disposition of such Shares. Greenhouse and Messrs. Kingsley and Duberstein may be deemed to share with Greenway the power to vote or to direct the vote and to dispose or to direct the disposition of such Shares. Greentree has the sole power to vote or direct the vote of 700,000 Shares and the sole power to dispose or direct the disposition of such Shares. Greenhut and Messrs. Kingsley and Duberstein may be deemed to share with Greentree the power to vote or to direct the vote and to dispose or to direct the disposition of such Shares. Greensea has the sole power to vote or direct the vote of 950,000 Shares and the sole power to dispose or direct the disposition of such Shares. Greenhut Overseas and Messrs. Kingsley and Duberstein may be deemed to share with Greensea the power to vote or to direct the vote and to dispose or to direct the disposition of such Shares. Greenbelt has the sole power to vote or direct the vote of 4,989,422 Shares held in managed accounts and the 205,000 Shares held by Greenland, and, except as described in Item 5(a) with respect to Greenland, the sole power to dispose or direct the disposition of all such Shares. Messrs. Kingsley and Duberstein may be deemed to share with Greenbelt the power to vote or to direct the vote and to dispose or to direct the disposition of such Shares. 12 (c) Information concerning transactions in the Shares by the Reporting Persons since the filing of the Schedule 13D is set forth in Exhibit 4 attached hereto, which is incorporated herein by reference. (d) No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares, except the dividends from, or proceeds from the sale of Shares in each respective account managed by Greenbelt or held by Greenland will be delivered into each such respective account or Greenland, as the case may be. Neither any such individual account nor Greenland has an interest in more than five percent of the class of outstanding Shares. (e) Not applicable. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS The following Exhibit is filed herewith: 4. Information concerning transactions in the Shares effected by the Reporting Persons since the filing of the Schedule 13D. 5. Written communication dated May 28, 1998 from the Reporting Persons to the other shareholders of the Company. 6. Written communication dated June 3, 1998 from the Reporting Persons to the other shareholders of the Company. [The remainder of this page intentionally left blank.] 13 SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information contained in this Statement is true, complete and correct. Dated: June 4, 1998 GREENHOUSE PARTNERS, L.P. GREENWAY PARTNERS, L.P. By: Greenhouse Partners, L.P., its general partner By: /s/ Gary K. Duberstein ------------------------------ Gary K. Duberstein, general By: /s/ Gary K. Duberstein partner ------------------------------ Gary K. Duberstein, general partner GREENHUT, L.L.C. GREENTREE PARTNERS, L.P. By: Greenhut, L.L.C., its general partner By: /s/ Gary K. Duberstein ------------------------------ Gary K. Duberstein, Member By: /s/ Gary K. Duberstein ------------------------------ Gary K. Duberstein, Member GREENHUT OVERSEAS, L.L.C. GREENSEA OFFSHORE, L.P. By: Greenhut Overseas, L.L.C., its investment general partner By: /s/ Gary K.Duberstein ------------------------------ Gary K. Duberstein, Member By: /s/ Gary K. Duberstein ------------------------------ Gary K. Duberstein, Member GREENBELT CORP. By: /s/ Alfred D. Kingsley ------------------------------ Alfred D. Kingsley, President /s/ Alfred D. Kingsley ------------------------------ Alfred D. Kingsley /s/ Gary K. Duberstein ------------------------------ Gary K. Duberstein 14 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 4. Information concerning transactions in the Shares effected by the Reporting persons since the filing of the Schedule 13D. 5. Written communication dated May 28, 1998 from the Reporting Persons to the other shareholders of the Company. 6. Written communication dated June 3, 1998 from the Reporting Persons to the other shareholders of the Company. 15 EX-99 2 EXHIBIT 4 Exhibit 4 TRANSACTIONS IN SHARES OF THE COMPANY ------------------------------------- The Reporting Persons engaged in the following transactions in Shares of the Company since the filing of the Schedule 13D. All transactions involved purchases of Shares on the New York Stock Exchange. Reporting Person Price Per With Direct Share Beneficial Date of Number of (Excluding Ownership Transaction Shares Commission - --------- ----------- ------ ---------- Greenbelt 5/26/98 80,000 20.1133 Greenbelt 5/27/98 60,000 19.5885 NYFS11...:\92\56392\0003\1751\SCH6048M.230 EX-99 3 EXHIBIT 5 Exhibit 5 Written Communication Dated May 28, 1998 from the Reporting Persons to the Other Shareholders of the Company ---------------------------------------------------------- AN IMPORTANT MESSAGE TO OUR FELLOW SHAREHOLDERS OF WOOLWORTH CORPORATION... ...FROM GREENWAY PARTNERS! ONE OF WOOLWORTH'S LARGEST SHAREHOLDERS STOP! Earlier this month you received a proxy statement and proxy voting card from the management of Woolworth Corporation ("Woolworth") concerning the Company's June 11, 1998 Annual Meeting of Shareholders. At this meeting you will be asked to consider and vote upon a shareholder proposal sponsored by Greenway Partners, L.P. recommending that the "...Woolworth general merchandise business in Germany be sold and the proceeds used for a stock buyback." Our proposal appears as item #5 in Woolworth's proxy statement dated April 28, 1998. LOOK! Please look for our shareholder information letter which you will receive during the next several days. Our letter will underscore our reasons for sponsoring this proxy proposal and discuss our ideas for the future direction of Woolworth as a specialty retailer focusing on its core competence, which is the sale of athletic related goods, including athletic footwear, athletic apparel and sporting goods. We also support the proposal of a fellow shareholder -- which appears as item #6 -- requesting the Board not to reinstate the "Poison Pill" at Woolworth without a shareholder vote. LISTEN! Before you sign, date and return your proxy voting card, please give careful consideration to our message concerning the future direction of Woolworth and to our proposal which we believe will serve to maximize shareholder value and help revive Woolworth's sagging stock price. For additional information, please contact Garland Associates, Inc. Tel: 212-866- 0095. NYFS11...:\92\56392\0003\1751\SCH6048M.230 EX-99 4 EXHIBIT 6 Exhibit 6 Written Communication dated June 3, 1998 from the Reporting Persons to the Other Shareholders of the Company ---------------------------------------------------------- [Letterhead of Greenway Partners, L.P.] June 3, 1998 Dear Fellow Woolworth Investor: Shakespeare once asked: 'What's in a name?' and then concluded that a rose by any other name would smell as sweet.(1) As noted in the accompanying "Ode to Venator", we can picture the Bard as joining with those who cannot abide the stench of the name Venator Group, Inc. We fear that even those who can quote freely from Shakespeare have no clue as to what Venator means. To us, it sounds horrible. We urge our fellow shareholders to vote AGAINST the name Venator by voting AGAINST Proposal #2. As one of the largest shareholders with over 8 million shares, we fear there is something rotten with the state of Woolworth.(2) The 1997 Annual Report shows operating losses before non-recurring items at Specialty Footwear (largely composed of Kinney shoe stores) of $12 million, $9 million and $23 million for 1997, 1996, and 1995. The potpourri of store formats in the Other Specialty category--which include Afterthoughts, The San Francisco Music Box Company and others--had $421 million of sales in 1997 and, as a group, barely had an operating profit. Similarly, the International General Merchandise segment comprised primarily of Woolworth Stores in Germany, did just under $1.5 billion in sales in 1997 and eked out an operating profit before non-recurring items of a scant $15 million after operating losses on that line of $32 million and $33 million in the two preceding years. As far as we can tell, the true numbers for Woolworth Germany are actually worse from a - -------- 1. See Romeo and Juliet, Act II, Scene II. 2. See Hamlet, Act I, Scene IV. NYFS11...:\92\56392\0003\1751\SCH6048M.230 practical standpoint because Woolworth has ownership rights to virtually all of its German real estate and does not charge itself any rent on its 365 stores in Germany. Management time spent focusing on these peripheral and money losing operations draws valuable time and attention away from Woolworth's profitable core business--the sale of athletic related goods. Management's present approach is madness without method.(3) Instead, we believe that Woolworth should focus on its core strength of selling athletic footwear, athletic apparel and sporting goods. With over 3,500 athletic group stores in North America, Europe, Asia and Australia, Woolworth is the largest retailer of athletic footwear and apparel in the United States and an emerging power globally. Along with the Northern Group of specialty stores, this is where the profits have been and where management's skill and efforts should be concentrated. Woolworth should sell virtually all of its other retail formats as quickly as possible. While we do not want transactions at fire sale prices, we also do not want management holding out for the last dollar and throwing good money after bad. Indeed, some formats may be valuable gems to the right buyers. CHANGE SPORTS AUTHORITY ACQUISITION TO CASH DEAL We support Woolworth's acquisition of The Sports Authority in concept as a transaction that complements Woolworth's core competence. However, after reviewing the proposed structure of the transaction, we urge management to use cash for the purchase instead of issuing stock. Given today's low stock price relative to Woolworth's true value, we view the transaction as being too dilutive to shareholders over the long run. Woolworth has relatively little long term debt on its books, should easily be able to borrow the full cost of the acquisition on reasonable terms, and can then pay down the debt as it sells its non-athletic related assets. - -------- 3. See Hamlet, Act II, Scene II. This brings us back to the specifics on the agenda for the June 11 Annual Meeting. To send this proxy season message of discontent(4) to Woolworth management with a view toward refocusing the company and improving its sagging share price, we also urge our fellow shareholders to vote FOR Proposal #5 which recommends as a first step that the "...Woolworth general merchandise business in Germany be sold and the proceeds used for a stock buyback." In management's answer to Proposal #5, which is sponsored by Greenway, we think it ironic that they argue it might be harmful if potential purchasers thought management was "under pressure from shareholders to sell the business". Given the performance of Woolworth's stock over the past few years, this management should feel pressure from shareholders. The Performance Graph on page 26 of the Proxy Statement shows the price of Woolworth stock badly lagging both the S&P 500 and the S&P Retail Composite for the period ended January 31, 1998. The situation has worsened even more since then. Despite a stock market that continues to rise, the price of Woolworth has dropped from $21 3/4 at January 31, 1998 to $19 1/2 at June 1, 1998. Contrast that with the surging stock prices of other retailers as shown in the accompanying graph. Management's response also notes that Woolworth reactivated its existing stock repurchase program "with the intention of buying each year approximately 1,000,000 shares of the Company's outstanding Common Stock to cover shares needed for various employee benefit plans." With currently over 135 million shares outstanding, a 1 million share annual repurchase program is hardly measure for measure.(5) GREENWAY DEPLORES MANAGEMENT'S REINSTATEMENT OF POISON PILL WITHOUT SHAREHOLDER VOTE As noted under Proposal #6, of Management's Proxy Statement, the Woolworth "poison pill" was set to expire in April 1998. Before that date, a shareholder submitted a proposal calling on Woolworth management to allow the pill - -------- 4. See King Richard III, Act I, Scene I. 5. See Measure for Measure. to expire pursuant to its terms and not to reinstate the pill without approval by holders of a majority of outstanding shares. Before even waiting to see the results of the vote on this proposal at the June Annual Meeting, Woolworth management adopted a new pill without a shareholder vote. This new pill does not expire until April 2008. How sharper than a serpent's tooth it is to have a thankless management.(6) We believe the "poison pill" serves to insulate management from direct shareholder accountability. Indeed, Woolworth's actions in renewing the "poison pill" without a vote of its shareholders demonstrates such insulation. We urge shareholders to cut through that insulation by voting FOR Proposal #6. Moreover, if Proposal #6 receives significant shareholder support--as we believe it will--we call on management to redeem the "poison pill" they surreptitiously readopted. In summary, we call on all our fellow shareholders to vote: |X| AGAINST Proposal #2 to change the name Woolworth Corporation to Venator Group, Inc. |X| FOR Proposal #5 to sell Woolworth's general merchandise business in Germany and use the proceeds for a stock buyback. |X| FOR Proposal #6 requesting the Board not to reinstate the "Poison Pill" without a shareholder vote. After all, shareholders at some time should be masters of their fate. Vote to send a message for change. Or the fault, dear shareholders, will be not in our stars, but in ourselves, that Woolworth is undervalued.(7) THE JUNE 11 MEETING IS FAST APPROACHING. REMEMBER, ONLY THE LATEST DATED PROXY COUNTS SO YOU CAN STILL CHANGE YOUR VOTE. SHAREHOLDERS CAN VOTE INSTANTLY BY TELEPHONE. IF YOU HAVE QUESTIONS ON - -------- 6. King Lear, Act I, Scene IV. 7. See Julius Caesar, Act I, Scene II. VOTING, CONTACT GARLAND ASSOCIATES, INC., OUR PROXY SOLICITORS, AT (212) 866-0095. Very truly yours, /s/ Alfred D. Kingsley Alfred D. Kingsley /s/ Gary K. Duberstein Gary K. Duberstein FOR MORE INFORMATION, PLEASE CONTACT US AT (212) 350-5100 OR GARLAND ASSOCIATES, INC., OUR PROXY SOLICITORS, AT (212) 866-0095 LINE GRAPH SHOWING CHANGE IN STOCK PRICES OF EACH OF WOOLWORTH CORP. (Z), JUST FOR FEET (FEET), FINISH LINE (FINL), FOOTSTAR INC. (FTS) AND GAP INC. (GPS) BETWEEN JUNE 1, 1997 AND JUNE 1, 1998 IS OMITTED. THE FOLLOWING TABLE SETS FORTH THE RELEVANT DATA DEPICTED IN SUCH GRAPH: ------------------------------------------------------------------ CLOSING PRICE - -------------------------------------------------------------------------------- Week Z FEET GPS FINL FTS Ending - -------------------------------------------------------------------------------- 6/6/97 24 19.75 22.8525 12.375 22.875 - -------------------------------------------------------------------------------- 6/13/97 26.375 18.3125 24.915 13.5 23.75 - -------------------------------------------------------------------------------- 6/20/97 25.5 17.5625 25.4925 15.125 22.375 - -------------------------------------------------------------------------------- 6/27/97 24.5 16.5625 25.08 14.75 24.5 - -------------------------------------------------------------------------------- 7/4/97 25.25 17 25.9875 14.5625 24.75 - -------------------------------------------------------------------------------- 7/11/97 24.6875 18.625 25.9875 13.75 25.0625 - -------------------------------------------------------------------------------- 7/18/97 27.0625 18.125 26.3587 13.75 26 - -------------------------------------------------------------------------------- 7/25/97 26.9375 19.0625 27.5962 14 26.6875 - -------------------------------------------------------------------------------- 8/1/97 27.875 19.0625 28.38 13.5 26.625 - -------------------------------------------------------------------------------- 8/8/97 27.8125 17.75 28.7925 13 27.25 - -------------------------------------------------------------------------------- 8/15/97 25.875 15.9375 28.4212 12.25 26.9375 - -------------------------------------------------------------------------------- 8/22/97 24.6875 12.625 29.37 13.625 25.0625 - -------------------------------------------------------------------------------- 8/29/97 22.375 13.125 29.3287 14 24.8125 - -------------------------------------------------------------------------------- 9/5/97 23 14.3125 32.34 17.125 25.0625 - -------------------------------------------------------------------------------- 9/12/97 23.625 14.5 34.32 17.625 25.625 - -------------------------------------------------------------------------------- 9/19/97 21.5625 14.4375 34.2787 17.5625 26.125 - -------------------------------------------------------------------------------- 9/26/97 22.125 15.25 33.165 18.875 26.625 - -------------------------------------------------------------------------------- 10/3/97 22.25 15.125 34.3612 18.75 27.25 - -------------------------------------------------------------------------------- 10/10/97 21.375 14.75 32.5462 18.625 27.5 - -------------------------------------------------------------------------------- 10/17/97 20.125 14.4375 33.1237 17.875 27.1875 - -------------------------------------------------------------------------------- 10/24/97 19.6875 14 34.4025 18.375 28.4375 - -------------------------------------------------------------------------------- 10/31/97 19 14.8125 35.1037 16.875 27.1875 - -------------------------------------------------------------------------------- 11/7/97 20.75 16.25 35.5162 18.125 27.4375 - -------------------------------------------------------------------------------- 11/14/97 20 16 35.475 17.5 27.375 - -------------------------------------------------------------------------------- 11/21/97 21.3125 17.8125 38.1562 19.25 29.5625 - -------------------------------------------------------------------------------- 11/28/97 21.625 16.9375 35.4337 19 30 - -------------------------------------------------------------------------------- 12/5/97 21.5625 16 37.5787 16.375 30.3125 - -------------------------------------------------------------------------------- 12/12/97 20.5 14.5 35.805 13.4375 29.9375 - -------------------------------------------------------------------------------- 12/19/97 19.8125 12.8125 35.5575 13.375 26.3125 - -------------------------------------------------------------------------------- 12/26/97 20.5 13.125 33.625 12.875 26.1875 - -------------------------------------------------------------------------------- 1/2/98 20.3125 13.5 34.9375 13.875 26.875 - -------------------------------------------------------------------------------- 1/9/98 19.6875 13.625 36 12.8125 25.125 - -------------------------------------------------------------------------------- 1/16/98 19.9375 13.5 38.625 12.375 27.6875 - -------------------------------------------------------------------------------- 1/23/98 19.9375 13.4375 38.75 12.625 26.875 - -------------------------------------------------------------------------------- 1/30/98 21.75 14.25 39.0625 12.75 26.75 - -------------------------------------------------------------------------------- 2/6/98 21.5625 15.4375 41.6875 14.9375 26.4375 - -------------------------------------------------------------------------------- 2/13/98 23.0625 15.3125 41.125 15.0625 27.5 - -------------------------------------------------------------------------------- 2/20/98 24 15.25 44.4375 15.625 29.25 - -------------------------------------------------------------------------------- 2/27/98 23.75 16.9375 44.6875 16.375 30 - -------------------------------------------------------------------------------- 3/6/98 23.875 18.5 44.6875 18.75 31.5625 - -------------------------------------------------------------------------------- 3/13/98 24.25 19.875 47 18.4375 33 - -------------------------------------------------------------------------------- 3/20/98 26.625 20.375 45.6875 18.3125 36.375 - -------------------------------------------------------------------------------- 3/27/98 25.75 20.4375 45.5625 20.75 36.5 - -------------------------------------------------------------------------------- 4/3/98 25.375 20.125 46 23 38 - -------------------------------------------------------------------------------- 4/9/98 25.0625 20.3125 46.3125 24.25 38.5 - -------------------------------------------------------------------------------- 4/17/98 24.875 22.125 46.5625 24.5 41.6875 - -------------------------------------------------------------------------------- 4/24/98 23.4375 21.125 46.0625 24 39.375 - -------------------------------------------------------------------------------- 5/1/98 22.875 23.5625 51.0625 25.5 40.0625 - -------------------------------------------------------------------------------- 5/8/98 21.1875 22 52.1875 25 42.4375 - -------------------------------------------------------------------------------- 5/15/98 20.8125 19.25 52.5625 23.5 45.0625 - -------------------------------------------------------------------------------- 5/22/98 20.4375 22.125 52.9375 24.25 44.875 - -------------------------------------------------------------------------------- 5/29/98 19.75 21.9375 54 23.75 44.1875 - -------------------------------------------------------------------------------- WOOLWORTH VOTE BY TELEPHONE! Vote your shares instantly by telephone. It's easy, just dial the toll free telephone number and follow the simple instructions. Remember, there is no cost to you for this call. 1. DIAL THE TOLL FREE NUMBER ON THE TOP OF THE ENCLOSED VOTING FORM............THEN PRESS #1 Pressing #1 on your touch-tone telephone activates the automatic voting system and prerecorded instructions guide you easily, step by step through the voting process. 2. ENTER YOUR 12 DIGIT CONTROL NUMBER... The 12 digit Control # is located on the upper left side of the proxy form, immediately above the list of Directors. Entering this unique 12 digit control number identifies you and verifies that you are the only shareholder eligible to vote this proxy. 3. IMPORTANT PRESS #2 TO VOTE FOR EACH ITEM SEPARATELY 4. ENTER YOUR PROXY VOTING INSTRUCTIONS... GREENWAY RECOMMENDS: AGAINST PROPOSAL #2 (NAME CHANGE) FOR PROPOSAL #5 (WOOLWORTH GERMANY) FOR PROPOSAL #6 (POISON PILL) REMEMBER, ONLY YOUR LATEST DATED PROXY VOTE COUNTS! If you need assistance in casting your ballot, just call our proxy solicitor Garland Associates, Inc. at 212-866-0095. WHAT'S IN A NAME? TO CHANGE THE NAME, OR NOT TO CHANGE THE NAME: [PICTURE OF WILLIAM SHAKESPEARE] THAT IS THE QUESTION: ANSWER: A RESOUNDING "NO!" VENATOR ONLY RHYMES WITH PREDATOR! [LOGO OF WOOLWORTH ODE TO VENATOR CORPORATION] (A SONNET TO VOTE "NO" IN IAMBIC PENTAMETER) [LOGO OF SPORTS O, WHAT'S THE USE OF NAMES LIKE "VENATOR"? AUTHORITY] FOR MOST OF US, WE DON'T KNOW WHAT IT MEANS. A DINOSAUR? PERHAPS A PREDATOR? PERHAPS THE MEANING'S KNOWN BY COLLEGE DEANS. SOME OTHER COMPANIES HAVE NAMES LIKE THIS. ALL SUFFERED MARKET BLOWS TO THEIR SHARE PRICE. BAD NAMES WITH "X", ALLEGIS, UNISYS. WITH "VENATOR", TELL MANAGEMENT: "THINK TWICE!" KEEP WOOLWORTH. MAYBE SPORTS AUTHORITY. GIVE US A NAME WITH KNOWN IDENTITY. VOTE AGAINST PROPOSAL #2 -----END PRIVACY-ENHANCED MESSAGE-----