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August 3, 1997updated 03 Sep 2016 8:00pm


By CBR Staff Writer

You don’t say?! Genesis Merchant Group analyst Bernard Sosnick told the world Friday he has downgraded Woolworth Corp to a ‘sell’ rating from a ‘hold’ citing in a report serious doubts about Woolworth’s long-term and near-term prospects. Not bad considering the company announced more than two weeks ago that it was closing all its 400 or so stores in the US and only reopening a few of them as Foot Lockers and other specialist stores. And much to our dismay the company also plans to change its name, losing one of the world’s mots famous and best-loved brand names – a move that distressed us sufficiently to visit our local Woolworth’s in Manhattan for lunch the other day to pay homage to the passing of Frank W. Woolworth’s empire.

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