OTHER NEWS - Dec. 22, 1992
From Times Staff and Wire Reports
Retailer to Close, Revamp Stores: Melville Corp., whose varied retail holdings include many well-known chains, announced a corporate realignment that involves closing or altering 700 to 800 stores. The chains headed for reconfiguration are the Thom McAn shoe stores, the Chess King young men’s clothing stores and the Kay-Bee toy and hobby stores. The Linen ‘n Things chain is being transformed to bigger individual branches. The company will take a one-time charge of about $212 million, or $2.03 a share, in the current fourth quarter to cover costs of the realignment. The company gave no estimate on the effect of the moves on employment. Melville is based in Rye, N.Y.
