RETAILING
<i> Times Staff and Wire Reports</i>
Woolworth Sells Division: The financially ailing chain said it has sold its 331-store Kids Mart-Little Folks division to LFS Acquisition Corp., an investor group headed by Bernie Tessler. Terms of the sale were not disclosed. New York-based Woolworth Corp., once the nation’s leading mass retailer, has suffered amid competition from giants such as Wal-Mart Stores Inc., Kmart Corp. and Toys R Us. In April, amid a first-quarter loss and flat revenue, it eliminated its quarterly cash dividend. Woolworth, with annual revenue of about $8 billion, operates about 8,600 stores in the United States, Canada, Mexico and Europe.
