Melville Corp. to Split Into 3 Companies: The Rye, N.Y.-retailer is discarding its 30-year strategy of assembling a hodgepodge of specialty stores. Melville, one of the nation's biggest retailers with 7,200 stores, will pare the main company down to its CVS drugstore and two chains that sell home furnishings and apparel. Shareholders will get two other retailers: Kay-Bee Toys and the footwear operations, which includes Thom McAn. Shares closed down $1.25 at $33.375 on the New York Stock Exchange. As part of the restructuring, Melville will also sell its Wilson's leather clothing retailer and This End Up furniture stores, and close 330 stores and several warehouses. The restructuring should be completed by 1996, the company said.
Times Staff and Wire Reports
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