Venator to Drop 8 Chains, Names New CEO

Venator Group Inc. replaced its chief executive and said it will sell or close eight small chains. The former Woolworth Corp. said Dale Hilpert, 56, will replace Roger Farah as CEO and retain the position of president. Farah, 46, will stay as chairman. Venator, owner of Foot Locker and Champs Sports chains, will close or sell its San Francisco Music Box, Randy River, Foot Locker Outlets, Colorado U.S., Team Edition and Going to the Game chains and its Burger King franchises. It will sell as many as 51 of its 87 Weekend Edition stores in Canada to Toronto-based YM Inc. Disposing of the businesses will result in charges of $48 million, or 35 cents a share, in the next three quarters, but will push earnings higher than analysts’ estimates this year and next, Venator said. Shares of New York-based Venator rose $1.13 to close at $10 on the New York Stock Exchange.