NEW YORK -- Woolworth Corp. yesterday said it completed the sale of its 331-store Kids Mart/Little Folks division to an investor group for an undisclosed price.
The investor group, LFS Acquisition Corp., is headed by Bernie Tessler, a former merchandising executive at Ames Department Stores Inc.
Selling the nonstrategic Kids Mart unit is in line with the retailer's plans to focus financial and other resources in businesses that provide the best return, Woolworth said.
Woolworth announced in May its plan to sell Kids Mart and Little Folks to the group headed by Mr. Tessler.
The chain, whose stores go by both names, operates in 21 states.
Woolworth has closed about 170 unprofitable stores in the last four years.
Kids Mart had an operating loss of $157,000 on revenue of $153.9 million in the fiscal year ended in January.