Woolworth Corp. Picks A New Name

Woolworth Corp. is changing its name to Venator Group, the troubled merchant’s latest move to shed its five-and-dime image as it shifts its focus to sporting goods.

The retailer also said Thursday it planned to spend more than $1 billion in the next three years to open or renovate 4,387 stores, many in its core athletic businesses including Foot Locker and Champs.

Venator, which means sportsman in Latin, will be Woolworth’s new name on June 12, but shareholders must still approve the switch. Each operating unit will keep its current name.

The name change comes just nine months after the company said it would shutter all its 400 underperforming Woolworth stores in the United States, marking the end of the dimestore era.