Woolworth to Acquire Sports Authority Chain

Woolworth Corp. said it agreed to buy Sports Authority Inc. in a deal valued at $849 million in stock and debt, adding the largest sporting goods retailer to its Champs and Foot Locker chains. Fort Lauderdale, Fla.-based Sports Authority has 202 stores.

Holders of Sports Authority common stock would receive 0.8 share of Woolworth common stock for each of its own shares. New York-based Woolworth, to be renamed Venator Group Inc., is trying to shed its five-and-dime image.