WOOLWORTH <Z> COMPLETING TENDER OFFER
FW Woolworth and Co said that 2,223,996
shares of Armel Inc's <AML> common stock were tendered to and
accepted for payment by Woolworth, under the terms of the
previosuly announced cash tender offer which expired at 2400
midnight EDT on October 16.
    In addition, Woolowrth said 137,367 Armel shares have been
tendered subject to guaranteed delivery.
    Woolowrth said as a result of the tender offer and options
which it has exercised to purchase Armel stock, FWW Acquisiton
Corp, a Woolworth unit, today expects to own about 91.75 pct of
Amrel's outstanding stock.
   
    Woolworth said the percent it owns does not include 583,650
Class A shares of Armel, which were tendered or will be
purchased pursuant to the options.
    As previuosly announced, FWW will now proceed with the cash
merger in which all shares of Armel, other than those held by
FWW or Woolworth, will be entitled to receive 7.75 dlrs per
share. Woolworth said it expects to consummate the deal later
this year.
    Armel is a specialty retailer of a broad line of athletic
and leisure footwear, accessories and other sportswear.
 Reuter
