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UNITED STATES SECURITIES AND EXCHANGE COMMISSION EASHINGTON, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No.1 )* VENATOR GROUP INC. ------------------------------------------------------------------- (Name of Issuer) COMMON STOCK ------------------------------------------------------------------- (Title of Class of Securities) 92294410-3 ------------------------------------------------------------------- (CUSIP Number) Check the following if a fee is being paid with this statement _. (A fee is not required only if the filing person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7). *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any susequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SEC 1745 (10-88) |______________________ |CUSIP No. 92294410-3 | SCHEDULE 13G |---------------------------------------------------------------------------- |1. Name of Reporting Person | S.S. or I.R.S. Identification No. of Above Person | ARK ASSET MANGEMENT CO., INC. | |---------------------------------------------------------------------------- |2. Check the Appropriate Box if a Member of a Group * (a) | (b) |---------------------------------------------------------------------------- |3. SEC Use Only |---------------------------------------------------------------------------- |4. Citizenship or Place of Organization | | New York | |----------------------------------------------------------------------------- | | | | 5. Sole Voting Power | | 3,939,500 SHARES |Number Of Shares|____________________________________________________________ | | | | 6. Shared Voting Power |Beneficially | NONE | |____________________________________________________________ | Owned By | | | 7. Sole Dispositive Power | | 5,587,200 SHARES | Each |____________________________________________________________ | | | Reporting | 8. Shared Dispositive Power | Person | | | NONE | With | |----------------------------------------------------------------------------- |9. Aggregate Amount Beneficially Owned by Each Reporting Person | | 5,587,200 SHARES |----------------------------------------------------------------------------- |10. Check if the Aggregate Amount in Row (9) | Excludes Certain Shares* | | |----------------------------------------------------------------------------- | |11. Percent of Class Represented by Amount in Row 9 | 4.12 % |----------------------------------------------------------------------------- | |12. Type of Reporting Person* | | I.A. | ---------------------------------------------------------------------------- *See Instruction Before Filling Out Page 2 of 5 Pages The filing of this statement shall not be construed as an admission that Ark Asset Management Co., Inc. is the beneficial owner of the securities covered by such statement. ITEM 1 (a). Name of Issuer VENATOR GROUP INC. ITEM 1 (b). Address of Issuer 233 BROADWAY NEW YORK, N.Y.10279-0003 ITEM 2 (a). Name of Person Filing ARK ASSET MANAGEMENT CO., INC. ITEM 2 (b). Address of Principal Business Office 125 BROAD STREET NEW YORK, N.Y. 10004 ITEM 2 (c). Place of Organization. New York ITEM 2 (d). Title of Class of Securities Common Stock ITEM 2 (e). Cusip Number 92294410-3 ITEM 3. (a) Ark Asset Management Co., Inc. is an investment advisor registered under Section 203 of the Investment Advisers Act of 1940. ITEM 4. Ownership (a) Amount Beneficially owned 5,587,200 shares (b) Percent of Class: 4.12 % Page 3 of 5 Pages (c) Number of shares as to which such person has: (1) Sole power to vote: 3,939,500 shares (2) Shared power to vote: NONE (3) Sole power to dispose of or to direct the disposition of: 5,587,200 shares (4) Shared power to dispose or to direct the disposition of: NONE ITEM 5. Ownership of Five Percent or Less of a Class The reporting person has ceased to be the beneficial owner of more than 5% of this class of security. ITEM 6. Ownership of More than Five Percent on Behalf of Another Person Not Applicable ITEM 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company Not Applicable ITEM 8. Identification and Classification of Members of the Group Not Applicable ITEM 9. Notice of Dissolution of Group Not Applicable Page 4 of 5