================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D
                    Under the Securities Exchange Act of 1934

                                (Amendment No. 2)

                                   ----------

                               VENATOR GROUP, INC.
                     (formerly named Woolworth Corporation)
                                (Name of Issuer)


 Common Stock, $.01 par value per share                       980883 10 2
     (Title of class of securities)                         (CUSIP number)


                            Gary K. Duberstein, Esq.
                             Greenway Partners, L.P.
                           277 Park Avenue, 27th Floor
                     New York, New York 10172 (212) 350-5100
            (Name, address and telephone number of person authorized
                     to receive notices and communications)


                                  July 6, 1998
              (Date of event which requires filing of this statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [_].

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.


                         (Continued on following pages)

                              (Page 1 of 15 pages)


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NYFS11...:\92\56392\0003\2505\SCH7078K.270

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 2 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON              GREENWAY PARTNERS, L.P.
                   S.S. OR I.R.S. IDENTIFICATION NO.     13-3714238
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            WC, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:            Delaware
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:              1,375,700
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:                  0
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:         1,375,700
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:             0
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    1,375,700
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     1.0%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            PN
- ------------------ -------------------------------------------------------------




                                       2

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 3 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON             GREENTREE PARTNERS, L.P.
                   S.S. OR I.R.S. IDENTIFICATION NO.    13-3752875
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            WC, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:            Delaware
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:              778,900
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:                  0
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:         778,900
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:             0
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    778,900
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     0.6%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            PN
- ------------------ -------------------------------------------------------------



                                       3

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 4 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON            GREENHOUSE PARTNERS, L.P.
                   S.S. OR I.R.S. IDENTIFICATION NO.   13-3793447
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            WC, AF, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:            Delaware
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:                    0
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:            1,375,700
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:               0
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:       1,375,700
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    1,375,700
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     1.0%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            PN
- ------------------ -------------------------------------------------------------





                                       4

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 5 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON             GREENHUT, L.L.C.
                   S.S. OR I.R.S. IDENTIFICATION NO.    13-3793450
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            WC, AF, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:            Delaware
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:                    0
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:            778,900
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:               0
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:       778,900
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    778,900
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     0.6%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            OO
- ------------------ -------------------------------------------------------------





                                       5

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 6 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON             GREENBELT CORP.
                   S.S. OR I.R.S. IDENTIFICATION NO.    13-3791931
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:            Delaware
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:              5,372,422
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:                  0
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:         5,372,422
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:             0
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    5,372,422
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     4.0%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            CO
- ------------------ -------------------------------------------------------------





                                       6

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 7 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON             GREENSEA OFFSHORE, L.P.
                   S.S. OR I.R.S. IDENTIFICATION NO.
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            WC, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:      Cayman Islands
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:              950,000
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:                  0
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:         950,000
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:             0
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    950,000
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     0.7%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            PN
- ------------------ -------------------------------------------------------------





                                       7

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 8 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON            GREENHUT OVERSEAS, L.L.C.
                   S.S. OR I.R.S. IDENTIFICATION NO.   13-3868906
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            WC, AF, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:      Delaware
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:                    0
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:            950,000
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:               0
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:       950,000
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                    950,000
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     0.7%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            OO
- ------------------ -------------------------------------------------------------





                                       8

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D               Page 9 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON             ALFRED D. KINGSLEY
                   S.S. OR I.R.S. IDENTIFICATION NO.
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            PF, AF, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:      United States
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:                0
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:           8,477,022
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:           0
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:      8,477,022
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                   8,477,022
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     6.3%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            IN
- ------------------ -------------------------------------------------------------





                                       9

- -----------------------------------           ----------------------------------
CUSIP No. 980883 10 2                    13D              Page 10 of 15 Pages
- -----------------------------------           ----------------------------------

- ------------------ -------------------------------------------------------------
        1          NAME OF REPORTING PERSON             GARY K. DUBERSTEIN
                   S.S. OR I.R.S. IDENTIFICATION NO.
                   OF ABOVE PERSON

- ------------------ -------------------------------------------------------------
        2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:     (a) [x]
                                                                         (b) [_]
- ------------------ -------------------------------------------------------------
        3          SEC USE ONLY
- ------------------ -------------------------------------------------------------
        4          SOURCE OF FUNDS:                            PF, AF, OO
- ------------------ -------------------------------------------------------------
        5          CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
                   PURSUANT TO ITEM 2(d) OR 2(e):                            [_]
- ------------------ -------------------------------------------------------------
        6          CITIZENSHIP OR PLACE OF ORGANIZATION:      United States
- --------------------------------------------------------------------------------
    NUMBER OF           7     SOLE VOTING POWER:                    0
      SHARES
                      ------- --------------------------------------------------
   BENEFICIALLY         8     SHARED VOTING POWER:          8,477,022
     OWNED BY
                      ------- --------------------------------------------------
       EACH             9     SOLE DISPOSITIVE POWER:               0
    REPORTING
                      ------- --------------------------------------------------
   PERSON WITH          10    SHARED DISPOSITIVE POWER:     8,477,022
- ------------------ -------------------------------------------------------------
       11          AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING
                   PERSON:                                  8,477,022
- ------------------ -------------------------------------------------------------
       12          CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
                   CERTAIN SHARES:                                           [_]
- ------------------ -------------------------------------------------------------
       13          PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):     6.3%
- ------------------ -------------------------------------------------------------
       14          TYPE OF REPORTING PERSON:            IN
- ------------------ -------------------------------------------------------------





                                       10

            This Amendment No. 2 ("Amendment No. 2") amends the Statement on
Schedule 13D (the "Schedule 13D") filed on May 18, 1998, as amended by Amendment
No. 1 filed on June 5, 1998, by and on behalf of Greenway Partners, L.P.
("Greenway"), Greentree Partners, L.P. ("Greentree"), Greenhouse Partners, L.P.
("Greenhouse"), Greenhut, L.L.C. ("Greenhut"), Greenbelt Corp. ("Greenbelt"),
Greensea Offshore, L.P. ("Greensea"), Greenhut Overseas, L.L.C. ("Greenhut
Overseas"), Alfred D. Kingsley and Gary K. Duberstein (collectively, the
"Reporting Persons").  Capitalized terms used herein and not defined herein have
the meanings ascribed thereto in the Schedule 13D.


ITEM 3.     SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

            Since the filing of Amendment No. 1 to the Schedule 13D, Greentree
purchased an aggregate of 78,900 Shares for total consideration (including
brokerage commissions) of $1,500,039 derived from capital of Greentree and
margin indebtedness from Bear, Stearns & Co. Inc.

            Since the filing of Amendment No. 1 to the Schedule 13D, accounts
managed by Greenbelt purchased an aggregate of 178,000 Shares for total
consideration (including brokerage commissions) of $2,721,826 derived from
capital in the managed accounts and margin indebtedness from Bear, Stearns & Co.
Inc.


ITEM 4.     PURPOSE OF THE TRANSACTION

            The Reporting Persons sent a letter dated July 6, 1998 to the
Company. The text of this letter is set forth in Exhibit 8 attached hereto,
which is incorporated herein by reference.


ITEM 5.     INTEREST IN SECURITIES OF THE ISSUER

            (a) As of the date of this Statement, the Reporting Persons
beneficially owned in the aggregate 8,477,022 Shares constituting 6.3% of the
outstanding Shares (the percentage of Shares owned being based upon 135,285,656
Shares outstanding on June 1, 1998, as set forth in the Company's quarterly
report on Form 10-Q for the fiscal quarter ended May 2, 1998). The Reporting
Persons may be deemed to have direct beneficial ownership of Shares as follows:

                                                             Approximate
                                      Number of             Percentage of
                Name                   Shares            Outstanding Shares
                ----                   ------            ------------------

              Greenway                1,375,700                 1.0%
              Greentree                 778,900                 0.6%
              Greenbelt               5,372,422                 4.0%
              Greensea                  950,000                 0.7%

            Greenhouse, as the general partner of Greenway, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greenway may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as general
partners of Greenhouse, may be deemed to beneficially own Shares which
Greenhouse may be deemed to beneficially own. Each of Messrs. Kingsley and
Duberstein disclaims beneficial ownership of such Shares for all other purposes.




                                       11

            Greenhut, as the general partner of Greentree, may be deemed to own
beneficially (as that term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934) Shares which Greentree may be deemed to possess direct
beneficial ownership. Each of Messrs. Kingsley and Duberstein, as members of
Greenhut, may be deemed to beneficially own Shares which Greenhut may be deemed
to beneficially own. Each of Messrs. Kingsley and Duberstein disclaims
beneficial ownership of such Shares for all other purposes.

            Greenhut Overseas, as the investment general partner of Greensea,
may be deemed to own beneficially (as that term is defined in Rule 13d-3 under
the Securities Exchange Act of 1934) Shares which Greensea may be deemed to
possess direct beneficial ownership. Each of Messrs. Kingsley and Duberstein, as
members of Greenhut Overseas, may be deemed to beneficially own Shares which
Greenhut Overseas may be deemed to beneficially own. Each of Messrs. Kingsley
and Duberstein disclaims beneficial ownership of such Shares for all other
purposes.

            Greenbelt has direct beneficial ownership of the Shares in the
accounts which it manages. In addition, Greenbelt is the investment advisor for
Greenland Investment Company Limited, a Cayman Islands company ("Greenland"). In
such capacity, Greenbelt has the right to vote and direct the disposition of the
205,000 Shares held by Greenland and, consequently, has direct beneficial
ownership of such Shares. Substantially all of the equity interests in Greenland
are owned by Strategic Investment Partners Limited ("SIPL"). Because SIPL has
the right to elect to terminate its investment in Greenland upon less than 60
days' notice and, upon such termination, all securities held by Greenland would
be sold by Greenland or, with SIPL's consent, distributed to SIPL in kind, SIPL
could be deemed to be the beneficial owner of the Shares held by Greenland.
Information concerning SIPL and the identity and background of certain
individuals and entities related thereto is set forth on Exhibit 2 to the
Schedule 13D and incorporated herein by reference. Each of Messrs. Kingsley and
Duberstein, as executive officers and directors of Greenbelt, may be deemed to
beneficially own Shares which Greenbelt beneficially owns. Each of Messrs.
Kingsley and Duberstein disclaims beneficial ownership of such Shares for all
other purposes.

            (b) Greenway has the sole power to vote or direct the vote of
1,375,700 Shares and the sole power to dispose or to direct the disposition of
such Shares. Greenhouse and Messrs. Kingsley and Duberstein may be deemed to
share with Greenway the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.

            Greentree has the sole power to vote or direct the vote of 778,900
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhut and Messrs. Kingsley and Duberstein may be deemed to share with
Greentree the power to vote or to direct the vote and to dispose or to direct
the disposition of such Shares.

            Greensea has the sole power to vote or direct the vote of 950,000
Shares and the sole power to dispose or direct the disposition of such Shares.
Greenhut Overseas and Messrs. Kingsley and Duberstein may be deemed to share
with Greensea the power to vote or to direct the vote and to dispose or to
direct the disposition of such Shares.

            Greenbelt has the sole power to vote or direct the vote of 5,167,422
Shares held in managed accounts and the 205,000 Shares held by Greenland, and,
except as described in Item 5(a) with respect to Greenland, the sole power to
dispose or direct the disposition of all such Shares. Messrs. Kingsley and
Duberstein may be deemed to share with Greenbelt the power to vote or to direct
the vote and to dispose or to direct the disposition of such Shares.



                                       12

            (c) Information concerning transactions in the Shares by the
Reporting Persons during the past sixty days or since the filing of Amendment
No. 1 to the Schedule 13D, whichever is less, is set forth in Exhibit 7 attached
hereto, which is incorporated herein by reference.

            (d) No other person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the Shares, except the dividends from, or proceeds from the sale of Shares in
each respective account managed by Greenbelt or held by Greenland will be
delivered into each such respective account or Greenland, as the case may be.
Neither any such individual account nor Greenland has an interest in more than
five percent of the class of outstanding Shares.

            (e) Not applicable.


ITEM 7.     MATERIAL TO BE FILED AS EXHIBITS

            The following Exhibit is filed herewith:

            7. Information concerning transactions in the Shares effected by the
Reporting Persons during the past sixty days or since the filing of Amendment
No. 1 to the Schedule 13D, whichever is less.

            8. Letter dated July 6, 1998 from the Reporting Persons to the
Company.


              [The remainder of this page intentionally left blank.]




                                       13

                                   SIGNATURES


          After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information contained in this Statement
is true, complete and correct.

Dated:   July 6, 1998


GREENHOUSE PARTNERS, L.P.                 GREENWAY PARTNERS, L.P.

                                          By:   Greenhouse Partners, L.P., its
                                                  general partner
By:  /s/ Gary K. Duberstein
   ----------------------------------
   Gary K. Duberstein, general            By:   /s/ Gary K. Duberstein
     partner                                 ----------------------------------
                                             Gary K. Duberstein, general
                                               partner

GREENHUT, L.L.C.                          GREENTREE PARTNERS, L.P.

                                          By:   Greenhut, L.L.C., its general
                                                  partner
By: /s/ Gary K. Duberstein
   ----------------------------------
   Gary K. Duberstein, Member             By: /s/ Gary K. Duberstein
                                             ----------------------------------
                                             Gary K. Duberstein, Member

GREENHUT OVERSEAS, L.L.C.                 GREENSEA OFFSHORE, L.P.

                                          By:   Greenhut Overseas, L.L.C., its
                                                investment general partner
By: /s/ Gary K. Duberstein
   ----------------------------------
   Gary K. Duberstein, Member
                                          By: /s/ Gary K. Duberstein
                                             ----------------------------------
                                             Gary K. Duberstein, Member

                                          GREENBELT CORP.

                                          By: /s/ Alfred D. Kingsley
                                             ----------------------------------
                                             Alfred D. Kingsley, President

                                              /s/ Alfred D. Kingsley
                                             ----------------------------------
                                             Alfred D. Kingsley

                                              /s/ Gary K. Duberstein
                                             ----------------------------------
                                             Gary K. Duberstein




                                       14

                                  EXHIBIT INDEX



EXHIBIT NO.        DESCRIPTION
- -----------        -----------

      7.           Information concerning transactions in the Shares effected by
                   the Reporting Persons during the past sixty days or since the
                   filing of Amendment No. 1 to the Schedule 13D, whichever is
                   less.

      8.           Letter dated July 6, 1998 from the Reporting Persons to the
                   Company.






                                       15






                                                                     Exhibit 7


                      TRANSACTIONS IN SHARES OF THE COMPANY


            The Reporting Persons engaged in the following transactions in
Shares of the Company during the past 60 days or since the filing of Amendment
No. 1 to the Schedule 13D, whichever is less. All transactions involved
purchases of Shares on the New York Stock Exchange.


Reporting Person                                                      Price Per
With Direct                                                             Share
Beneficial                     Date of            Number of          (Excluding
Ownership                    Transaction            Shares           Commission
- ---------                    -----------            ------           ----------

Greentree                      6/17/98              30,000             19.4375

Greentree                      6/25/98              20,000             18.8304

Greentree                      6/26/98              20,000             18.6250

Greentree                      6/29/98              8,900              18.5000

Greenbelt                      6/11/98              20,000             19.7500

Greenbelt                      6/17/98              30,000             19.4375

Greenbelt                      6/18/98              6,000              19.3750

Greenbelt                      6/25/98              22,000             18.8304

Greenbelt                      6/26/98              25,000             18.5000

Greenbelt                      6/30/98              75,000             19.8750






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                                                                     Exhibit 8


                       Letter dated July 6, 1998 from the
                        Reporting Persons to the Company


                     [Letterhead of Greenway Partners, L.P.]


                                                                 July 6, 1998


By Fax and by Hand

Roger N. Farah
Chairman of the Board and
Chief Executive Officer
Woolworth Corporation
Woolworth Building
233 Broadway
New York, NY 10279-0003

Dear Roger:

            It appears to us that the market is delivering the same message that
we did concerning The Sports Authority transaction. DO NOT DO A DILUTIVE DEAL IN
WHICH LARGE AMOUNTS OF UNDERVALUED WOOLWORTH STOCK ARE ISSUED. Woolworth's
pending deal that gives eight tenths of a share of Woolworth stock for each
share of The Sports Authority is clearly not looked upon favorably by Woolworth
shareholders or the market. Witness the fact that the price of Woolworth stock
rose substantially on the day a competing bid for The Sports Authority was
announced by Gart Sports Co. The market seems to share our view that the
issuance of over 25 million Woolworth shares for The Sports Authority is not in
the interests of Woolworth or its stock price.

            However, as we said before, during and after Woolworth's June 11
Annual Meeting, we support the acquisition of The Sports Authority in concept as
a transaction that complements Woolworth's core competence. BUT, WE URGE
WOOLWORTH TO USE ALL OR NEARLY ALL CASH FOR THE PURCHASE INSTEAD OF ISSUING
STOCK.

            The proposed Gart transaction will likely give Woolworth and its
board the opportunity to revisit this issue of vital importance to shareholders.
The Gart offer, in our opinion, has a value to Sports Authority shareholders of
significantly below $20 per share. We believe the Woolworth Board can craft a
purchase price of all or substantially all cash at a level attractive to both
Woolworth and The Sports Authority shareholders. After all, Woolworth has
relatively little long term debt on its books, should easily be able to borrow
the full cost of the acquisition on reasonable terms, and can then pay down the
debt with proceeds from the sale of its non-athletic related assets. The sale of
the Woolworth building announced shortly after the Annual Meeting (purportedly
for about $155 million) was a good start. We are hopeful that the sale of other
assets, especially Woolworth Germany, will soon follow.

            We believe we are not alone in urging the switch to cash.
Ironically, if the acquisition had required the issuance of a full 20% of the
outstanding shares of Woolworth as opposed to the nearly 19% as currently
proposed, Woolworth



                                       17

would have been required under the rules of the New York Stock Exchange to
obtain the vote of its own shareholders. BY KEEPING THE STOCK CONSIDERATION JUST
BELOW THE 20% THRESHOLD, WOOLWORTH AVOIDED A SHAREHOLDER VOTE, THEREBY FORCING
ITS SHAREHOLDERS TO MAKE THEIR PREFERENCE KNOWN BY OTHER MEANS -- AS WE, AND WE
BELIEVE OTHERS, ARE DOING.

            We have been shareholders for over four years and currently own with
our affiliates over 8,400,000 shares. As one of the company's largest
shareholders, we are clearly concerned about its value. As noted above, we share
your view that acquiring The Sports Authority is a good move for Woolworth. But,
we again urge you and all directors to rethink the form of consideration offered
and -- given the dynamic situation -- negotiate a transaction whereby payment
will take the form of all or nearly all cash.



                                          Very truly yours,

                                          /s/ Alfred D. Kingsley

                                          Alfred D. Kingsley



                                          /s/ Gary K. Duberstein

                                          Gary K. Duberstein

cc:   Board of Directors of
      Woolworth Corporation

            J. Carter Bacot
            Purdy Crawford
            Philip H. Geier Jr.
            Jarobin Gilbert Jr.
            Dale W. Hilpert
            Allan Z. Loren
            Margaret P. MacKimm
            John J. Mackowski
            James E. Preston
            Christopher A. Sinclair



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