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                                                          EXHIBIT 99


                     Independent Accountants' Review Report


The Board of Directors and Shareholders
Venator Group, Inc.:


We have  reviewed the  accompanying  condensed  consolidated  balance  sheets of
Venator Group, Inc. and subsidiaries as of August 1, 1998 and July 26, 1997, and
the related condensed consolidated statements of operations, comprehensive loss,
retained  earnings,  and cash flows for the thirteen and twenty-six week periods
ended August 1, 1998 and July 26, 1997. These condensed  consolidated  financial
statements are the responsibility of Venator Group Inc.'s management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the condensed consolidated financial statements referred to above for
them to be in conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the  consolidated  balance sheet of Venator  Group,  Inc.  (formerly
Woolworth  Corporation) and subsidiaries as of January 31, 1998, and the related
consolidated statements of operations, changes in shareholders' equity, and cash
flows for the year then ended (not  presented  herein);  and in our report dated
March 11,  1998,  we  expressed  an  unqualified  opinion on those  consolidated
financial  statements.  In  our  opinion,  the  information  set  forth  in  the
accompanying  condensed  consolidated  balance  sheet as of January 31, 1998, is
fairly stated, in all material respects, in relation to the consolidated balance
sheet from which it has been derived.



/s/ KPMG Peat Marwick LLP
New York, New York
August 20, 1998