WOOLWORTH &lt;Z> COMPLETING TENDER OFFER
  FW Woolworth and Co said that 2,223,996
  shares of Armel Inc's &lt;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.
  

