Complex sentence: The following year, they let go of Footaction/Footstar, Meldisco, Linens'n' Things, and Kay-Bee Toys, and the company changed its name from Melville Corporation to CVS Corporation.
Split into simpler sentences: The following year, they let go of Footaction/Footstar, Meldisco, Linens'n' Things, and KB Toys. The company, then decided to change its name from Melville Corporation to CVS Corporation.