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Article: Dust settles over Haft feud, but Crown's losses mount.(Business Times)(Stock View)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- October 27, 1997
- Author:
CopyrightCOPYRIGHT 1997 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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You wouldn't know by its balance sheet, but Crown Books used to be a leader in the book-selling business.
Crown Books reported a $4.2 million loss for its most recent quarter, the second quarter ended Aug. 2. Two days later, Wallace Bookstores Inc. of Kentucky withdrew its $27.7 million bid for the retailer's stake in Crown.
"There was an unauthorized leak to the press, those types of things kill deals all the time. It makes negotiating impossible," said Richard Stone, the new executive director of Dart Group Corp., which owns 52 percent of Crown.
The problems at Landover-based Crown, trading symbol CRWN on the Nasdaq stock exchange, have ...