Crown Sells 14 Stores in Atlanta - Boycott Has Major Impact

       
     OCTOBER 27 - CROWN HAS SOLD 14 of its stores in the
Atlanta area in an apparent effort to stop the company's
financial hemorrhaging.

     PACE believes the sale was prompted by the growing
impact of the boycott, dwindling cash, and rising
shareholder ire over quarterly losses, which sometimes
have exceeded $20 million.

     Crown hired Credit Suisse First Boston in February
to sell off the company's assets, including its
refineries along with gasoline station and convenience
store outlets. However, no major buyer has stepped
forward.

     The sale of just a small portion of its outlets is
a desperate act, since the outlets are worth far more as
a chain. Moreover, selling off parts of the chain makes
it more unlikely that a major buyer will be interested.

     Swifty Serve Corporation of Durham, North Carolina
acquired the 14 Atlanta outlets. With 520 stores, it is
the nation's third largest private convenience-store
chain.

     Actor Wayne Rogers, who played Trapper John on the
television show "M*A*S*H," is one of the Swifty Serve
owners and has expressed his support for the locked-out
union members. However, it be may be several months
before the new suppliers are lined up and the Crown brand
name is taken off the 14 stores.

     Gladys Haley, Crown Boycott Coordinator for Georgia,
expressed her gratitude to labor unions, churches,
political leaders, and others in Atlanta for their
support of the boycott.
Crown Boycott News, November-December 1999