Before that, Crown refused to disclose even knowledge of the boycott. Based on the company's own data, per station gasoline sales have now declined for five straight quarters while nationwide gasoline consumption increased.

PACE believes that the boycott of Crown gasoline stations and convenience stores is a driving force behind the precipitous drop in Crown's share price from $21 per share, at the time the PACE campaign against Crown began in earnest, to $5 1/2 as of this writing. While independent refineries fared well during this two-year period, Crown has been alone in experiencing a serious decline.

Crown CEO Rosenberg has been desperately trying to find a buyer for Crown. As reported in the previous Crown Boycott News, Crown hired Credit Suisse First Boston to sell the company but no buyers have emerged. Crown's problem: too much negative baggage (i.e. labor, environmental and civil rights problems). Having no buyer in sight is also propelling the decline in Crown's share price. Look for Crown's stock to decline further.

Crown Boycott News, November-December 1999