PW: Future of Crown Remains Uncertain

The heavy trading in Crown's stock was spurred by reports that the company was close to working out an agreement to sell the bookstore chain to First Lincoln Holdings. It is not clear what First Lincolns plans would be for Crown if it were to acquire the chain. In addition to First Lincoln, Larry Schafran, a former Dart director, said he was interested in acquiring a portion of the company's stores.

As negotiations drag on, Crown's outlets are operating with inventory well below normal levels as Ingram continues to supply the company on a cash-only basis. Crown's outstanding debt to Ingram, which is at least $10 million, is said to be one of the major points delaying a deal.