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Decision on Crown's Bankruptcy Delayed
-- 8/10/98
The judge overseeing Crown Books' bankruptcy action has delayed until later this month his ruling on the bookstore's reorganization plan. A hearing had been set for July 31, but is now scheduled for the third week in August, although a Crown spokesperson said the company hopes the judge will make a decision before then.
Crown said it still intends to close 79 stores, although no dates have been set for shutting the outlets. Approximately 1250 employees will be let go when the stores close. Crown's reorganization plan also includes a book-return agreement with Ingram, which, if approved by the court, would end Ingram's lawsuit against the bookstore chain. The wholesaler will continue to press its suit against Crown's former parent, Dart Group.
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