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Sales Fall at Crown
-- 5/25/98
Sales at Crown Books dropped by 0.8% in the first quarter, ended May 2, to $66 million, and comparable-store sales were down 9.3%. The company blamed the poor results on increased competition and a realignment of inventory levels.Meanwhile, the acquisition of its parent company, Dart Group, by Richfood Holdings was completed last week. At press time, executives at Richfood were unavailable to comment on whether or not they intend to give Crown any financial help as the company fights to survive. Richfood had previously announced that it intends to sell Crown, but industry observers said that given its current condition, it would be difficult to find a buyer.

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