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Crown Seeking to Sell Remaining Hess’s Units

NEW YORK -- Crown Holding Co. is looking to sell its Hess's Department Stores Division and is having discussions with potential investors, according to a Hess's spokesman.<BR><BR>The 30-unit chain posted $258 million in sales last year and had a small...

NEW YORK — Crown Holding Co. is looking to sell its Hess’s Department Stores Division and is having discussions with potential investors, according to a Hess’s spokesman.

The 30-unit chain posted $258 million in sales last year and had a small loss, said to be due to store closings. The loss figure was not available.

John Kriak, executive vice president and chief operating officer of Crown, said in a statement that the company is “exploring the infusion of additional equity capital in order to grow the Hess operations.”

He was not available for further comment.

Crown acquired Hess’s, based in Allentown, Pa., in 1979.

Over two years, the chain closed or sold a total of 50 stores and completed a massive restructuring last year.

Now the company is seeking an infusion of money to keep it afloat, which Crown, a real estate company, cannot provide.