Running on fumes; Crown Central Petroleum sells off its area stations.(BUSINESS)

0 Comments | Washington Times, The, July, 2004

Byline: William Glanz, THE WASHINGTON TIMES Crown Central Petroleum Corp. is nearly out of gas. Crown once boasted more than 330 gas stations and convenience stores to go with its shipping terminals and two Texas oil refineries. This month it sold nearly all of its stations and stores in Maryland and Virginia for an undisclosed price, and it hopes to sell its remaining assets by the end of the year.

Gas stations could continue using the Crown name under licensing agreements, but the company built over decades and run by a prominent Baltimore family will disappear. Crown, which traces its roots in Baltimore to 1930, began marching toward liquidation three years ago after its owners bought all of Crown's outstanding stock and folded the firm into a...