"While this was a hard decision, we believe that, in view of the difficult environment faced by independent refiners and retailers during the past year and a half, it is the right thing to do," says Crown president and CEO Frank B. Rosenberg. The company has a $125-million debt that is due in February 2005. Crown is hoping to reap the financial benefits from selling its two Texas-based refineries and its 346 gas stations, mini-marts, and convenience stores throughout the Mid-Atlantic and Southeastern states. The retail properties operate under the names of Crown, Fast Fare and Zippy Mart.

Real estate industry experts say it is difficult to assess the value of the retail portfolio due to variations in factors such as property value in a particular area, business volume, and the need for upgrades to the structures. The slumping economy and threat of war with Iraq also factor into how much the properties will command. The hopes of Crown officials, however, have hardly been dashed. "The response has been overwhelming," Crown's Robert Fritz, vice president of Real Estate Acquisitions, tells GlobeSt.com.