CNC to Sell Stake in Child World...

CNC to Sell Stake in Child World Inc.: CNC Holding Corp. of Cleveland said it has signed a letter of intent to sell its 82% interest in financially troubled Child World Inc. to the newly formed WC Acquisition Corp. for an undisclosed price. Child World, headquartered in Avon, Mass., operates 182 stores under the Child World and Children’s Palace names. WC Acquisition will be led by W. John Devine and Ronald E. Tuchman, two former senior executive of Toys ‘R’ Us, and will include a number of institutional investors. The transaction will be subject to negotiation of a definitive agreement and various other closing conditions.