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The company said it would sell the division for roughly $300 million, less than it paid for the firm.

Many retailers are struggling to shelter themselves from a slowdown in consumer spending.

The franchising giant currently owns about 18% of Avis.

Ames is also cutting jobs, closing stores and taking a charge.

Shares of both drop on the data.

Fingerhut Woes Hit Federated

11/08/00 - 04:14 PM EST

Operating earnings dropped 32%.

The insurance giant reported earnings of 49 cents a share.

Update: Comcast Revenue Jumps 9%

11/06/00 - 04:25 PM EST

Operating cash flow increased 12%.

The move valued at $3 billion gives Viacom access to a key demographic area -- Black Americans.

Adding fuel to the fire, the company president also stepped down.

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