	michigan general mgl to sell krestmark unit michigan general corp said it agreed to sell substantially all of the assets and certain liabilities of its krestmark subsidiaries to lcb holdings inc for mln dlrs cash sale of texas based krestmark a maker of doors door frames and other products will allow michigan general to concentrate on retailing through its diamond lumber and savannah wholesale units proceeds of the sale will be used to reduce debt the deal is subject to execution of a definitive agreement krestmark had revenues of about mln dlrs and operating losses of three mln dlrs in the company said it has been accounted for as a discontinued operation since last september dallas based lcb is a privately held maker of structural steel joists and rack and storage handling systems michigan general also said its diamond lumber homebuilding products retail unit closed nine unprofitable stores in the first quarter and reduced its headquarters staff by pct the nine closed stores which had pretax operating losses of mln dlrs in are being sold to provide cash for operations about mln dlrs of inventory from the stores is being transferred to other locations the company said reuter 
