ALLIED STORES <ALS> SELLS DILLARD <DDS> TWO UNITS Dillard Department Stores Inc, based in Little Rock, Ark., and Allied Stores Corp jointly said they entered a definitive purchase agreement for the sale to Dillard of the Joske's and the Cain-Sloan divisions of Allied for 255 mln dlrs cash, subject to certain closing adjustments. The sale excludes certain real estate assets of Joske's and Cain-Sloan, which Allied estimates have an aggregate value of 30 mln dlrs based on current market conditions. Joske's has 26 stores in Texas and one in Arizona. Cain-Sloan has four stores in Nashville. Joske's is the largest unit Allied has slated for sale in its restructuring. Allied Stores Corp, a subsidiary of Campeau Corp, was acquired by acquired by the Canadian developer last year. Robert Campeau, chairman of Allied, said "this is a terrific start to our disposition program which is proceeding well ahead of schedule. This sale will fulfill the requirements under our bank agreements to sell certain assets by June 30 and give us additional flexibility in the disposal of the remaining divisions being sold." Allied Stores is required to pay 200 mln dlrs in bank debt by June 30. There had been some doubts on Wall Street that the company could meet the payment. A Campeau source said, "We believe this cash sale puts us in a very strong negotiating position to maximize the proceeds Allied can receive from its other divisions." "Allied was able to put itself in a position where it knows it will be able to meet the June 30 payment schedules," the source said. About 1.1 bilion dlrs in Allied assets had been targeted for sale by Dec. 31, 1988 to pay for the aquisition of Allied by Campeau. Allied will be taking bids for its other divisions. Targeted for sale are Bonwit Tellers, Garfinckel's, Dey's, Donaldson's, Herpolsheimer's, Heer's, Miller's, Miller and Rhoads, Pomeroy's, Catherine's, Plymouth Shops, and Jerry Leonard. The divisions provided 38.4 pct of Allied net sales and 11.8 pct of store profit in fiscal 1985.