The Pantry Braces For Losses; Investor Pulls Shares

A New York-based investor that owned 7.5% of The Pantry as of Dec. 31 has cashed out its holdings in the company, the Triangle (N.C.) Business Journal reported.

Securities and Exchange Commission documents show Hayground Cove Associates on April 14 sold its last shares in the Sanford, N.C.-based The Pantry, which operates about 1,500 c-stores in 11 states.

The Pantry said recently it was planning to post losses for the quarter ending March 27, as it has been getting hit by softer consumer spending and lower margins on gas.

The Pantry also faces a possible downgrade of its credit rating from Moody’s, and its low earnings and increased debt have put its credit rating in jeopardy, despite already being in junk-bond status, Triangle Business Journal reported.

The Pantry’s c-stores operate under the names Golden Gallon, Kangaroo Express, Lil’ Champ, and Cowboys.

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