by John Lofstock, Editor Convenience Store Decisions’ Power 25 recognizes industry pioneers, association executives and lawmakers that shape the way the convenience store industry operates. These influential business leaders are being selected for the lasting contributions they have made to the convenience channel and the impact their influence has on shaping the future of convenience [...]
Strong margins shown for the fiscal year. Susser Holdings Corp. has revealed the financial results for the second quarter of 2007, reporting earnings that raised 67% from last year, helped by better-than-expected retail fuel margins and good gains in merchandise sales, both overall and on a same-store basis. The company also raised its merchandise same-store [...]
Sinking numbers cause company to reclaim shares. Stanford, N.C.-based The Pantry Inc.’s Board of Directors has authorized a share repurchase program of up to $35 million for each of fiscal 2007 and fiscal 2008 but not to exceed an aggregate of $50 million. The program authorizes the company to repurchase shares of the company’s common [...]
Matrix Capital to manage the sale of the bankrupt Virginia chain. As part of its bankruptcy proceeding, Rennie Petroleum Corp. said it would sell its chain of 24 convenience stores along with its motor fuels supply agreements to an additional six stores through an auction to be managed by Matrix Capital Markets Group Inc. The [...]
U.S./Canadian marketer launches share repurchase program. Alimentation Couche-Tard Inc., Convenience Store Decisions 2007 Chain of the Year, said that the Toronto Stock Exchange has approved its share repurchase program, authorizing the Laval, Quebec-based company to purchase up to 2,808,765 of the 56,175,312 Class A multiple voting shares and 7,332,066 of the 146,641,334 Class B subordinate [...]
Turnkey solution aims to drive in-store traffic, new customers and revenue. Cumberland Farms, the largest convenience store and petroleum marketer in the Northeast, said it would begin carrying Coinstar’s ‘pay as you go’ products at all 600 Cumberland Farms convenience stores. The product line includes national and regional prepaid wireless programs, prepaid MasterCard and Visa [...]
New unit in Tonawanda, N.Y. features Nickel City Market Café. NOCO Express Shops today reported that it has acquired a Mobile Station in Tonawanda N.Y. and has completely rebranded the entire location, which is now officially open for business as a NOCO Express Shop. The 3,000 sq. ft. store, NOCO’s 32nd unit, took three days [...]
Chain opening a store in Austin, Minn., one of 20 new units it scheduled to open in 2007. Austin, Minn. is getting its second Kwik Trip convenience store this week as the La Crosse, Wis. chain completes renovations to rebrand the former Severson Conoco gas station. The Austin stories one of about 20 new Kwik [...]
Sale of 41 stores part of bankruptcy proceeding against Fusion Oil by Comerica Bank. A sealed bid auction of Fusion Oil’s assets is underway as part of a bankruptcy proceeding against the oil marketer by Comerica Bank. The sale includes 41 gas stations and convenience stores in Michigan and Ohio. Some of the stations and [...]
Falling shares cause company to reevaluate current financial condition. The Pantry Inc. has needed to reissue it’s financial forecast for the 2007 year for the third time since November, sending the price of shares down more than 11%, reported Reuters. The main reason for this change stems from an evaporation of gas margins the store [...]
Recent merger and taking the company public gobbled up revenues, profits. TravelCenters of America LLC has reported a huge loss for its first quarter, which ended March 31, due in large part to costs connected with going public. The company’s net loss in the quarter totaled $54.3 million. $45 million of the loss came from [...]
PetroProperties & Finance coordinating the confidential sale. by John Lofstock ____________________________________________ Wholesale petroleum companies in five key markets have been put on the sales block, CSDecisions.com has learned. PetroProperties & Finance LLC of Coral Gables, Fla., is coordinating the confidential sale of the companies in Delaware, Georgia, Illinois, Pennsylvania and Texas. Citing confidentiality agreements, [...]
When examining short- and long-term funding options, experts stress the importance of due diligence. In the summer of 2005, Meridian, Miss.-based DeweeseEnterprises Inc., owner-operator of the Super Stop! convenience store chain, completed a $30 million deal that significantly improved the company’s bottom line. Deweese sold 24Super Stop locations in Mississippi to Realty Income Corp., aNew [...]
New imaging program transforms the forecourt with a colorful array of bright lights and warm, friendly graphics. Amateurs work until they get it right. Professionals work until they can’t get it wrong. It’s this philosophy that is driving Chevron to display its professional prowess as it prepares for the nationwide rollout of its Image Refresh [...]
Convenience store operators urged to use alternative data sources to get a better estimate of true market demand. by John Weiser, Contributing Editor Underserved markets neighborhoods with high concentrations of ethnic minorities and immigrantsare fast growing and overlooked by major retailers. There are significant profit opportunities in these neighborhoods for savvy convenience store operators. But [...]