San Angelo Live teased readers with the prospect of 7-Eleven taking over the town through a buyout of Stripes convenience stores.
Town and Country Food Stores sold out to Susser Corporation in 2007. New owners re-branded convenience stores with the Stripes name.
Susser monetized the company by selling a portion to Wellspring Capital Management and planned to spin off its petroleum supply business in 2012. Susser sold all its divisions to Sunoco LP/Energy Transfer in 2014.
A new moniker is on the horizon as Sunoco plans to sell separately San Angelo's Stripes stores, along with 200 odd stores that didn't make the cut for 7-Eleven ownership. Two days ago the company reported:.
Assets being sold to 7-Eleven include approximately 1,110 convenience stores in 19 geographic regions primarily along the East Coast and in Texas, and the associated trademarks and intellectual property of the Laredo Taco Company and Stripes. As part of the transaction, SUN will enter into a 15-year take-or-pay fuel supply agreement with a 7-Eleven subsidiary under which SUN will supply approximately 2.2 billion gallons of fuel annually. This supply agreement will have guaranteed annual payments to SUN, provides that 7-Eleven will continue to use the Sunoco brand at currently branded Sunoco stores and includes committed growth in future periods.San Angelo's Stripes stores will learn of their new owner before the end of the year. I wonder if former Town and Country CEO Alvin New will pull together an investment group to bid on the 207 stores 7-Eleven did not buy. New is behind the Jack's convenience stores in San Angelo. Might Stripes get jack'd?
Approximately 200 convenience stores in North and West Texas, New Mexico and Oklahoma will be sold in a separate process.
Update 12-7-17: Sunoco will lease, not sell, the 207 stores to a "proven operator." No word yet from Sunoco if Alvin New is part of the new proven operator group. Sunoco is seeking a 50 percent reduction in operations costs.
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