Pennsylvania Food Merchants Association
Join
Menu
  • About Us
    • Become A Member >
      • Retail Membership
      • Associate Membership
    • Corporate Leadership Sponsors
    • Board of Directors
    • Contact Us >
      • Staff Directory
      • Directions
      • Lodging Information
    • Antitrust Statement
    • Partner Organizations
    • Work at PFMA
    • Members Only Login
  • Government Relations
    • Advocacy >
      • 2021 Pennsylvania Priorities
      • 2021 Federal Legislative Priorities
      • Philadelphia Issues
      • Pittsburgh Issues
      • 2020 Legislative Summary
      • Visiting the Capitol
    • Committees
    • GR Team
    • FoodPAC >
      • Contribute to FoodPAC
    • Resources/Training >
      • Member Resources
      • Emergency Planning >
        • COVID-19
      • Ramp Training
      • A Bag's Life
      • Helpful Links
  • News and Publications
    • Annual Reports
    • Spectrum Newsletter
    • Year-end Reports
    • News Releases
    • PFMA in the News
    • News Archive
    • Weather Alerts
    • Media Contacts
    • Vacation Scheduler
  • Events Calendar
    • 2021 Annual Conference
    • 2021 Fall Conference
  • Services
    • Retail Coupon Processing >
      • Program Highlights
      • How To Get Started
      • Request Information
      • Dealing with Mfg Deductions
      • Sample Coupon Policy
      • Counterfeit Coupon Alert
    • Retail Price Accuracy >
      • SCP Board of Advisors
      • Inspections
      • Publications
      • Request Information
      • Related Links
    • Endorsed Services
  • Ridge Scholarship
    • Ridge Scholarship Application
    • Ridge Scholars >
      • 2019 Ridge Scholars
      • 2018 Ridge Scholars
    • Contribute / Start a Scholarship
  • test

Sunoco Announces Agreement to Sell Convenience Stores to 7-Eleven

4/6/2017

0 Comments

 
Sunoco LP (NYSE: SUN) announced plans today to sell the majority of its convenience stores to Dallas, Texas-based 7-Eleven for $3.3 billion. The agreement includes a 15-year take-or-pay fuel supply agreement with 7-Eleven, starting with approximately 2.2 billion gallons annually.

7-Eleven will gain 1,110 convenience stores in 19 geographic regions primarily on the East coast and in Texas, and the associated trademarks and intellectual property.

Sunoco President and Chief Executive Officer Bob Owens said in a news release announcing the agreement, "The sale of these retail assets to 7-Eleven is the beginning of an exciting evolution for SUN into a premier nationwide fuel supplier. Our supply agreement with 7- Eleven provides SUN with a predictable long-term income stream, and this transaction quickly allows SUN to improve its financial profile." 

The company plans to sell an additional 200 stores located in North and West Texas, New Mexico and Oklahoma separately, while it will continue to operate its Aloha Petroleum business unit in Hawaii. The sale does not affect its APlus franchisee-operated stores.

The sale is part of Sunoco's previously announced strategic plan to focus on its fuel business and shift away from company-owned convenience stores.
​
Sunoco expects to complete the sale during the fourth quarter of 2017, pending regulatory approval and closing conditions.



0 Comments



Leave a Reply.

    RSS Feed

The Pennsylvania Food Merchants Association. All Rights Reserved. © 2018
1029 Mumma Road, Wormleysburg, PA 17043
Phone: (717) 731-0600 • Toll-Free (800) 543-8207
Email: pfma@pfma.net
Website by WebLink International
MemberClicks | Member Management Software