Convenience Store Chains for Sale

Discussion
May 09, 2003
George Anderson

By George Anderson


Clark Retail Enterprises, owner of White Hen, Minit Mart, Wareco and On The Go convenience stores, is for sale.


The company filed for Chapter 11 protection last year. According to the Chicago Tribune, “Clark operated roughly 800 gasoline stations and convenience stores, with more than 7,000 employees in Illinois, Indiana, Wisconsin, Michigan, Ohio, Tennessee, Kentucky, Missouri and Iowa” when it initially filed for bankruptcy protection. Current estimates are that Clark is operating approximately 500 locations.


Brandon Barnholt, chief executive officer, Clark Retail believes the eventual owner of the company will be getting a good deal. “The company has a portfolio of very competitive assets and strong name brands. We believe these assets have strategic value for the right operator, as well as upside earnings potential for a company not hindered by Clark’s liquidity issues.”


Moderator’s Comment: Who do you believe are the most
likely suitors for Clark Retail’s convenience store businesses?


7-Eleven was singled out in the Chicago Tribune article
has a potential buyer of Clark’s White Hen business. We’d be surprised, however,
if it turned out that one company bought all of Clark. [George
Anderson – Moderator
]

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