News Coverage CSP Net –Published: Monday, April 24, 2006
WHITE HEN SHEDS 15 STORES
Sites no longer meet chain’s criteria
By Steve Holtz
LOMBARD, Ill. – The White Hen Pantry Inc. convenience store chain has
placed 15 stores up for sale through a sealed-bid process. Tom Romanello,
senior director of merchandising and advertising, told CSP Daily News the
sale includes stores that no longer fit the Lombard, Ill.-based chain’s
criteria.
"They are underperforming stores," he said. "And [the sale] is part of
making sure that our portfolio is filled with the very best-performing
stores. We are predominantly a franchised organization so we need to make
sure that we have locations that are going to be viable not just for us but
also for franchisees in terms of their income."
Romanello added that although the chain does not aim to keep the White Hen
brand on the stores, the sale is not part of a downsizing by the company.
"Our goal is to open as many stores as we close over time," he said. "So
this is just something that we’ve been looking at for a long time and we
went ahead and put those out to bid."
The bidding process will be carried out by NRC Realty Advisors LLC, Chicago.
All the locations are currently operating convenience stores and will be
de-branded at the time of sale. Purchasers will be acquiring long-term
leases of varying terms and all store inventory. Real estate will not be
included in the sale other than control through a long-term lease. The site
locations are all in Illinois, including Chicago, Round Lake Beach (2),
Wheeling, Glenview (2), Mount Prospect, Des Plaines, Hanover Park, Roselle,
Carol Stream, Aurora, Naperville, Bolingbrook and Sauk Village.
"WHP is making available 15 desirable convenience store locations throughout
the Chicago suburbs because they no longer meet their long-term strategic
positioning criteria," said Hope Mineo, managing director of NRC Realty
Advisors. "Entrepreneurs and investors seeking an established business
presence in the c-store arena will want to look very closely at these
opportunities."
The locations will be sold through a sealed bid sale in a "buy one, some or
all" format with bids due on Tuesday, May 16, 2006. A complete site list is
available online at www.nrc.com/606, or by calling the NRC Customer Service
Center at 800.747.3342, ext. 606. NRC has prepared a color sales brochure
and individual property specific packages (PSP) for each property. The PSPs
contain store-level information and bidding terms of sale. Packets are $35
for a hard copy and $25 for a CD-ROM.
NRC Realty specializes in the accelerated sale of petroleum industry
property and commercial real estate throughout the United States, Mexico and
Canada.
White Hen Pantry Inc. is a franchised chain of convenience stores that has
been serving Chicago and the greater Boston area for 40 years. White Hen
Panty is predominantly franchisee-owned and -operated with more than 265
stores.
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