Thursday, June 25, 2009
Appco Stores on the Market
NRC, court set July 9 deadline to submit bids for "one, some or all" 52 sites
Source: Convenience Store / Petroleum
BLOUNTVILLE, Tenn. – Following the approval in bankruptcy court for the sale of Appalachian Oil Co.'s remaining stores, the selling agent, NRC Realty Advisors LLC, have established Thursday, July 9, as the bid deadline for the 52 sites in Kentucky, Tennessee and Virginia.
The sites include 47 fully equipped and operating convenience stores with gasoline pumps, all with lease-hold interests and most with long-term leases, as well as five fee sites.
Blountville, Tenn.-based Appalachian Oil Co. (Appco) filed for bankruptcy protection in early February after weeks of struggling to maintain gasoline supply and product stock. At the time, the company operated more than 60 c-stores since. Since then, however, the chain has "shed a few stores" as part of court dealings with landlords, NRC's Andy Weber, the court-appointed chief restructuring officer for the sites, told CSP Daily News in mid-May. "It's a good group of stores that are all profitable."
Appco filed for Chapter 11 bankruptcy protection on Feb. 9, 2009, 17 months after being purchased by Dallas-based Titan Global Holdings Inc. in September 2007.
Under the terms of the sale approved by the court, Appco's stations will be sold in a "buy one, some or all" format; 26 stores have been subdivided into small groups of stores operating under six regional master leases. Bids on master lease stores must include all stores within each regional master lease.
A complete list of stores is available online at www.nrc.com/906, or by calling the NRC Customer Service Center at (800) 747-3342, extension 906. Click here to view complete sale procedures for the 52 sites.
Chicago-based NRC has extensive experience in the sale of c-stores and gas stations, including sales of whole operating companies. NRC's sealed-bid sale process has been used for the disposition of thousands of retail petroleum stations and convenience stores by other companies, it said, including major oil companies, over the past 20 years.
© CSP Information Group, Inc. 2009