SHEBOYGAN, Wis. -- Community Bank & Trust and A1 Food Marts are selling off eight convenience stores in an early winter auction that will involve sites throughout central Illinois and parts of Iowa.
Specifically, the six sites in Illinois are located in Hampton, LaSalle, Moline, Percy, Watseka and Windsor. The two Iowa properties are in Davenport and Waterloo. Half the properties are operating and the remaining four are closed. All are c-stores with gasoline.
In a tough margin environment such as what this nation is currently [image-nocss] facing, store operators are having a tough time making ends meet. This bid sale is a great example of a bank and a multiple-store operator working together to keep the situation from 'jumping off a deep end', according to Phil Boyd, managing director of The Energy Exchange, which has been retained for the sale.
The situation of these stores, while not working for A1 Food Marts right now, could allow a positive cash flow to the right owner once these stores are offered at the right price and debt structure, he added.
Bidders may bid on one, some, or all of the stores, The Energy Exchange said. The bid deadline is Wednesday, Dec. 12, 2007. To obtain a list of the stores call Chicago-based The Energy Exchange at (866) 906-7499.
The Energy Exchange is a commercial real estate firm specializing in the sale of gas stations and c-stores nationwide.
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