FRANKLIN, Tenn. -- As reported in a CSP Daily News Flash late yesterday, Horizon Travel Plazas LLC has filed a petition for Chapter 11 bankruptcy in U.S. Bankruptcy Court in the Middle District of Tennessee, according to The Nashville Business Journal. The store was founded by former Mapco president and CEO James Alligood and vice president of business development Steve Ramer.
Tel Aviv, Israel-based Delek Group Ltd., which owns the Mapco brand in the United States, ousted Alligood and Ramer in late 2002. The executives came to Delek with its acquisition of the Mapco stores from Williams [image-nocss] Cos. Inc. in early 2001.
Horizon Travel Plazas' creditors include Coca-Cola Enterprises, Flav-O-Rich and Frito-Lay, the report said.
The Franklin, Tenn.-based chain consisting of 24 locations in the Southeast closed several of its facilities unexpectedly last week.
Earlier this month, The Jackson Sun reported that Horizon had closed several of its facilities, including two Jackson, Tenn., stores.
The Cordele Dispatch in Cordele, Ga., meanwhile, said that the Horizon location there closed, approximately six months after opening. "Store employees here said their volumes had been increasing every week," developer Don Adkins told the paper at the time. "So I don't think the local economy was the problem. In fact, I've already had several phone calls from possible tenants who are interested in the building. As soon as Horizon works out its problems, the store should reopen."
Also, the Northeast Mississippi Daily Journal, reported earlier in June that a new Horizon Travel Center in Tupelo, Miss., would eventually open, despite Horizon's troubles, the developer of the property told the newspaper. "We didn't spend that amount of money to just walk away," said Jim Curtis, vice president of RJ Investments and owner and president of Tri-States Contracting of Collierville, Tenn.
There has been some speculation that the Tupelo store would not open in light of the unexpected closings of several Horizon stores across the Southeast.
Tri-State built the stores, including the 7,500-square-foot Tupelo location. Horizon leases the stores from RJ Investments and Tri-States.
The near U.S. Highway 45 has been finished for several weeks. Shelves have been installed inside and cash registers are mounted as well. But there was no merchandise, said the report. Yellow caution tape was wrapped around the area of the gas pumps, and the parking lots were blocked from traffic.
A banner declaring "Opening soon" that was once strung across the front of the store was crumpled inside. And, a sign posted on the front door said, "No longer taking applications at this time."
Curtis, however, said that a few details are being hammered out so that the store can open soon. Tri-State and RJ Investments already own six Horizon stores and will own the Tupelo location. "We're taking possession of it," Curtis said.
While some reports suggest several of Horizon's sites are already for sale or have been sold, CSP Daily News was not able to confirm those details by presstime.
"I understand that [Horizon is] keeping about 14 of the 24 stores," Curtis told the Daily Journal.
Curtis said RJ Investments and Tri-State are committed to opening the Tupelo store as soon as possible. "It will be open," he said, although an exact date wasn't announced. "We have our own stores, plus we have our own restaurant management company. It's what we do. And we will open the store."
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