LITTLE ROCK, Ark. -- The chief partner in a company that shut down 13 gas stations has filed for personal bankruptcy, reported the Associated Press. The Chapter 7 bankruptcy filed by David Gregory Graves in U.S. Bankruptcy Court for the Eastern District of Arkansas shows that his company, Mallard Express, has a debt of nearly $4.5 million.
The firm is trying to sell off the stations closed down last August. At the time, Graves said the stations were closed because of the rising cost of liability insurance, increased fees charged by credit-card companies [image-nocss] and a drain on the company from employee thefts.
White Hall, Ark.-based Mallard Express owns 13 Shell Git-N-Go stations in Lonoke, Jefferson and Lincoln counties in Arkansas. The stations are in such small towns as Altheimer, Wabbaseka, Grady and Humnoke.
As reported in CSP Daily News in late May 2004, commercial real estate consulting firm The Situs Cos. was engaged by Mallard Express to assist in the disposition of the company's stations. Graves said then: After being involved in the retail petroleum industry for nearly 20 years, retirement is looking good.
Currently, Chicago-based NRC Realty Advisors LLC is coordinating the sale of the sites. More than 70 buyers have submitted bids for the shuttered stations, AP said.
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