Corporate News

Corporate news affecting the convenience store industry

Reports 129% increase in 4Q earnings, record full-year results

SAN ANTONIO -- On the same day that it announced the acquisition of a total of nearly 400 gas stations from Shell and USA Petroleum (see related story in this issue of CSP Daily News), Tesoro Corp. has reported record 2006 fourth-quarter net income of $158 million, or $2.28 per share, and full-year...

The Pantry reports terrible quarter with 8.6 cpg margins on gasoline

SANFORD, N.C. -- What a difference three months can make. In November, when Peter Sodini, chairman and CEO of The Pantry, reported the company's fourth-quarter 2006 results, he crowed, We are pleased with our record earnings for the quarter and the year. Yesterday, on a conference call to report...

Virginia chain files bankruptcy; blames competition, uncompetitive contracts

RICHMOND, Va. -- After 22 years in business, convenience-store chain Rennie Petroleum Co., Richmond, Va., filed for Chapter 11 bankruptcy reorganization this week. Rennie, which started in 1985 with a single service station, now has 24 stores. In the mid-1990s, the company hit a peak of 40 sites,...

Merchants applaud congressional call for disclosure from credit card industry
Tops $300 million with sales in 31 states
Net income, revenues down for the period
10-unit ourchase brings total unattended sites to 106
Hires former supermarket exec to help revamp c-stores
Goose's Edge, a privately held corporation, has purchased the land lease, building, car wash and total facility currently known as Queen K Chevron.
Promises to offer gas only from certain nations