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    Details of Uni-Marts Assets Sale

    More than 110 company-operated stores available for sale on an individual basis.

    BALTIMORE, Md. -- More details have emerged on the minimum bids for Uni-Marts assets, which are being sold as a result of its chapter 11 bankruptcy case, and being sold through Matrix Capital Markets Group Inc.

    CSNews Online reported last week that minimum bids were established in the case, as well as a stalking horse bidder, Tri-Color Holdings.

    The total minimum bid for all 207 Uni-Marts assets is more than $15.7 million, according to a statement issued yesterday by Matrix.

    In addition, 114 company-operated stores are available for sale on an individual basis, with minimum bids ranging from $2,500 to $342,000 for leased stores, and $50,000 to $1.69 million for stores with real estate owned by Uni-Marts. The total minimum bid of all company-operated assets is more than $13.56 million.

    Company-operated assets generated $7.2 million in EBITDA for the most recent 52-week period, on fuel volume of 70.6 million gallons and $87.6 million in merchandise sales, Matrix stated.

    "Through the elimination of unprofitable assets and the successful reduction of prime operating leasehold rents, Uni-Marts is a different business than it was when it filed for bankruptcy," Tom Kelso, managing director of Matrix, said in a statement. "The sale of the company-operated sites are an excellent opportunity for existing operators or entrepreneurs looking to enter the industry, and the lessee-dealer and dealer operations offer a substantial amount of fuels volume and rental income at very attractive values."

    Also up for grabs are Uni-Marts’ 93 distribution assets, which have a total minimum bid of more than $2.14 million. Stores are available on an individual basis in cases where assets' real estate are controlled by Uni-Marts, and the stores are sub-leased to a dealer. Assets with only a supply relationship with the dealer are available for sale in groups based on geography. Distribution assets accounted for $1.9 million in EBITDA on fuels volume of 53.2 million gallons for the most recent 52-week period, Matrix stated.

    Following the court's approval, a bid deadline for the sites is scheduled for Aug. 13, followed by an auction for the assets Aug. 18. A winning bidder for the Uni-Marts assets will be named shortly thereafter, Kelso told CSNews Online last week.

    Prospective buyers can find more information on Matrix's Web site dedicated to the Uni-Marts sale: www.matrixcapitalonline.com/unimart/intro.htm.

    Related News:

    Stalking Horse Named in Uni-Marts Liquidation

    Improved Uni-Marts Generates "Overwhelming" Interest from Buyers

    Uni-Marts Files for Chapter 11

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