You are here
Ft. Walton Beach, Fla. -- Exprezit! Convenience Stores LLC is auctioning licenses to operate its 25 North Carolina stores, the company reported. The Ft. Walton Beach, Fla.-based chain currently has more than 125 stores in the Southeast.
Exprezit! reached this decision after exploring different strategies to maximize value and return on investment from its North Carolina stores. "And now, with the licensee program we developed with The Spectrum Capital Group, we've got the right strategy," said Troy Seymour, Exprezit!'s president.
Exprezit! expects that auctioning licenses for its North Carolina stores to individual operators or small chain operators will work well for both the company and its licensees. "There is tremendous demand out there from individual operators and small chains for prime c-store sites, and because we are auctioning operating licenses and not selling the sites, these individuals will have the opportunity to control a convenience store operation for an amount that is only a fraction of the cost of buying a convenience store," said Seymour.
Seymour also noted that auctioning the operating licenses will benefit Exprezit! by improving its cash flow, preserving its interest in the sites and freeing up working capital for reinvestment.
Exprezit!'s stores are geographically dispersed across North Carolina. Nine units are located in the Winston-Salem area; Lexington has three and Morehead City, Beaufort and Clinton each have two. Exprezit operates single units in Vass, Linden, Asheboro, Mount Airy, Madison, Taylorsville and New Bern.
The auction of the licenses to operate Exprezit!'s North Carolina stores will be conducted by The Spectrum Capital Group LLC of Bristol, R.I. Bidder registration begins on Aug. 8 and that the bid deadline is Sept. 15. Further details are available at www.c-storesilo.com.