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SCOTTSDALE, Ariz. -- Giant Industries Inc., an independent refiner and marketer, has completed the sale of six convenience stores to Superpumper Inc. for roughly $11.25 million, the company said today.
Proceeds of the sale will be used to curb debt, a move the Arizona outfit announced in its second-quarter earnings release, said Giant Chairman and CEO Fred Holliger. The company has sliced the balance outstanding on its Revolving Credit Facility from $65 million that immediately followed the acquisition of the Yorktown refinery, to the present level of $35 million.
"We maintain our commitment to actively managing our balance sheet, especially with regard to reducing our level of debt," Holliger said in a statement.
Giant, which had operated 145 units prior to today's deal, said two months ago that its stores in the Phoenix and Tucson markets had dragged the overall performance in the company