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PARKERSBURG, W.Va. -- Go Mart Inc. will purchase the three-store Kompak convenience chain based here in a deal that will be finalized on Dec. 18, the Parkersburg News and Sentinel reported. Terms of the deal were not disclosed.
The Kompak store on Staunton Avenue in Parkersburg will become a Go Mart location, while the other two stores on St. Mary's Avenue and Camden Avenue will close on the date of the finalization, Kompak owner Gary Traugh told the newspaper. Earlier this year, Traugh sold a fourth Kompak store on 23rd Street to an employee.
Traugh will still own the real estate and buildings, with Go Mart purchasing the name and business, according to the report. Traugh noted that his current employees will be offered positions with Go Mart.
"It's going to be kind of hard," Traugh said. "I've done this for more than 35 years."
Kompak was established in the 1960s by original owner Harry Thorn. Traugh bought the chain in 1985. He credits his employees and the area as the main reasons for his success.
"I think Parkersburg is the best town in the country and this is the best area in the country," Traugh said. "Knowing the business I have done here through the years, there is no other area where a small independent guy could have built such a business."
Gassaway, W. Va.-based Go Mart, with 101 company-owned stores, ranked No. 67 on Convenience Store News' Top 100 list of retailers in 2012.