Murphy USA to Shutter 47 Stations
DES MOINES, Iowa -- Six Murphy USA gasoline stations in the area will be closed as a part of a larger plan to shutter 47 locations across the country that are not owned by Wal-Mart, The Associated Press reported. The stations in the area are located in Waverly, Independence, Marshalltown, Anamosa, Grinnell and Le Mars, Iowa.
The company agreed on April 30 to buy the stations it operates and leases from Wal-Mart. The company stated in a release it plans to spend about $315 million through 2008 to purchase the locations. The locations that will not be bought from Wal-Mart will be closed, according to the company.
Claiborne P. Deming, Murphy Oil's president and chief executive officer, said at the time of the announcement: "The purchase of these parcels reflects our commitment to sustaining the longevity of these very productive assets. We look forward to continuing our association with Wal-Mart as we expand our station base in the future, while adhering to our strategy of offering high-quality, competitively priced gasoline to our customers."
"In conjunction with this agreement, the company plans to close up to 47 existing stations and will incur after-tax impairment and restoration charges of approximately $18 million in the second quarter 2007," the company said in a statement.
Murphy USA, owned by parent company Murphy Oil, operates more than 1,000 gas stations in 21 states, with 27 locations in Iowa, the report stated. A full list of stations to be closed has been created, but not released, the report stated.
The company agreed on April 30 to buy the stations it operates and leases from Wal-Mart. The company stated in a release it plans to spend about $315 million through 2008 to purchase the locations. The locations that will not be bought from Wal-Mart will be closed, according to the company.
Claiborne P. Deming, Murphy Oil's president and chief executive officer, said at the time of the announcement: "The purchase of these parcels reflects our commitment to sustaining the longevity of these very productive assets. We look forward to continuing our association with Wal-Mart as we expand our station base in the future, while adhering to our strategy of offering high-quality, competitively priced gasoline to our customers."
"In conjunction with this agreement, the company plans to close up to 47 existing stations and will incur after-tax impairment and restoration charges of approximately $18 million in the second quarter 2007," the company said in a statement.
Murphy USA, owned by parent company Murphy Oil, operates more than 1,000 gas stations in 21 states, with 27 locations in Iowa, the report stated. A full list of stations to be closed has been created, but not released, the report stated.