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LANSING, Mich. -- Mooney Oil Co. said it is in expansion mode and it will look to add a few convenience stores and gas stations to its portfolio next month at the liquidation auction of Clark Retail Enterprises Inc.
Oak Brook, Ill.-based Clark, which filed for Chapter 11 bankruptcy last year, announced in April that it had hired National Real Estate Clearinghouse (NRC) to auction off its more than 600 On the Go convenience stores and gas stations in nine states as part of the bankruptcy proceedings. The stores will be sold by sealed bid and can be bought individually or in a package, according to NRC.
Count Lansing, Mich.-based Mooney Oil will be among the chains interested in picking up some of Clark's assets, according to the Lansing State Journal. Of the Clark stores available, 155 are said to be in Michigan.
Jim Butler, vice president of operations for Mooney, said he is studying the available units to see which ones, if any, are a viable strategic fit for the oil firm. "Our responsibility is to drive by and look at them and make a determination if any of them hold our interest," he said.
"We expect enormous interest in these stores from large companies looking to purchase 50 or more sites, smaller oil companies purchasing five to 10, as well as individuals wanting to buy only one," said Evan Gladstone, NRC managing director.
Mooney operates 15 stations in Lansing and Grand Rapids, Mich. In March, the company bought nine Pioneer Oil Co. gas stations in Michigan for $8 million.