Giant Sells Six Stores
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
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