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ATLANTA, Ga. -- Onvance, a marketing service company founded by Crown Central Petroleum Inc. and five other convenience store/petroleum companies, said yesterday it is in the middle of Chapter 11 restructuring and plans to reduce staff and expenses, to put the company in a better position to move forward with its long-term marketing strategies.
"We have the same ambitious plans to help retailers improve their businesses," Alan Slothower, president and COO of the Atlanta-based firm, told CSNews Online. "We are moving forward and not looking back."
Onvance currently services more than 500 convenience stores in the United States and Canada. The company will continue conducting its regular business, which includes selling and producing advertising programs broadcast over its InStore network via VSAT communications. The company also expects to continue working with new accounts in moving forward with its plans to penetrate major markets across North America.
"It has always been our plan to serve the entire convenience store industry with the most effective and innovative solutions to today's retail challenges," Slothower said. "We expect to continue to do just that."
In addition to the debtor-in-possession financing, which is already in place, Onvance is in talks with potential investors considering major investments in the company, Slothower said. The company hopes vendors and suppliers will continue to be paid in the normal course of business as restructuring proceeds, Slothower added.
In addition to Crown Central, Onvance was founded by Conoco Oil, Irving Oil ltd., Suncor Energy, Tesoro Refining, Marketing and Supply Co. and Xtramart.