QuikTrip to Buy First Fuel Terminal
TULSA -- In a move that would mark the company's entrance into new operations, convenience store chain QuikTrip Corp. made a $14 million bid for bankrupt SemGroup LP's terminal in Fort Worth, Texas, TulsaOK.com reported.
The terminal will be the first of its kind for Tulsa-based QuikTrip, and company officials became interested when SemGroup's SemFuel subsidiary put its operations on the sale block, QuikTrip spokesman Mike Thornbrugh said in the report.
"It fits our long-term plans in the Dallas area," Thornbrugh said. "We understand the terminal business very well, but we’ve never owned any terminals."
He was cautious about the prospect, noting the deal must clear an auction and court hearing, the report stated. The deadline for other bids is July 27, an auction may be scheduled for August.
"This is new for us," he said. "Reliance on your own supply system is a good thing."
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The terminal will be the first of its kind for Tulsa-based QuikTrip, and company officials became interested when SemGroup's SemFuel subsidiary put its operations on the sale block, QuikTrip spokesman Mike Thornbrugh said in the report.
"It fits our long-term plans in the Dallas area," Thornbrugh said. "We understand the terminal business very well, but we’ve never owned any terminals."
He was cautious about the prospect, noting the deal must clear an auction and court hearing, the report stated. The deadline for other bids is July 27, an auction may be scheduled for August.
"This is new for us," he said. "Reliance on your own supply system is a good thing."
Related News:
QuikTrip Plans to Buy SemGroup Assets
C-Store Retailers Feel the Vibe
QuikTrip Tops List of Adoption-Friendly Retail Workplaces