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ALBUQUERQUE -- The chain of 35 Redi-Mart convenience stores around the state have been appointed a receiver to take over and operate them by District Court Judge Clay Campbell, dchieftain.com reported.
The stores -- owned by PRP Inc. and operated by Ever-Ready Oil Co., both of which are subsidiaries of Acorn Ventures Inc. -- are collateral for more than $30 million in loans owed to Bank of America (BoA), according to the report.
Campbell said both the bank and the store owners agreed to the deal, and BoA wanted a receiver to take over the stores in order to protect them. He added the order is better than a bankruptcy filing because it protects employees, the report stated.
"This allows the business to continue," he said in the report.
The order appoints Trigild Inc., a San Diego, Calif.-based company, as the receiver and directs it to take immediate possession and control of the stores, the Web site reported. Trigild's plans for the property and employees was unknown as of press time. A request for comment from dchieftain.com was not returned.
It was unclear as of press time whether or not any of the stores were still in operation. In addition, the status of its employees were undetermined, as calls to Ever-Ready Oil Co. connected to an answering message stating the company is out of business, and instructing employees how to get their final paychecks, the report stated.
CSNews Online reported in late May that Redi-Mart stores were liquidating inventory in stores, and their future was uncertain.
The order also directs Trigild Inc. to retain existing employees if business operations continue.
A call to Ever-Ready Oil Co.'s attorney was not returned.
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