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BLOUNTVILLE, Tenn. -- The trials and tribulations of the APPCO convenience store chain are not over, as the retailer's original owner earlier this week began repossessing the 28 APPCO properties it still controls, TimesNews.net reported.
"The stores will close as we take possession and will remain closed until another operator commences running the stores," former APPCO CEO Jeff Benedict said in the report. Benedict works with longtime APPCO owner Jim MacLean, who sold the 58-store chain for $30 million to Titan Global Holdings in September 2007. Titan Global filed Chapter 11 bankruptcy in February 2009, later selling 47 of the c-stores through auction in September to Florida Sunshine Investments.
In other financial news, a foreclosure suit has been filed against four Gas City locations in the southwest Chicago by PrivateBank & Trust Co., which is seeking to collect $16.8 million. The stations are controlled by gas station entrepreneur and casino owner William McEnery, president of 98-unit Gas City Ltd., Crain's Chicago Business reported.
Chicago-based PrivateBank sued May 18, seeking to collect a loan issued five months ago for the original amount of $17 million, according to court documents cited by the paper.
Gas City is a Frankfort-based chain McEnery started in 1966 with a single location. The four stations involved in the suit are owned by a trust controlled by McEnery and leased to Gas City, the report stated.
McEnery did not return a call to Crain's requesting comment.
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