Stagnito Media Convenienece Store News Convenienece Store News Single Store Owner Progressive Grocer The Gourmet Retailer Progressive Grocer Store Brands Retail Leader  
 
Jul 28, 2010

Two More APPCO Stores Closed, More Expected

PrintTwo More APPCO Stores Closed, More Expected  

BLOUNTVILLE, Tenn. -- APPCO owner Sunshine Energy -- which is embroiled in a battle with former APPCO owner Jim MacLean over the 28 store properties he still owns -- recently closed two APPCO stores, the Johnson City Press reported.

Sunshine Energy filed for Chapter 11 bankruptcy June 10, days after MacLean's Management Properties Inc. (MPI) began repossessing some of the properties it owns. By June 10, 12 of the company's 47 stores were closed and have been since.

These latest store closures came shortly after Bankruptcy Judge Marcia Parsons ruled last week that MacLean could repossess nine more stores (including a half-dozen in the Johnson City area) that had been protected by Sunshine's bankruptcy filing. That decision followed Parsons' June 24 refusal to let Sunshine reopen the 12 stores MPI had closed between June 2 and June 9, and also applied to stores the state courts had ruled before June 10 could be repossessed.

For its part, MPI has filed a motion to have the entire bankruptcy case ruled as a "bad faith filing," contending Sunshine only filed to prevent repossession of the stores. There are no other creditors listed in the bankruptcy filing, according to the news report.

Former APPCO CEO Jeff Benedict, who still works with MacLean, said MPI hadn't closed the additional stores yet because of another court delay. "We got those writs issued, [and] then Sunshine filed a motion asking to have them set aside so that we could not execute them," Benedict told the newspaper. A court hearing on that motion is set for today.

Sunshine, headquartered in Overland Park, Kan., shuttered APPCO store No. 11 Wednesday of last week and removed the pumps the next day, the owner of a store located next door said.

A call to Sunshine's headquarters was patched through to a man who identified himself only by his first name and said: "We're not commenting on this right now," the newspaper reported.








Find Reports & Data

CSNews' 2011 Realities of the Aisle Consumer Study

Consumers are shopping convenience stores slightly more often than they were a year ago, but the nation’s economic doldrums continue to be a drag on spending, according to Convenience Store News’ annual consumer study – Realities of the Aisle 2011.

CSNEWS 2011 Foodservice Study

After reporting a 6.1-percent sales increase in 2010, convenience store retailers expect to generate increased sales and profits from their foodservice operations this year.

CSNews' 2011 Industry Report Study

The convenience store industry had a good year last year. The 13.5 percent total industrywide sales increase was a big improvement over the more than 20-percentage point drop in 2009.

CSNews 2011 New Products Scorecard

The success rates for new items introduced to the convenience store industry last year were down in all seven major product categories tracked in the Convenience Store News New Product Scorecard, but retailers nevertheless increased the number of new items on their shelves and increasingly relied on store associates to make consumers aware of those products.

CSNews 2011 Industry Forecast Study

Although the recession is officially over, consumers in the U.S. remain “mad as hell” and “frustrated” by the slow pace of recovery.



SUBSCRIBE TO E-NEWSLETTER SUBSCRIBE TO E-NEWSLETTER


Today's New Product


Angry Birds Fruit Snacks and Gummies
The raging flock that stars in Rovio's mobile gaming sensation Angry Birds has flown into the snack aisle to become lines of fruit snacks and gummies.
Featured Videos

Loading...
Playlist

View more


Related Videos
Events + Webcasts
Participate in
LIVE and ON-DEMAND
presentations of
convenience store industry research
from your desktop.
Stagnito Media
570 Lake Cook Rd, Suite 106
Deerfield IL 60015
Ph: 224-632-8200
Fax: 224-632-8266
Print / Electronic Media
Convenience Store News
CSNews for the Single Store Owner
Progressive Grocer
Progressive Grocer's Store Brands
The Gourmet Retailer
Retail Leader
Marketing Guidebook
Directory of Convenience Stores
Events
Hispanic Retail 360
Gourmet Insights Summit

Custom Media