UPDATE: San Angelo’s Stripes Convenience Stores to be Sold Separately
SAN ANGELO, TX — Yesterday, Sunoco announced it was selling its Stripes Convenience Stores to 7-Eleven. Over 1100 stores are included in that transaction, but the deal announced yesterday will not include the stores located in west Texas, including San Angelo, Midland and Abilene, a company spokesman confirmed this morning.
“The Stripes stores in the San Angelo, Midland and Abilene are not part of yesterday’s transaction. They are part of the 207-store block to be sold in a separate process. Until the sale is final, our teams will operate with a business as usual mindset with continued emphasis on guest service,” stated Sunoco spokeswoman Alyson Gomez in an email to LIVE! this morning.
After our story yesterday went to press, Sunoco clarified in a conference call to investors that about 200 stores in west Texas and southwestern Oklahoma were to be sold separately, brokered by J.P. Morgan.
In a map of the proposed transactions, the Del Rio stores were sold to 7-Eleven but stores in Sonora, Sanderson, San Angelo, Abilene, and Midland will continue to operate normally until JP Morgan finds a buyer. Right now, no one knows under what banner logo the stores will operate in the future.
With yesterday’s announcement, and after Sunoco finds a buyer for the 207 west Texas and Oklahoma stores, the Energy Transfer Partners corporation believes it will improve profitability by reducing debt and concentrating on supplying convenience stores with wholesale gasoline in a less capital-intensive business model. Part of the 7-Eleven deal announced yesterday includes a 15-year fuel supply agreement with the expanding number of 7-Eleven stores nationwide. 7-Eleven stated their intentions were to expand to over 10,000 locations.
Sunoco will retain ownership of a chain of 54 convenience stores on Hawaii, the company said yesterday. The sale to 7-Eleven will conclude in the fourth quarter of 2017, the company said.