West Texas Stripes Convenience Stores Convert to a New Operating Model
DALLAS, TX -- The 207 Stripes Convenience Stores in West Texas, New Mexico and Oklahoma that used to be Town & Country stores are now under a new operating model.
Sunoco LP announced earlier this month the completion of a conversion which places the stores under a single commission agent. Sunoco is transitioning out of the convenience store business in the continental United States except for stores along the New Jersey and New York toll roads and its retail operations in Hawaii.
According to Sunoco, “Under the commission agent model, Sunoco owns, prices and sells fuel at the sites, paying the agent a fixed cents-per-gallon commission. In addition, Sunoco continues to own approximately two-thirds of the assets and will receive rental income from the commission agent.”
Sunoco LP did not identify the commission agent.
Sunoco LP is a master limited partnership that distributes fuel to approximately 9,200 convenience stores and other retail and commercial fuel suppliers in 30 states.
The 207 stores were carved out of a purchase agreement in April 2017 in which 7-Eleven purchased 1,108 Stripes and APlus convenience stores in 18 states in a $3.3 billion deal.
Town & Country owners sold the stores in 2007 for approximately $361 million.
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