All West Texas Stripes Convenience Stores to Rebrand as 7-Elevens

DALLAS, TX — What became a west Texas institution will soon be gone. All 204 west Texas Stripe's Convenience Stores were sold by Sunoco LP to 7-Eleven, Sunoco LP announced to shareholders.

Stripe's parent company entered an agreement with 7-Eleven that acquired the stores last month. All Stripe's locations in west Texas, New Mexico, and Oklahoma were sold for $1 billion less shelf and warehouse inventory value and the value of the fuel in the pumps.

Sunoco LP told shareholders it negotiated a profitable "take-or-pay" fuel supply agreement with 7-Eleven that will increase its gross profit from fuel sales to 7-Eleven once the transfer of the stores is complete.

"Proceeds from the sale will allow SUN to materially reduce leverage to execute on future growth opportunities while maintaining a strong balance sheet and multi-year distribution growth," Sunoco LP stated in a press release.

In 2007, San Angelo-based Town & Country Food Stores sold for $368 million. The iconic 168-store T&C convenience store chain in west Texas and eastern New Mexico was transfered to Susser Holdings Corp. This sale changed the stores' branding from T&C to Stripe's. At that time, T&C reported $842 million in annual sales with $50 million in annual profit.

In 2015, Susser Holdings, by then with a combined 680 Stripe's Convenience Stores across Texas, New Mexico and Oklahoma, was bought by Sunoco LP for $1.93 billion. That transaction included $966.9 million in cash and the remainder in stock. Cal's Convenience Stores was contracted to operate the 204 west Texas and New Mexico Stripe's in an operating agreement that included Sunoco LP serving as the fuel vendor.

The transaction to transfer the Stripe's stores to 7-Eleven is expected to close upon receipt of regulatory approvals and satisfaction of customary closing conditions.