7-Eleven acquires 55 Sam’s Mart stores in Carolinas
Dallas -- 7-Eleven has entered into an agreement with Sam's Mart LLC to acquire 55 Sam's Mart stores in North and South Carolina and convert them to 7-Eleven stores this year. Local contractors will be hired for the remodeling program to begin later this year.
The transaction is anticipated to close in February, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
The acquisition is part of the retailer's accelerated growth plan. 7-Eleven opened some 650 stores in the United States and Canada in 2011.
"Sam's Mart has a successful store operation and quality locations that fit our strategy to expand where we have existing stores or in areas near markets where we have operations," said Stan Reynolds, 7-Eleven executive VP and CFO.
Sam's Mart LLC will continue to operate its other 91 stores in the Charlotte and Atlanta metro areas and retain its office personnel.