Circle K Stores Ropes 26 Stores
Memphis, Tenn., Circle K Stores, a subsidiary of Alimentation Couche-Tard Inc, of Laval, Canada, signed an agreement to purchase 26 stores in the Memphis region of Tennessee from BP Products North America. Should the transaction close as expected at the end of December, these assets would add sales of about $80 million to Couche-Tard's revenues and contribute to its earnings on an annualized basis.
The 26 convenience stores currently operate under the BP banner, 18 of which are company-owned/operated, six company-owned/dealer operated and two dealer-owned/operated. All locations dispense BP branded fuel and will continue to do so. Terms were not disclosed.