Pantry buys 38 convenience stores - News Wires

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Pantry buys 38 convenience stores

By: The Associated Press | 30 Jun 2009 | 01:07 PM ET

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SANFORD, N.C. - Pantry Inc. has bought 38 convenience stores from Herndon Oil Corp. as it enters the Mobile, Ala., market, the company said Tuesday.

Pantry, which runs convenience stores in the southeastern U.S., said the newly-acquired stores operate under several names and are primarily in Mobile, with others in Florida, Louisiana and Mississippi.

Of the 40 stores included when the acquisition was announced in April, one has been closed and another was removed from the transaction. The 38 stores generated revenue of about $152 million for the year ended May 2009, Pantry said.

The acquisition, which is expected to add to Pantry's 2010 earnings, was paid for with cash on hand. Terms were not disclosed.

The company operates 1,679 stores in 11 states.

Shares fell 16 cents, to $16.63 in afternoon trading.

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