7-Eleven to acquire 28 Pacific Convenience locations, will remodel/rebrand all
Dallas — 7-Eleven is acquiring the retail interests of 28 locations owned by Pacific Convenience & Fuels LLC.
The acquisition includes sites in California, Oregon, Washington and Colorado, and is slated to close in fourth quarter 2011. Terms of the transaction have not been disclosed.
All of the locations will be rebranded as 7-Eleven and will retain the Conoco-Phillips/76 gasoline brands.
"This is a strategic acquisition for us, increasing our store footprint in several of our most successful markets," said Sean Duffy, 7-Eleven VP mergers and acquisitions. "Year to date, 7-Eleven has added more than 400 new locations, and 2011 promises to be 7-Eleven’s biggest year for store growth since 1986."
7-Eleven said it will remodel and rebrand the locations, with the bulk of the work anticipated to be completed by the end of 2012. Approximately 15 stores will require only interior and imaging changes, which should be completed by the end of the year, while the balance will undergo more extensive remodeling. All stores will be available for franchise.
Barnes & Noble announces Hart-Scott-Rodino approval of Liberty Media investment
New York City — Barnes & Noble said Tuesday that the FTC has granted early termination of the waiting period under the Hart-Scott-Rodino Act, allowing investor Liberty Media to move forward with its stock purchase in the bookseller.
Barnes & Noble announced on Aug. 18 that Liberty Media invested an aggregate of $204 million in the company through the purchase of newly issued convertible preferred stock, totaling a 16.6% interest in Barnes and Noble.
Under the terms of the investment, Liberty has elected two nominees to Barnes & Noble’s board of directors. Barnes & Noble will expand its board to eleven members to include Gregory B. Maffei, Liberty Media’s president and CEO, and Mark D. Carleton, senior VP of Liberty.
AutoZone Q4 profit up 12%
Memphis — AutoZone reported Tuesday that profit for the quarter ended Aug. 27 rose 12% to $301.5 million, compared with $268.9 million in the year-ago period.
Sales rose 8.1% to $2.64 billion from $2.45 billion, topping Wall Street expectations of $2.61 billion in sales. Same-store sales in the U.S. rose 4.5%.
During the quarter, AutoZone opened 68 new stores, replaced five stores, and closed one store in the United States and opened 18 new stores in Mexico.
For the full fiscal year, AutoZone earned $849 million, compared with $738.3 million last year. Sales rose to $8.07 billion from $7.36 billion.