Conoco Sells Circle K. According to SmartMoney.com, ConocoPhillips has agreed to sell its Circle K Corp. to Alimentation Couche-Tard Inc., a Canadian convenience store operator, for a reported $820.9 million (plus the assumption of $9 million in debt). Conoco has stated that the sale will result in the loss of 17,000 jobs. The sale will transfer ownership of 1,663 Circle K stores and the franchise agreements for 350 more, making Couche-Tard the fourth largets convenience store operator in North America. ConocoPhillips will continue to supply gasoline and petroleum products and operate 300 to 350 retail outlets. For a similar report from the Toronto Star on the sale, click here. (The exchange rate between Canadian and American dollar may account for the difference in the reported sales price -- The Toronto Star claims the company was sold for $1.1 billion).
Posted by franchiselawblog at October 6, 2003 04:16 PM