Valero Retail Holdings, a subsidiary of Valero Energy Corporation, announced today it would purchase 29 stores in the Little Rock and Hot Springs, Ark. areas from The Crackerbox Stores and convert them to Valero Corner Stores in the coming months. The deal is expected to close in mid-July. The purchase price was not disclosed.
With an average size of 3,700 square feet and situated on an average of an acre and a half, the stores will be remodeled to include the full Corner Store branded offering, including Cibolo Mountain coffee, advanced food programs and the full line of Fresh Choices proprietary signature branded products.
"We are excited to be re-entering the Arkansas market,” said Gary Arthur, President of Valero Retail. “These stores are great assets and will complement our existing Corner Store network. They already carry the Valero brand, so customers are familiar with our high-quality fuel and motor oils. We look forward to serving customers in the Little Rock and Hot Springs areas. Our commitment to them is to provide high-quality products, value and excellent customer service in well-designed, safe, clean facilities.”
In addition to the store locations, Valero has purchased rights to the Crackerbox name and will maintain that while the stores are in the process of being converted to Valero Corner Stores.
“We served the market for 40 years,” said Lewis Gardner, CEO of The Crackerbox Stores. “In our consideration of buyers, we felt Valero was the best fit for our customers and employees. We want to take this opportunity to thank our customers and employees."
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 22,000 people, and assets include 16 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm. Approximately 6,800 retail and branded wholesale outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.