Pantry Inc fka PTRY

[NumberOne]

The Pantry Completes Buyout Of 38 Convenience Stores From Herndon Oil - Update
6/30/2009 9:57 AM

(RTTNews) - The Pantry Inc. (PTRY: News ), an independently operated convenience store chain in the southeastern U.S., announced Tuesday that it has completed the previously disclosed acquisition of 38 convenience stores from Herndon Oil Corp, using cash in hand. Financial terms of the deal were not disclosed.

The Sanford, North Carolina-based company said that of the 40 stores included when the acquisition was first announced, one has since been shut down and another was later removed from the transaction. The company expects the transaction to add to its earnings per share in fiscal 2010.

The stores operate under a variety of names, including Flamingo, and are primarily located in the Mobile, Alabama market, with the remainder in Florida, Mississippi and Louisiana, and generated revenues of nearly $152 million for the 12 months ended May 2009.

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