Franklin, Tenn.-based Horizon Travel Plazas LLC, created in 2003 by former Mapco Express executives, has filed a petition for Chapter 11 bankruptcy in U.S. Bankruptcy Court in the Middle District of Tennessee, the Nashville Business Journal and Nashville Post reported.
Founded by former Mapco CEO James Alligood and Vice President of Business Development Steve Ramer, the convenience store chain has already shut down 11 of its 25 new stores in the Southeast, the publications reported.
The company’s format included large convenience stores that catered to car travelers in areas normally served by truck stops, and it quickly rolled out stores in Tennessee, Arkansas, Mississippi, Alabama and Georgia when it opened a few years ago.
But the economy had other plans. Attorney Elliott Jones of Drescher & Sharp, who filed the case yesterday, told the Nashville Post that three factors converged to squeeze the company:
Jones said he’ll file a plan with the Bankruptcy Court that is based on continuing to operate the 14 stores that remain open. "We believe those stores form the core of a viable company that can move forward as a reorganized entity," Jones told the Nashville Post.
Some of Horizon’s bigger creditors, as listed on the bankruptcy filing:
Others creditors included Krispy Kreme, Interstate Brands, Pepsi Cola, Robert Orr-Sysco, Sysco Food Services, Wood Fruitticher Grocery, Flav-O-Rich, Delta Beverage, Dairy Fresh of Alabama, Customized Distribution LLC, Cintas Corporation, Captivating Headgear, Buffalo Rock and BDT.