The sale of Appalachian Oil Company Inc. (APPCO) convenience store chain in eastern Tennessee to Florida Sunshine Investments Inc. was approved by bankruptcy Judge Marsha Parsons yesterday. The closing is expected to follow today.
“I’m pleased that Florida Sunshine will retain all of APPCO’s stores, a portion of its dealer business, and the vast majority of employees,” said P. A. (Andy) Weber, III, senior vice president of NRC Realty & Capital Advisors LLC (NRC), which is handling the sale. Weber has been serving as chief restructuring officer for APPCO. “It is the end of a long road in APPCO’s history and the beginning of a new chapter in APPCO’s bright future.”
The purchase by Florida Sunshine Investments includes all 47 sites operated in bankruptcy by APPCO of Blountville, Tenn., as well as rights to the company’s private brand name, APPCO. The stores, all of which are leasehold properties, are located in eastern Tennessee, southeastern Kentucky, and southwest Virginia. They were offered through NRC’s “buy one, some or all” sealed bid sale process, under the supervision of the U.S. Bankruptcy Court for the Eastern District of Tennessee.