murphy closes 47 stations

Six stores located adjacent to Wal-Mart get the axe.

Murphy USA will be closing 47 gas stations, six of which are located near Wal-Mart stores in Iowa. The stores to be shut down include the Waverly, Independence, Marshalltown, Anamosa, Grinnell and Le Mars locations, according to the Associated Press.

The company entered an agreement April 30 to buy stations with the Murphy banner that operate at various Wal-Mart stores. The gas stations are currently leased from Wal-Mart. Murphy also plans to spend about $315 million this year and in 2008 to buy the properties.

The company said in a statement that a list of the closing stations has been devised, but not released, however, it admitted that stations not purchased from Wal-Mart will close.

“In conjunction with this agreement, the company plans to close up to 47 existing stations and will incur after-tax impairment and restoration charges of approximately $18 million in the second quarter 2007,” the company said in a statement.

Murphy Oil owns and operates more than 1,000 stations in 21 states.


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