Valero Energy Corporation plans to permanently shut down its Delaware City refinery due to financial losses caused by very poor economic conditions, significant capital spending requirements and high operating costs. The shutdown will affect about 550 employees at the plant. Valero notified refinery employees of the impending shutdown on Nov. 20, and has…
Moody’s Ups 7-Eleven Rating
Moody’s Investors Service increased its ratings outlook on 7-Eleven Inc. to positive, noting the c-store chain has seen improved results despite the recession, The Wall Street Journal reported. 7-Eleven, which has some 6,200 stores in the U.S. and Canada and is owned by Seven-Eleven Japan Co., reports an annual revenue of about $17…
Couche-Tard Profit Hurt By Gas Margins
Alimentation Couche-Tard released its second quarter results, reporting net earnings of $88.2 million, down $9.4 million or 9.6%. The drop was a result of a 9.10 cents per gallon decrease in motor fuel gross margins in the U.S., which had an estimated impact of more than $65 million before income taxes. During…
Gasoline Prices Edging Higher into December
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Retail gasoline prices are moving higher across most of the country as Americans finalize travel plans for the Thanksgiving holiday. AAA expects a 2.1% increase in automobile travel of 50 miles or more from home with this year’s holiday compared with 2008, projecting 33.2 million…
Hot Stuff Foods Introduces Hot Stuffed Stix
Hot Stuff Foods has rolled out new Hot Stuffed Stix, a mozzarella-stuffed breadstick dusted with a light parmesan cheese coating, to complement Hot Stuff Foods’ multi-day-part foodservice initiative and commitment to providing busy consumers with quality on-the-go items. “Our Hot Stuffed Stix is the perfect product addition for our franchise partners who are…
ACI Warns Families About Interchange Fees
The American Consumer Institute (ACI) has released a ConsumerGram detailing the negative effects that high credit card fees (interchange fees) have on families across the country, MarketWatch reported. The report comes shortly before one of the biggest shopping days of the year. “Holiday season is right around the corner. As many American…
Casey’s Buys Nine Bullseye Locations
Casey’s General Stores Inc. has entered into agreements to purchase nine convenience stores in Missouri owned by PICS Marketing Inc. and Ridgerunner Properties LLC. The stores are currently operated by Cox Oil Company Inc. under the Bullseye banner, and will be immediately rebranded to Casey’s. Cox Oil will continue to operate nine other…
7-Eleven Taps Tom Gerrity
Tom Gerrity, who has led 7-Eleven Inc.’s foray into private-label packaged food while supervising the grocery category, will now focus his merchandising efforts solely on the company’s growing 7-Select line of products. As the new senior product director for private label products, Gerrity will oversee product development across all categories in the store.…
Love’s Ranks 15th On Forbes List
Love’s Travel Stops & Country Stores has made Forbes magazine’s list of America’s largest private companies for the 10th consecutive year. This year Love’s was listed as No. 15, a jump from No. 25 last year. The rankings are based on 2008 revenues. “We’re proud to be an Oklahoma company that has…
Annual Survey Shows Small Businesses Optimistic
Some 52% of small businesses participating in the fifth annual Small Business Holiday Outlook Survey by Constant Contact reported that they expect holiday sales to increase compared to last year. This statistic marks a large increase over last year, when less than one-third of survey responders were similarly optimistic. More than 35%…