Valero Retail Holdings, a subsidiary of US-based refiner and fuel marketer Valero Energy, plans to purchase 29 stores located in the Little Rock and Hot Springs, Arkansas areas from The Crackerbox Stores.
After the acquisition, the company will convert these stores, which have an average size of 3,700ft², to Valero Corner Stores in the coming months.
The firm plans to remodel the stores to include the full Corner Store branded offering, including Cibolo Mountain coffee, advanced food programs and the full-line of Fresh Choices proprietary signature branded products.
Valero Retail president Gary Arthur said that these stores will complement the company's existing Corner Store network.
"They already carry the Valero brand, so customers are familiar with our high-quality fuel and motor oils," Arthur added.
"We look forward to serving customers in the Little Rock and Hot Springs areas. Our commitment to them is to provide high-quality products, value and excellent customer service in well-designed, safe, clean facilities."
The convenience stores operator has also bought rights to the Crackerbox name and will maintain that while the stores are in the process of being converted to Valero Corner Stores.
The latest deal is likely to close in mid-July this year.
For the first quarter of 2012, Valero's retail segment reported $40m in operating income, down from $66m in the corresponding quarter a year ago.
Valero Energy, through its subsidiaries, employ nearly 22,000 people and has about 6,800 retail and branded wholesale outlets carrying the Valero, Diamond Shamrock, Shamrock and Beacon brands in the US and Caribbean; Ultramar in Canada; and Texaco in the UK and Ireland.
Image: Valero headquarters in San Antonio, Texas, US. Photo: Zereshk