X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Swifty Serve, a five-year-old, privately owned gasoline and convenience store chain, first under Chapter 11 protection and now in Chapter 7 (liquidation), has asked a US Bankruptcy Court judge for permission to shed most of its assets. The real estate held by the troubled chain totals 547 convenience stores and an estimated 6.56 million sf throughout the Southeast.

Judge Catherine Carruthers is scheduled to make her ruling Jan. 7. Swifty Serve’s October Chapter 11 petition listed assets of about $75 million and liabilities of $125 million. The chain’s stores have been closed for the past three months. The company operated 100 stores in Georgia totaling about 1.2 million sf.

Court records show the chain has received firm offers aggregately valued at about $152 million or $355,972 per store on 427 locations. Swifty Serve co-founders Clay Hamner and Wayne Rogers have tried, unsuccessfully, to buy back 200 stores for about $90 million or $450,000 per location.

Swifty Serve’s rise in the convenience store industry began with the purchase of the 62-store Swannee Swifty chain for $5 million or about $80,645 per store, according to a published report. In 1998, Swifty Serve acquired the 488-store E-Z Serve group in Houston for $54 million or about $110,655 per store.

Court records show Swifty Serve posted income of $610 million in 2000 and $813 million in 2001. But this year the company’s profits tumbled and debt rose to $125 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.