7-Eleven, Inc. Grows In Cleveland Market By Leasing 19 Stores From Lehigh Gas
DALLAS, March 26, 2013 /PRNewswire/ -- 7-Eleven, Inc. is growing in the Cleveland area with the announcement that the company will rebrand convenience stores in Cuyahoga and Lorain counties as part of a 19-store lease from Lehigh Gas Parnters LP, based in Allentown, Pa.
The effective date of the leases will vary, but all leases are expected to be in place by March 31, 2013.
Lehigh Gas Partners will retain ownership of the 19 sites and will continue to provide wholesale distribution of motor fuels to each site. The fuel will continue to be sold under the "BP" brand. 7-Eleven will rebrand the stores as "7-Eleven" stores and will manage the convenience-store operations.The retail fuel business at the 15 stores in Cuyahoga County and four in Lorain County will continue to be owned and operated by Lehigh Gas — Ohio, LLC, an entity managed by Joe Topper, chairman and CEO of Lehigh Gas Partners. "As the world leader in convenience retailing, 7-Eleven is a strong credit-rated tenant with a substantial balance sheet and a well-known global brand," Topper said. "Lehigh Gas Partners looks forward to working with 7-Eleven and is confident customers will benefit from the rebranding of these locations." About 7-Eleven, Inc. 7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses more than 10,000 7-Eleven® stores in North America. Globally, there are some 49,500 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales close to $76.6 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Forbes magazine's 2011 list of Top Franchises for the Money; #3 spot on Entrepreneur magazine's Franchise 500 list for 2012, #3 in Forbes magazine's Top 20 Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. Hispanic Magazine named 7-Eleven among its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven received the 2010 Retailer of the Year honor from PL Buyer because of the company's private-label brand initiative. 7-Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.com. About Lehigh Gas PartnersLehigh Gas Partners, headquartered in Allentown, Pa., was formed to engage in the wholesale distribution of motor fuels and to own and lease real estate used in the retail distribution of motor fuels. Lehigh Gas Partners owns and leases sites located in nine states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire and Maine. For additional information, please visit www.lehighgaspartners.com. SOURCE 7-Eleven, Inc.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts