April 22nd, 2024

Parkland puts 157 convenience store and fuel station locations up for sale

By The Canadian Press on March 26, 2024.

Parkland Corp. is looking to sell 157 convenience store and fuel station locations across in six provinces. A Pioneer gas station is shown in Carleton Place, Ont., on Saturday, Nov. 8, 2008. THE CANADIAN PRESS/Sean Kilpatrick

CALGARY – Parkland Corp. is looking to sell 157 convenience store and fuel station locations across six provinces.

The company says the assets up for sale include locations under the Chevron, Ultramar, Pioneer and FasGas brands as well as the On the Run convenience store banner.

The bulk of the stations are in Quebec and Ontario, with the balance in Alberta, British Columbia, Manitoba and Saskatchewan.

The company says the retail and fuel locations will be packaged with long-term Parkland fuel supply agreements.

Francis Lapointe, Parkland’s vice-president of Canadian retail operations, says the decision to sell the assets is part of the company’s ongoing network planning and optimization process.

The sale process comes as the company faces calls from New York-based activist investor Engine Capital LP for a complete board overhaul at the company.

This report by The Canadian Press was first published March 26, 2024.

Companies in this story: (TSX:PKI)

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