Cumberland Farms Closes 29 Stores
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U.S. convenience store chain Cumberland Farms is closing 29 stores, 28 of which it also supplied fuel to. The Framingham, MA-based chain has already closed 23 stores and will close the remaining six over the next month.
The retailer worked with Matrix Capital Markets Group to sell the stores to allow Cumberland Farms to redeploy capital to over 500 remaining and new-to-industry company-operated retail units. The 29 stores were sold to multiple buyers including regional jobbers, individual store buyers and individual store operators. Cumberland Farms owned all the sites, which were operated by independent operators.
"The repositioning of capital within our market area is an important part of our strategy to acquire new sites, renovate existing sites and own and operate site consistent with our brand identity," said Joe Petrowski, CEO of Cumberland Farms, in a statement.
Family-owned for 70 years, Cumberland Farms operates convenience stores across 11 states throughout the Northeast and Florida.