P.M. BRIEFING : Circle K Closing 201 Stores
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PHOENIX — Circle K Corp. has begun closing 201 stores targeted as unprofitable and will complete the job by the end of the month, company spokesman Ray Cox said.
Cox said the stores are located in 21 states, and all are on land leased by Circle K. Texas has the greatest number of stores to be closed--43--followed by California with 29, Georgia with 23, and Florida with 20.
Circle K operates about 4,500 convenience stores in 32 states and has an additional 1,300 licensed or joint-venture stores in 14 foreign countries.
Cox would not say how much it is costing Circle K to terminate the leases or how much the company expects to save. Cox said most of the 201 stores already have been closed.
More closings are possible after the effects of the step are analyzed, he said Monday. About 1,600 employees will be affected, but 95% of them will be absorbed in other stores.
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