Circle K Agrees to Purchase Offer

Circle K Corp., a convenience store chain that is in bankruptcy, announced Wednesday that it has agreed to be purchased for $375 million by an investor group that includes the owner of Saks Fifth Avenue.

The sale price is $50 million less than the $425 million CK Acquisitions tentatively agreed to pay in March.

The reduced sale price reflects plans by CK Acquisitions to spend more than Circle K had planned on upgrading gasoline facilities and replacing underground storage tanks, Circle K Chairman Bart A. Brown Jr. said.

The company, which lost $1 billion over the past two years, filed for Chapter 11 protection from its creditors in May, 1990.

The agreement is subject to approval by Circle K’s creditors and a bankruptcy court judge. The creditor groups have until July 27 to solicit competing bids to present to the court, which will decide which bid to accept.