7 Eleven Buys TETCO Stores
By: Leon Castles
on Wednesday, August 15, 2012
Dallas based 7-Eleven has made an announcement that they have signed an agreement with San Antonio based TETCO Inc that they will buy all their stores in the city. This will mark as the return of 7-Eleven in the San Antonio market almost after 23 years. The company said that they are feeling really proud that they are going to be back in the San Antonio market where they had their businesses earlier. The Dallas based retailer also said that apart from the San Antonio stores they will also buy stores in Dallas Fort Worth, Utah and Austin. The company did not reveal much about the financial terms of the deal saying that the deal is still under negotiations but the company said that the deal will close in November 2012.
The retailer also said that the companies have been talking on the number of stores that will be bought by 7-Eleven under this agreement and TETCO officials are thinking on this. San Antonio based TETCO has more than 200 stores in Texas and Utah and 60 stores in DFW area. 7-Eleven Executive Vice President and Chief Financial Officer, Stan Reynolds said that the combination of TETCO’s retail and wholesale operations will make this as the largest acquisition by 7-Eleven in the last four years and they will be able to improve their customer base.