CEO Robert Bolduc says he will know in six to eight weeks if he will sell and who the buyer will be.
SPRINGFIELD, Mass. — Pride Stores is putting a for-sale sign on its chain of 31 convenience stores.
According to Pride Stores CEO Robert Bolduc, the plan is to sell off the entire company, retaining only a few real estate investments. He will know in six to eight weeks if he will sell and who the buyer will be, Mass Livereported.
The CEO has hired a merger and acquisition firm and is hearing from potential buyers. Bolduc declined to name them except that they are big oil and gas companies, as well as big-chain convenience operators.
In the meantime, Bolduc has notified employees of the possible sale. "We're a family and this is the way it's got to be. The reaction among staff has been positive," he said, adding that the management team will remain the same after the sale.
Pride currently has 10 additional sites in development. The sites for sale are located in Massachusetts and Connecticut.
Bolduc, who is 78, founded the modern version of Pride in 1972 after his service in Vietnam. He opened what he calls Springfield's first convenience store in 1982.