Is a Sale in Cumberland Farms' Future?
CANTON, Mass. -- Cumberland Farms Inc., operator of nearly 1,000 convenience stores in the Northeast and Florida, may be looking to sell some of its stores, CSNews Online has learned from two separate industry sources.
One source, who wished to remain anonymous, told CSNews Online the retailer is marketing stores for sale through New York-based financial firm Goldman Sachs. A spokeswoman at Goldman Sachs declined to comment, but noted that the firm' policy is to not comment on a sale until it is announced by the seller.
Cumberland Farms spokeswoman Christen Graham told CSNews Online she couldn't comment due to the company's policy against responding to industry speculation.
The speculation of a sale follows an announcement by Cumberland Farms in late January that it is closing the bakery, commissary and plastics operations at its 550,000-square-foot warehouse and distribution center in order "to focus on the core mission of convenience store retailing," Graham told CSNews Online at the time.
"Baking bread, doughnuts and making fresh sandwiches are not core functions of its convenience operations, so it's outsourcing those functions," Graham said.
One source, who wished to remain anonymous, told CSNews Online the retailer is marketing stores for sale through New York-based financial firm Goldman Sachs. A spokeswoman at Goldman Sachs declined to comment, but noted that the firm' policy is to not comment on a sale until it is announced by the seller.
Cumberland Farms spokeswoman Christen Graham told CSNews Online she couldn't comment due to the company's policy against responding to industry speculation.
The speculation of a sale follows an announcement by Cumberland Farms in late January that it is closing the bakery, commissary and plastics operations at its 550,000-square-foot warehouse and distribution center in order "to focus on the core mission of convenience store retailing," Graham told CSNews Online at the time.
"Baking bread, doughnuts and making fresh sandwiches are not core functions of its convenience operations, so it's outsourcing those functions," Graham said.