Three-Store Operator Selling Business to Speedway

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Three-Store Operator Selling Business to Speedway


TERRE HAUTE, Ind. -- Speedway LLC is adding three Indiana locations to its portfolio in an acquisition deal with Platolene 500 Inc.

Two of the convenience stores and gas stations -- branded as 500 Express -- are located in Terre Haute and the other is in Sullivan. The seller notified customers about the sale last week, according to The Tribune-Star.

"We anticipate the transition to Speedway operating the two locations in Terre Haute and one store in Sullivan to occur by June 2013," stated a letter signed by Henry T. Smith, Platolene 500's president. The letter, dated May 13, was posted on the door of a 500 Express station in Terre Haute.

"The gasoline business and times have changed to where 500 Express is no longer able to compete in this market," the letter stated. It went on to explain that Platolene 500 credit cards will no longer be accepted for gas or in-store purchases after May 31.

500 Platolene service stations transitioned to 500 Express convenience stores in the mid-1990s. At the time, the company operated stations in Indiana, Illinois and Kentucky, according to the newspaper.

"We would like to thank the loyal and valued customers, vendors and friends for the nearly 60 years Platolene 500 Inc. has enjoyed and cherished working with and serving the Terre Haute and Sullivan communities," Smith concluded.

Enon, Ohio-based Speedway, the retail arm of Marathon Petroleum Corp., has approximately 1,460 locations.