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BP To Dump Over 700 U.S. Convenience Stores

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BP will sell its more than 700 US convenience stores as part of the streamlining programme begun at the UK oil giant by Tony Hayward, new chief executive.

The sales of all company-owned-and-operated convenience stores will take place over the next two years, with most going to franchise holders and the rest to dealers and large distributors, the company said on Thursday. It did not give an estimate of how much it expected to raise from the sales.

The sites will continue to sell BP fuels in the eastern US and Arco fuels in the western US as part of 20-year franchise agreements.

Read the whole story at Financial Times