Southland Sells Off 56 Stores: Southland Corp.,...
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From Times Staff and Wire Reports
Southland Sells Off 56 Stores: Southland Corp., involved in a massive financial restructuring, said it has signed a definitive agreement to sell 56 of its 7-Eleven stores in Memphis, Tenn., to MAPCO Petroleum Inc. of Tulsa, Okla. Terms of the transaction, which will also include related properties, were not disclosed. Typically, sales of 7-Eleven stores in the past have netted Southland about $180,000 per store. At that rate, the Memphis sale should yield about $4.5 million.
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