Stewart’s Shops is selling five of its stores as part of an agreement with the Federal Trade Commission, following the company’s acquisition of Jolley Associates in September 2024, reported news outlet Times Union.
NACS Daily originally reported that the transaction included the purchase of 45 Jolley stores, including five locations in New York, two in New Hampshire, and 38 in Vermont.
While the majority of the 45-store acquisition was in new territory for Stewart’s, there were a few areas where there was some overlap, Stewart’s spokesperson Robin Cooper said. “It’s not our first choice to sell,” Cooper said. “It’s just how the process works.”
“The price Stewart’s Shops paid to acquire the chain was not disclosed, but the FTC investigates deals exceeding $126.4 million. The FTC identified five locations of concern for lack of competition—three newly acquired Jolley locations in Queensbury, Plattsburgh, and Manchester, Vermont, as well as two Stewart’s Shops on Route 9 in Queensbury and on Lake Street in Rouses Point,” reported the Times Union.
In the last month and a half, Cooper said the retailer has been marketing the properties to people in the industry, per the outlet. He said they are in the second phase of their vetting process.
“We’re getting calls all the time,” Cooper said. “In the industry, the word is pretty well out there.”
Cooper said Stewart’s “already has potential buyers interested, some in all five locations and others in just a few. It is open to selling individually or as a group,” with the goal of having a deal lined up by May.
The remaining 42 Jolleys will be converted into Stewart’s Shops, reported the outlet.
In other recent acquisition news, Hutchinson Oil Company Inc. sold its petroleum marketing and convenience retail business to Circle K Stores Inc. this week. Headquartered in Elk City, Oklahoma, Hutchinson operated 20 Hutch’s branded convenience stores and travel centers in western Oklahoma and southern Kansas.
Hutchinson sold its delivered fuels business, which sold commercial refined fuels products throughout eastern Oklahoma, to Hampel Oil Distributors Inc. in the fourth quarter of 2024.