7-Eleven acquires Chicago-based White Hen chain
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WHP Holdings Corp., the parent company of White Hen Pantry, has been acquired by Tokyo based Seven & I Holdings Co. for $35 million from New York investment firm, Angelo, Gordon & Co. White Hen has previously declared bankruptcy. Seven & I is the owner and operator of the 7-Eleven convenience store chain. This is the largest buyout for the 7-Eleven brand in two decades and signals a continuance of the expansion Seven & I has pursued in recent years. "This acquisition is a strategic fit for 7-Eleven and enhances market presence in the Chicagol
WHP Holdings Corp., the parent company of White Hen Pantry, has been acquired by Tokyo based Seven & I Holdings Co. for $35 million from New York investment firm, Angelo, Gordon & Co. White Hen has previously declared bankruptcy. Seven & I is the owner and operator of the 7-Eleven convenience store chain. This is the largest buyout for the 7-Eleven brand in two decades and signals a continuance of the expansion Seven & I has pursued in recent years.
"This acquisition is a strategic fit for 7-Eleven and enhances market presence in the Chicagoland area," said 7-Eleven Inc. President and Chief Executive Joseph DePinto. The addition of White Hen stores will allow the company to increase their presence in greater Boston (55 stores) and metropolitan Chicago (206 stores) bringing their North American store count to over 7,100.
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Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 11 Aug 2006, 05:30 am IST
