Wisconsin-based c-store chain The Store — run by Team Schierl Cos. — is expected to close all of its 25 locations by the end of July following the news of Mountain Express Oil’s bankruptcy. The company is working on an agreement with the next operator to retain current employees and establish transition procedures, according to WSAW.
In 2022, The Store was launched by Team Schierl Cos. after purchasing the land and buildings from Mountain Express. The agreement stated that Mountain Express took ownership of the land and buildings, while The Store ran the company operationally.
Financial Hurdles
In March 2023, Mountain Express filed for bankruptcy with plans to strengthen its fuel distribution business.
“The company intends to use the Chapter 11 process to achieve a comprehensive restructuring that will strengthen its fuel distribution business, dealer network and retail business,” Mountain Express stated at the time of the filing.
Here is what CEO Turjo Wadud had to say at the time:
“Through this process, Mountain Express will continue to transform the business for the future while bolstering our financial position,” said Turjo Wadud, CEO of Mountain Express. “I am confident in the strength of our business and our team and look forward to achieving a comprehensive resolution that will best position Mountain Express for long-term success. We continue to have a robust pipeline and will continue to provide opportunities for our dealers, partners and employees. During this process, we intend to maintain the underlying durability of our business as well as our strong relationships in the industry.”
This Tuesday, The Store was notified that, as a result of the bankruptcy proceedings, ownership of the land would transition to a property investment company, which does not plan to extend the current operational agreement.
WSAW also reported that Schierl Tire & Auto Service and Subway Restaurants will not be affected by the transition.
