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Article: Rejuvenated Circle K Corp. comes full circle by emerging from bankruptcy, going public.
- Article from:
- The Oil Daily
- Article date:
- May 30, 1995
- Author:
CopyrightCOPYRIGHT 1995 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Circle K Corp., one of the largest independent U.S. gasoline retailers, has succeeded in going public less than two years after emerging from bankruptcy.
New owners, new management, a new business plan, extensive restructuring and a return to profitability set the stage for its successful return.
"It's a very strong and viable player now," said Barry Rothberg, an analyst at investment bank Furman Selz Inc.
Despite many negative perceptions of Circle K among potential investors, the convenience-store operator has come a long way in its restructuring, Rothberg said. He described the balance sheet of the Phoenix-based company as "cleansed."