Speedway Picks Up Three '500 Express' Stations in Indiana
Platolene 500 says it is "no longer able to compete in this market"
Published in CSP Daily News
TERRE HAUTE, Ind. -- Platolene 500 Inc., which operates two "500 Express" gas stations in Terre Haute, Ind., and one in Sullivan, Ind., notified customers last week that it is selling the stations and the business to Speedway LLC, reported The Tribune-Star.
"We anticipate the transition to Speedway operating the two locations in Terre Haute and one store in Sullivan to occur by June 2013," Henry T. Smith, Platolene 500 president, said in a letter obtained by the newspaper.
The letter, dated May 13, was posted on the door of a 500 Express station in Terre Haute last week, said the report.
"The gasoline business and times have changed to where 500 Express is no longer able to compete in this market," the letter said.
It also said that Platolene 500 credit cards will no longer be accepted for gasoline or in-store purchases after May 31.
Marathon Petroleum Corp. (MPC) subsidiary Speedway LLC, Enon, Ohio, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,460 stores in seven states: Illinois, Indiana, Kentucky, Michigan, Ohio, West Virginia and Wisconsin. MPC is based in Findlay, Ohio.
Brandon Daniels, communications manager for Marathon, could not comment on this specific purchase; however, he told the paper that Speedway and Marathon are always looking for new business opportunities. Speedway operates more than 300 locations in Indiana, he said.
Officials from 500 Express were not immediately available to comment further on the sale, added the paper.
"We would like to thank the loyal and valued customers, vendors and friends for the nearly 60 years Platolene 500 Inc. has enjoyed and cherished working with and serving the Terre Haute and Sullivan communities," Smith's letter concluded.
500 Platolene stations became 500 Express convenience stores in the mid-1990s, the report said. At the time, the company operated stations in Indiana, Illinois and Kentucky, according to the Tribune-Star.