The Circle K Corp. has announced that it has signed a non-binding letter of intent for the sale of 350 of its stores in the Pacific Northwest, including 61 in Utah, to PC Ventures Ltd.
The stores would continue to be operated under the Circle K name and Circle K would receive annual royalty payments.Involved are 63 stores in Washington state, 52 stores in Oregon, 65 in Idaho, 37 in Montana and 72 in Colorado. Tentative terms call for consummation of the transaction on or before March 31, 1990.
Circle K announced Dec. 1 that it had entered into a non-binding letter of intent to sell all of its 25 operating stores and related properties in Hawaii to a group of Hawaii investors for $29.5-million plus store inventories at cost and the purchasers' assumption of certain obligations.
The transactions are subject to approvals by Circle K's board of directors, the execution of definitive agreements and the satisfaction of certain other conditions.