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Pantry To Acquire 47 Convenience Stores; Appoints Mark Bierley As SVP And CFO - Quick Facts

(RTTNews) - Pantry Inc. (PTRY) announced that it has signed a definitive agreement to acquire 47 convenience stores. The company is acquiring the stores from Presto Convenience Stores, LLC. The acquisition is expected to be funded with cash on hand.

Forty-four of the stores are located in Kansas with three stores in Missouri. The stores operate under the Presto trade name and generated revenues of approximately $194 million during the 12 months ended May, 2010. The acquisition is expected to close in the first quarter of fiscal 2011.

The company expect this transaction to be accretive to earnings per share in the first 12 months after closing.

In a separate press release, Pantry also announced the appointment of Mark Bierley as its Senior Vice President and Chief Financial Officer, effective September 27, 2010. Bierley will replace Frank Paci, who has informed the board of directors that he plans to resign from the Company, effective September 26, 2010, to pursue other interests.

Bierley joins The Pantry from Borders Group, Inc., where he has been Chief Operating Officer and Chief Financial Officer since June 2010. At Borders since 1996, Bierley progressed through a variety of financial management positions, including Executive Vice President and Chief Financial Officer from January 2009 through June 2010 and Senior Vice President, Finance from 2003 through 2008.