Gas Station Chain

Phoenix serves as CEO and CFO to a convenience store and gas station chain and leads the restructuring of operations.

The Client

Phoenix’s client was a 130 year-old, $100 million Convenience Store and Gas Station Chain and Heating Oil Distributor based in Pennsylvania.

The Challenge

The Company’s management had lost the confidence of both its employees and creditors. The Company was in default of its loan and faced a severe cash liquidity crisis as a result of operating losses and its mismatch of short-term funding used to pay for long-lived assets.

The Solution

Phoenix Management Services assumed the positions of CEO and CFO. Phoenix then led a restructuring of operations that included the sale of non-core and unprofitable divisions. Phoenix implemented significant changes to the Company’s business strategies, including rationalizing its workforce and using seasonal help to deliver services in peak business periods. Other elements to the Company’s turnaround strategy included revamping transportation delivery strategies, outsourcing certain services, and modifications to the Company’s pricing and hedging strategies. To finance the turnaround effort and de-leverage the Company, Phoenix used the proceeds of the non-core asset sales and effectuated a recapitalization of the Company’s balance sheet. Finally, Phoenix recruited a permanent CFO and CEO.

Phoenix Turnaround

Primary Industry

  • Retail Trade

Secondary Industry

  • Oil, Petroleum and C-Stores

    Primary Services

  • Turnaround ManagementInterim ManagementBusiness / Operational AssessmentsFinancial ForecastingStrategic Advisory