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FRAMINGHAM, Mass. -- Locally based Cumberland Farms Inc. inked a deal to sell 27 stores to Petroleum Marketing Group (PMG), essentially bringing an end to the retailer's presence in New Jersey.
The convenience stores included in the deal with Virginia-based PMG are in New Jersey, Delaware and Pennsylvania, according to the Courier-Post. As a result of the sale, 176 workers will be laid off effective April 15, according to a notice filed with the state's Department of Labor. Those employees can apply for jobs with PMG.
"The company's strategic plan is to continue its operations in the New York, New England and Florida markets," Cumberland Farms spokesman Derek Beckwith told the South Jersey newspaper.
Financial terms of the deal were not disclosed.
According to the report, Cumberland Farms had shrunk its New Jersey footprint down to just 16 stores. The retailer had convenience stores in Delran and several along the Jersey Shore, including outlets in Atlantic City, Egg Harbor Township, the Manahawkin section of Stafford and the West Tuckerton section of Little Egg Harbor.
Prior to the deal, Cumberland Farms had nearly 600 c-stores in 11 states.
PMG is a jobber and distributor of petroleum products and the operator of convenience stores in the Mid-Atlantic region of the United States. The company has more than 800 locations, from Virginia to northern New Jersey. Of the 800 sites it owns, operates and/or supplies, PMG operates more than 90 gas station and c-store sites through its affiliate E&C Enterprise, according to its website.