BP to sell off convenience stores
British Petroleum announces a two-year plan to sell off all 700 of its AM/PM stores to franchisees. Nearly 10,000 eployees will lose their BP jobs. Stephen Beard reports from London.
Sign outside of a BP service station. ((Dilip Vishwanat/Getty Images))
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Doug Krizner: BP is making major changes to its U.S. convenience store business 700 outlets will be sold, and several thousands jobs hang in the balance. From London, Stephen Beard reports.
Stephen Beard: This is one of the first measures by BP's new CEO to help reverse the recent sharp fall in the company's profits. Seven hundred directly owned retail outlets in the U.S. will be sold off to franchisees.
Just under 10,000 employees will lose their jobs with BP. But the company says it expects most of the gas station and convenience store staff to be retained by the new owners.
A BP spokesperson says the measure will inject a new "spirit of enterprise" into the outlets.
The sale is expected to take two years. When it's complete, all of BP's 13,000 American gas stations will be independently owned. They will operate under the AM/PM brand name.
In London, this is Stephen Beard for Marketplace.
