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More stores close under Greene bankruptcy

The latest on the gas station chain bought less than one year ago by Democratic Senate candidate Jeff Greene from The Johnson City Press:

A landlord that has closed 12 APPCO convenience stores got U.S. Bankruptcy Court permission to close another nine last week, but APPCO’s owner beat it to the punch by closing two of the stores. APPCO owner Sunshine Energy, embroiled in a battle with former APPCO owner Jim MacLean over the 28 store properties he still owns, last week closed APPCO No. 11, at Broadway and East Main streets, and APPCO No. 40 in Elizabethton. Sunshine Energy filed for Chapter 11 bankruptcy June 10, days after MacLean’s Management Properties Inc. began repossessing some of the properties it owns. By June 10, 12 of the company’s 47 stores were closed, and have been since. The latest closures came shortly after Bankruptcy Judge Marcia Parsons ruled last week that MacLean could repossess nine more stores (including a half-dozen in the Johnson City area) that had been protected by Sunshine’s bankruptcy filing. That decision followed on Parsons’ June 24 refusal to let Sunshine reopen the 12 stores MPI had closed between June 2 and June 9, and applied to stores that state courts had ruled before June 10 could be repossessed. For its part, MPI has filed a motion to have the entire bankruptcy case as a “bad faith filing,” contending Sunshine only filed to prevent repossession of the stores...The additional stores slated for closure include the Broadway and Elizabethton stores, stores on South Greenwood Drive and East Unaka Avenue in Johnson City, two stores in Gray, and one each in Boones Creek, Roan Mountain and Mountain City. Sunshine shuttered APPCO 11 around Wednesday of last week and removed the pumps the next day, the owner of the store located next door said.

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