TravelCenters of America Announces the Completion of the Sale of its Standalone Restaurant Business
April 22 2021 - 4:15PM
Business Wire
TravelCenters of America Inc. (Nasdaq: TA) today announced that
it has completed the previously announced sale of its standalone
restaurant business, which includes 42 locations primarily branded
as “Quaker Steak & Lube” for aggregate proceeds of $5
million.
“This strategic divestment is a significant step in support of
TA’s strategy to be a more focused leader in the travel center
industry,” said Jon Pertchik, CEO of TA. “The sale of the
standalone restaurant business, which did not strategically fit
within our long-term goals for the company, will allow us to
further concentrate our efforts on our core travel centers business
and thoughtfully execute our transformation and growth
initiatives.”
About TravelCenters of America Inc.:
TravelCenters of America Inc. (Nasdaq: TA) is the nation's
largest publicly traded full-service travel center network. Founded
in 1972 and headquartered in Westlake, Ohio, its nearly 20,000
employees serve customers in over 270 locations in 44 states and
Canada, principally under the TA®, Petro Stopping Centers® and TA
Express® brands. Offerings include diesel and gasoline fuel,
convenience stores, truck maintenance and repair, full-service and
quick-service restaurants, car and truck parking and other services
and amenities dedicated to providing great experiences for
professional drivers and the general motoring public. TravelCenters
of America operates over 600 full-service and quick-service
restaurants and 9 proprietary brands, including Iron Skillet® and
Country Pride®. For more information, visit www.ta-petro.com.
Warning Regarding Forward Looking
Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
For example, this press release states that the sale of the
non-core business will allow the company to further focus on its
core travel center business and pursue transformation and growth
initiatives. Also, whenever TA uses words such as “believe”,
“expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may”
and negatives or derivatives of these or similar expressions, TA is
making forward-looking statements. These forward-looking statements
are based upon TA’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur or may not have the effects TA expects. Actual results may
differ materially from those contained in or implied by TA’s
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors, including
those set forth in TA’s filings with the Securities and Exchange
Commission, some of which are beyond TA’s control.
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version on businesswire.com: https://www.businesswire.com/news/home/20210422005139/en/
Kristin Brown, Director, Investor Relations (617) 796-8251
www.ta-petro.com
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