Uni-Mart
Encyclopedia
Uni-Mart is a Pennsylvania-based company that owns, operates and franchises hundreds of convenience store
s in the Mid-Atlantic
region of the United States
.
The Uni-Mart and Choice convenience store chain announced their Chapter 11 bankruptcy protection on May 29, 2008. That leaves more than 280 stores up for sale.
Uni-Mart officials said there are more than 1,200 employees in the convenience store chain.
, Pennsylvania
. Over the next 15 years, Uni-Mart grew and became a successful convenience store brand. In December 1986, Uni-Mart became a publicly traded company on the American Stock Exchange
. In July 2004, Uni-Mart reverted to private company status following the creation of Green Valley Acquisition Co., LLC
.
Uni-Mart owns and operates 282 stores in Pennsylvania, New York
, Delaware
, Ohio
, and Maryland
. The number of privately-owned franchise
locations is not clear.
In 2006, the company expanded into Ohio by acquiring a handful of BP
stations in the Youngstown
area. The company switched the convenience stores to Uni-Mart in 2007 but continue to sell BP gasoline, a stark contrast to Uni-Marts in other markets that mainly sell their own brand of gasoline. This isn't the first time that Uni-Mart marketed other gasoline: during most of the 1990s, Uni-Marts were co-branded with Getty
, and several Pennsylvania stations sold Exxon
right up to the bankruptcy; the corporate website also notes that some sell Sunoco.
According to local reputation in central Pennsylvania, the three colors red
-blue
-orange
motif
used in Uni-Mart's logo
and signage is a direct reference to the flag of Armenia
, a tribute to the heritage
of the company's founder.
Uni-Mart is following a growing industry trend, initiated by the major oil companies, where ownership of convenience stores and gas stations is put in the hands of individual dealers and operators who are able to set their own margins and purchase their own merchandise. Uni-Mart is also targeting minority populations.
The company was recently taken private in a transaction involving the company's founder Henry D. Sahakian and Non-resident Indian (NRI) Raj Vakharia, a former managing director of Donaldson, Lufkin & Jenrette
.
NRI Raj Vakharia was born in Rajkot, Gujarat and came to the United States in 1976 to attend Long Island University
, where he earned a master's degree in business administration. He also has a law degree from the University of Saurashtra. Vakharia, who lives in Colonia, New Jersey, also served as assistant state treasurer for New Jersey in Governor James McGreevey’s administration for one and a half years, and resigned from the position to return to his finance and investment-banking career on Wall Street. He was the first Asian-Indian to hold such a high treasury post.
Vakharia bought Uni-Mart in July 2004. According to Vakharia, his plan going into his purchase of Uni-Mart was to sell stores to individual operators.
Vakharia will target its investment in high-growth markets throughout India
including Delhi
, Mumbai
, Bangalore
, Chennai
, and Pune
.
court.
In 2004, the owners were solicited through booklets and seminars to buy 225 convenience stores. The suit says information owners received "contained serious omissions and representations".
"In particular, the company allegedly misled owners about critical costs to operate the stores, misstating or neglecting to mention how much payroll, maintenance, taxes and insurance would be."
The company is also said to have overcharged owners for gasoline, in violation of agreements.
-based Pirshlo, Inc. conglomerate
, which owned the New York cluster of Uni-Marts (and a handful in northern Pennsylvania), was forced to shut down its entire cluster in August 2007, after Pirshlo owner Lloyd Long was convicted of tax evasion. Uni-Mart initially took over the Pirshlo stores before liquidating them, while the Seneca nation
claimed two in Salamanca, one of which became WGWE
.
Convenience store
A convenience store, corner store, corner shop, commonly called a bodega in Spanish-speaking areas of the United States, is a small store or shop in a built up area that stocks a range of everyday items such as groceries, toiletries, alcoholic and soft drinks, and may also offer money order and...
s in the Mid-Atlantic
Mid-Atlantic States
The Mid-Atlantic states, also called middle Atlantic states or simply the mid Atlantic, form a region of the United States generally located between New England and the South...
region of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
The Uni-Mart and Choice convenience store chain announced their Chapter 11 bankruptcy protection on May 29, 2008. That leaves more than 280 stores up for sale.
Uni-Mart officials said there are more than 1,200 employees in the convenience store chain.
History
Henry D. Sahakian founded Uni-Mart in 1972, with the first store opening in State CollegeState College, Pennsylvania
State College is the largest borough in Centre County in the U.S. state of Pennsylvania. It is the principal city of the State College, Pennsylvania Metropolitan Statistical Area which encompasses all of Centre County. As of the 2010 census, the borough population was 42,034, and roughly double...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
. Over the next 15 years, Uni-Mart grew and became a successful convenience store brand. In December 1986, Uni-Mart became a publicly traded company on the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
. In July 2004, Uni-Mart reverted to private company status following the creation of Green Valley Acquisition Co., LLC
Limited liability company
A limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions...
.
Uni-Mart owns and operates 282 stores in Pennsylvania, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Delaware
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, and Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
. The number of privately-owned franchise
Franchising
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....
locations is not clear.
In 2006, the company expanded into Ohio by acquiring a handful of BP
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
stations in the Youngstown
Youngstown, Ohio
Youngstown is a city in the U.S. state of Ohio and the county seat of Mahoning County; it also extends into Trumbull County. The municipality is situated on the Mahoning River, approximately southeast of Cleveland and northwest of Pittsburgh, Pennsylvania...
area. The company switched the convenience stores to Uni-Mart in 2007 but continue to sell BP gasoline, a stark contrast to Uni-Marts in other markets that mainly sell their own brand of gasoline. This isn't the first time that Uni-Mart marketed other gasoline: during most of the 1990s, Uni-Marts were co-branded with Getty
Getty Oil
Getty Oil is an oil company founded by J. Paul Getty. It was at its height during the 1960s. In 1971, the Getty Realty division was formed to manage the real estate needs of Getty stations. The division was later spun off, but now owns the rights to the Getty brand...
, and several Pennsylvania stations sold Exxon
Exxon
Exxon is a chain of gas stations as well as a brand of motor fuel and related products by ExxonMobil. From 1972 to 1999, Exxon was the corporate name of the company previously known as Standard Oil Company of New Jersey or Jersey Standard....
right up to the bankruptcy; the corporate website also notes that some sell Sunoco.
According to local reputation in central Pennsylvania, the three colors red
Red
Red is any of a number of similar colors evoked by light consisting predominantly of the longest wavelengths of light discernible by the human eye, in the wavelength range of roughly 630–740 nm. Longer wavelengths than this are called infrared , and cannot be seen by the naked eye...
-blue
Blue
Blue is a colour, the perception of which is evoked by light having a spectrum dominated by energy with a wavelength of roughly 440–490 nm. It is considered one of the additive primary colours. On the HSV Colour Wheel, the complement of blue is yellow; that is, a colour corresponding to an equal...
-orange
Orange (colour)
The colour orange occurs between red and yellow in the visible spectrum at a wavelength of about 585–620 nm, and has a hue of 30° in HSV colour space. It is numerically halfway between red and yellow in a gamma-compressed RGB colour space, the expression of which is the RGB colour wheel. The...
motif
Motif (art)
In art, a motif is an element of a pattern, an image or part of one, or a theme. A motif may be repeated in a design or composition, often many times, or may just occur once in a work. A motif may be an element in the iconography of a particular subject or type of subject that is seen in other...
used in Uni-Mart's logo
Logo
A logo is a graphic mark or emblem commonly used by commercial enterprises, organizations and even individuals to aid and promote instant public recognition...
and signage is a direct reference to the flag of Armenia
Flag of Armenia
The national flag of Armenia, the Armenian Tricolour , consists of three horizontal bands of equal width, red on the top, blue in the middle, and orange on the bottom. The Armenian Supreme Soviet adopted the current flag on 24 August 1990...
, a tribute to the heritage
Cultural heritage
Cultural heritage is the legacy of physical artifacts and intangible attributes of a group or society that are inherited from past generations, maintained in the present and bestowed for the benefit of future generations...
of the company's founder.
Uni-Mart is following a growing industry trend, initiated by the major oil companies, where ownership of convenience stores and gas stations is put in the hands of individual dealers and operators who are able to set their own margins and purchase their own merchandise. Uni-Mart is also targeting minority populations.
The company was recently taken private in a transaction involving the company's founder Henry D. Sahakian and Non-resident Indian (NRI) Raj Vakharia, a former managing director of Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
.
NRI Raj Vakharia was born in Rajkot, Gujarat and came to the United States in 1976 to attend Long Island University
Long Island University
Long Island University is a private, coeducational, nonsectarian institution of higher education in the U.S. state of New York.-History:...
, where he earned a master's degree in business administration. He also has a law degree from the University of Saurashtra. Vakharia, who lives in Colonia, New Jersey, also served as assistant state treasurer for New Jersey in Governor James McGreevey’s administration for one and a half years, and resigned from the position to return to his finance and investment-banking career on Wall Street. He was the first Asian-Indian to hold such a high treasury post.
Vakharia bought Uni-Mart in July 2004. According to Vakharia, his plan going into his purchase of Uni-Mart was to sell stores to individual operators.
Vakharia will target its investment in high-growth markets throughout India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
including Delhi
Delhi
Delhi , officially National Capital Territory of Delhi , is the largest metropolis by area and the second-largest by population in India, next to Mumbai. It is the eighth largest metropolis in the world by population with 16,753,265 inhabitants in the Territory at the 2011 Census...
, Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, Bangalore
Bangalore
Bengaluru , formerly called Bengaluru is the capital of the Indian state of Karnataka. Bangalore is nicknamed the Garden City and was once called a pensioner's paradise. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and...
, Chennai
Chennai
Chennai , formerly known as Madras or Madarasapatinam , is the capital city of the Indian state of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. Chennai is the fourth most populous metropolitan area and the sixth most populous city in India...
, and Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
.
Owners lawsuit
Pennsylvania convenience store owners are suing Uni-Mart, LLC for fraud and breach of contract, claiming the company and its real estate and financial firms misled them about operating costs and profitability, in a lawsuit filed on January 2, 2007, in Luzerne CountyLuzerne County, Pennsylvania
- Demographics :As of the 2010 census, the county was 90.7% White, 3.4% Black or African American, 0.2% Native American, 1.0% Asian, 3.3% were of some other race, and 1.5% were two or more races. 6.7% of the population was of Hispanic or Latino ancestry...
court.
In 2004, the owners were solicited through booklets and seminars to buy 225 convenience stores. The suit says information owners received "contained serious omissions and representations".
"In particular, the company allegedly misled owners about critical costs to operate the stores, misstating or neglecting to mention how much payroll, maintenance, taxes and insurance would be."
The company is also said to have overcharged owners for gasoline, in violation of agreements.
Pirshlo
The Little Valley, New YorkLittle Valley (village), New York
Little Valley is a village in Cattaraugus County, New York, USA. The population was 1,130 at the 2000 census.The Village of Little Valley is in the northwest corner of the Town of Little Valley....
-based Pirshlo, Inc. conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
, which owned the New York cluster of Uni-Marts (and a handful in northern Pennsylvania), was forced to shut down its entire cluster in August 2007, after Pirshlo owner Lloyd Long was convicted of tax evasion. Uni-Mart initially took over the Pirshlo stores before liquidating them, while the Seneca nation
Seneca nation
The Seneca are a group of indigenous people native to North America. They were the nation located farthest to the west within the Six Nations or Iroquois League in New York before the American Revolution. While exact population figures are unknown, approximately 15,000 to 25,000 Seneca live in...
claimed two in Salamanca, one of which became WGWE
WGWE
WGWE is an FM radio station licensed to Little Valley, New York. The station, with a tower atop Fourth Street in the village of Little Valley, broadcasts a classic hits format on 105.9 MHz and operates under the ownership of the Seneca Nation of Indians; the Seneca nation purchased WGWE's...
.