The
The locations for sale include ones operated under the Chevron,
Most are in
"There's a lot of interest from individuals who want to buy a site, become a dealer, as well as buyers who want potentially to have multiple sites," said Parkland chief financial officer
The sale of the gas station locations is part of Parkland's broader goal to divest
On Thursday, Teunissen said the company is making good progress. Of the
"And the remaining part of all that is going to be driven by the 157 retail sites that we actually have put in market," Teunissen said.
"We have identified sites where the value of real estate is actually bigger than the value it has for us to run those sites. So that's what we're trying to monetize, and reinvest that money into businesses or locations that actually bring better returns for us."
Parkland is looking to divest assets as part of an ongoing plan to improve returns to shareholders in the wake of a period of significant acquisitions.
But the company is facing calls to take more drastic action to improve its performance. Both
Parkland has said such a review is unnecessary and does not consider the best interests of the majority of its shareholders.
On Thursday, Parkland CEO
"We believe the disagreement between management and its largest shareholder, Simpson Oil, remains a key overhang on the stock given heightened uncertainty," Davis wrote in a note to clients.
"While we do not expect Parkland’s strategy and capital allocation framework to shift materially at this point, we believe any negotiation will likely require some concessions."
Parkland posted a net loss of
The
On an adjusted basis, the company said it earned
The unplanned shutdown of Parkland's
The refinery returned to normal operations on
This report by The Canadian Press was first published
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