BP TO SELL OVER 700 C-STORES

Oil giant BP plans to sell more than 700 owned-and-operated US convenience stores to franchise holders and the rest to dealers and large distributors, said new ceo Tony Hayward. More than 10,000 employees are expected to lose their jobs as a result of the sales.

“By tapping into the entrepreneurial experience and knowledge of local station owners, we will build a strong franchise network that will help us grow our business,” said Fiona MacLeod, president of BP US Convenience Retail.