SANFORD, N.C., Oct. 5, 2005 (PRIMEZONE) -- The Pantry, Inc. (Nasdaq:PTRY), the leading independently operated convenience store chain in the southeastern U.S., today summarized the support it has provided to date to employees and their communities in the areas that were affected by Hurricane Katrina. The total of incremental wages paid, bonuses, matching contributions, and a newly established Hurricane Relief Fund amounts to more than $700,000.
"Our objective was to provide the most meaningful, targeted support we could to our people and their communities as they work to recover from this truly devastating natural disaster," said Peter J. Sodini, President and Chief Executive Officer. "The immediate response was focused on direct financial support for affected employees, in part to reward the extraordinary efforts many of them made to keep our stores operating or to get them back in business."
The Company's initial support included the following:
-- All store employees displaced by Hurricane Katrina who did
not or could not report for work were paid full wages and
benefits for the first two weeks following the storm.
-- All store employees in the affected areas who reported to
work were paid double-time wages for the first two weeks.
-- The Company paid "above and beyond" bonuses to many of its
salaried store and field personnel, who put in long hours
and overcame numerous challenges in getting stores resupplied,
repaired and reopened.
-- Special "hardship" bonuses were provided to employees who
were personally affected by damage to their homes and other
belongings.
-- The Company also offered to match employee donations to the
American Red Cross.
In addition, the Company has established a Hurricane Relief Fund to provide more targeted donations to communities in which it operates. The first grant of $100,000 was recently made to the Mississippi School Board Association and will be distributed to schools through the Mississippi Hurricane Katrina School Relief Fund for use as they see fit. The Company also plans to adopt selected schools as they reopen.
Mr. Sodini commented, "We operate 53 Kangaroo Express, Big K and Fast Lane convenience stores across central and southern Mississippi, and have a large stake in the ultimate success of the recovery efforts -- especially in the schools, where the future of this country lies. The schools know best what they need, so we want them to set the priorities, whether it is computers, books, or other instructional materials. We also have successfully participated in a number of Adopt-A-School programs in other states, and look forward to providing similar assistance to help some of Mississippi's schools get back to a sense of normalcy."
About The Pantry
Headquartered in Sanford, North Carolina, The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country, with net sales for fiscal 2004 of approximately $3.5 billion. As of June 30, 2005, the Company operated 1,386 stores in eleven states under a number of banners including Kangaroo Express(SM), The Pantry(R), Golden Gallon(R), Cowboys, and Lil Champ Food Store(R). The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services designed to appeal to the convenience needs of its customers.