CARY, N.C., Sept. 17, 2009 (GLOBE NEWSWIRE) -- The Pantry, Inc. (Nasdaq:PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced that its Board of Directors has appointed Edwin J. Holman, a current director, as Chairman of the Board. Mr. Holman will succeed Peter Sodini, who announced his retirement from the Company and Board of Directors effective September 25, 2009.
Edwin J. Holman has served as a director of the Company since October 2005. From December 2004 until his recent retirement, Mr. Holman served as Chairman and Chief Executive Officer of Macy's Central, a division of Macy's, Inc., that operates 217 department stores in the Midwest and southern United States. Previously, he was Chairman and Chief Executive Officer of Galyans Trading Company, Inc. from September 2003 to October 2004. Earlier in his career, Mr. Holman held senior executive positions with the Bloomingdale's and Rich's/Lazarus/Goldsmiths divisions of Federated Department Stores, Inc., Petrie Retail Inc., a specialty apparel retailer, Woodward & Lothrop, The Carter Hawley Hale Stores and The Neiman Marcus Group.
Mr. Holman commented, "On behalf of the Board, I want to thank Pete for his outstanding leadership and efforts over the last twelve years. Pete and his team have achieved many milestones that will be his legacy and will benefit The Pantry in the years to come."
Mr. Holman continued, "As a board member for the past four years, I look forward to my new leadership role and working with Terry and the rest of the Board in positioning The Pantry for continued growth and success. The Board has great confidence in Terry and the management team's ability to build on the Company's strengths and take the business to new levels."
About The Pantry
Headquartered in Cary, 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. As of September 17, 2009, the Company operated 1,677 stores in eleven states under select banners, including Kangaroo Express(r), its primary operating banner. 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.
Safe Harbor Statement
Statements made by the Company in this press release relating to future plans, events, or financial performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores acquired; the ability of the Company to identify, acquire and integrate acquisitions into its operations; fluctuations in domestic and global petroleum and gasoline markets; realizing expected benefits from the Company's fuel supply agreements; changes in the competitive landscape of the convenience store industry, including gasoline stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the Company's markets; the current global financial crisis and uncertainty in global economic conditions; wholesale cost increases of, tax increases on, and campaigns to discourage the use of, tobacco products; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including the Company's principal suppliers of gasoline and merchandise, and their ability to continue to supply its stores; the Company's financial leverage and debt covenants; environmental risks associated with selling petroleum products; and governmental laws and regulations, including those relating to tobacco products and the environment. These and other risk factors are discussed in the Company's Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release are based on the Company's estimates and plans as of September 17, 2009. While the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.