Uni-Mart
| Company type | Public (until 2004), then Private |
|---|---|
| Industry | Convenience stores, Fuel retail |
| Founded | 1972 |
| Founder | Henry Sahakian |
| Defunct | 2009 |
| Fate | Bankruptcy; assets acquired by Kwik Pik LLC |
| Headquarters | Pennsylvania , United States |
Area served | Mid-Atlantic United States (Pennsylvania, New York, Ohio) |
Key people | Henry Sahakian (founder), Raj Vakharia (owner after Sahakian) |
| Products | Convenience stores, fuel stations |
Number of employees | 2700 (1997) |
Uni-Mart was a company headquartered in Pennsylvania that owned, managed, and franchised a large network of convenience stores across the Mid-Atlantic area of the United States. By 2008, the enterprise operated 283 convenience outlets and fuel stations spanning Pennsylvania, New York, and Ohio. In 1995, Uni-Mart reported annual revenues amounting to $327.01 million. The business was established by Henry Sahakian and employed approximately 2,700 individuals as of 1997.
On May 29, 2008, Uni-Marts LLC voluntarily submitted a Chapter 11 bankruptcy filing in the United States Bankruptcy Court for the District of Delaware, marking the start of a restructuring process that management had contemplated since September 2007.
In December 2009, Kwik Pik LLC, affiliated with Lehigh Gas Corporation, acquired the remaining assets of the company. Despite these changes, many locations continued to operate under the Uni-Mart brand as of 2016.
History
The origins of Uni-Mart trace back to 1972 when Henry D. Sahakian founded the company. The first store bearing the Uni-Mart name opened in State College, Pennsylvania, in 1981 after Sahakian rebranded several Ma-jik Market franchise outlets he had owned since the early 1970s. The brand quickly gained traction and by December 1986, Uni-Mart transitioned into a publicly traded entity on the American Stock Exchange.
September 1996 saw the inauguration of the Uni-Mart Center in State College, a 10,000 square foot facility touted as "America's Largest Convenience Store Under One Roof." This expansive location combined a convenience store and fuel station with multiple additional services including a Burger King, Manhattan Bagel, Fox's Pizza Den, Mail Boxes Etc., and banking facilities. In July 2004, Uni-Mart returned to private ownership following its acquisition by Green Valley Acquisition Co. LLC. By 2008, it operated 283 stores across Pennsylvania, New York, and Ohio; however, details regarding privately held franchise locations remained unclear.
The company's expansion into Ohio began in 2006 through the purchase of several BP stations near Youngstown, adjacent to Pennsylvania. Subsequently, Uni-Mart extended its footprint into Cincinnati and Northern Kentucky, creating an exclave beyond its traditional territory. These new locations were incorporated into the Uni-Mart system in 2007 while continuing to retail BP gasoline—a contrast to most other Uni-Mart stations which primarily sold fuel under their own brand. Historically, Uni-Mart had partnered with other gasoline brands; during the 1990s it co-branded with Getty, and some Pennsylvania sites offered Exxon and Sunoco fuels until the bankruptcy proceedings in 2008.
Ownership shifted when Sahakian sold the business to Raj Vakharia, a Non-resident Indian (NRI) and former managing director at Donaldson, Lufkin & Jenrette. Vakharia planned to leverage this investment to expand aggressively into rapidly growing urban markets across India such as Delhi, Mumbai, Bangalore, Chennai, and Pune.
Pirshlo
Pirshlo, Inc., a conglomerate headquartered in Little Valley, New York, managed the New York group of Uni-Marts along with several locations in northern Pennsylvania. However, in August 2007, the entire cluster was compelled to close following the conviction of Pirshlo's owner, Lloyd Long, on charges of tax evasion. Initially, Uni-Mart assumed control of the Pirshlo outlets but eventually proceeded to liquidate them. Meanwhile, the Seneca nation acquired two stores in Salamanca, one of which was transformed into WGWE.
Notes
References
- American companies established in 1972
- Defunct retail companies of the United States
- Retail companies established in 1972
- Retail companies disestablished in 2009
- Convenience stores of the United States
- Defunct companies based in Pennsylvania
- 1972 establishments in Pennsylvania
- 2009 disestablishments in Pennsylvania
- Companies that filed for Chapter 11 bankruptcy in 2008