The Pantry prepares to acquire 13 Speedmart Food Stores

03/08/05 The Pantry, Inc., the leading independently operated convenience store chain in the southeastern U.S., has announced that it has signed a definitive agreement to acquire 13 convenience stores in Alabama from Chatham Oil Company, Inc., which has been operating the stores under the Speedmart Food Stores banner.

The acquisition, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the Company's fourth fiscal quarter. The Company plans to finance the transaction with cash on hand. Terms of the acquisition were not disclosed.