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Westlake,
OH – April 2021 / Newsmaker Alert / TravelCenters
of America Inc. (Nasdaq: TA), nationwide operator and franchisor of
the TA, Petro Stopping Centers and TA Express travel center brands, announces
that it has completed the previously announced sale of its standalone restaurant
business, which includes 42 locations primarily branded as “Quaker Steak
& Lube” for aggregate proceeds of $5 million.
“This
strategic divestment is a significant step in support of TA’s strategy
to be a more focused leader in the travel center industry,” said Jon Pertchik,
CEO of TA. “The sale of the standalone restaurant business, which did not
strategically fit within our long-term goals for the company, will allow
us to further concentrate our efforts on our core travel centers business
and thoughtfully execute our transformation and growth initiatives.”
About
TravelCenters of America Inc.
TravelCenters
of America Inc. (Nasdaq: TA) is the nation’s largest publicly traded
full-service travel center network. Founded in 1972 and headquartered in
Westlake, Ohio, its nearly 20,000 employees serve customers in over 270
locations in 44 states and Canada, principally under the TA®, Petro
Stopping Centers® and TA Express® brands. Offerings include diesel
and gasoline fuel, convenience stores, truck maintenance and repair, full-service
and quick-service restaurants, car and truck parking and other services
and amenities dedicated to providing great experiences for professional
drivers and the general motoring public. TravelCenters of America operates
over 600 full-service and quick-service restaurants and 9 proprietary brands,
including Iron
Skillet® and Country
Pride®. For more information, visit www.TA-Petro.com.
Warning
Regarding Forward Looking Statements
This
press release contains statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. For example, this press release states that
the sale of the non-core business will allow the company to further focus
on its core travel center business and pursue transformation and growth
initiatives. Also, whenever TA uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives
or derivatives of these or similar expressions, TA is making forward-looking
statements. These forward-looking statements are based upon TA’s present
intent, beliefs or expectations, but forward-looking statements are not
guaranteed to occur and may not occur or may not have the effects TA expects.
Actual results may differ materially from those contained in or implied
by TA’s forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors, including those
set forth in TA’s filings with the Securities and Exchange Commission,
some of which are beyond TA’s control.
Media
Contact:
Tina
Arundel
Manager,
Corporate Communications
TravelCenters
of America
216-389-3028 |