Bp To Franchise Its Convenience Stores

Gas station operator BP PLC said it will create a franchise network for more than 700 of its company-owned convenience stores in the United States and sell them to franchisees.

The stores will operate under the "AM PM" brand, BP's U.S. Convenience Retail unit said in a news release.

Some of the stores will also be sold to dealers and large distributors, BP said.

The change, which is part of London-based BP's previously announced reorganization plan, will affect about 9,500 convenience store jobs, 350 business support staff and 100 employees from the company's Pipelines and Logistics unit. The Convenience Retail unit, based in Naperville, Ill., will close as well, and operations will be run from a small office in La Palma, Calif.

The AM PM chain was founded in 1978 and was acquired by BP when it purchased oil company ARCO in 2000. Stores in California, Nevada, Oregon, Washington and Arizona operate under the brand, along with locations in Brazil, Japan and Mexico.

BP (NYSE: BP) said it will announce franchising opportunities and individual marketing areas separately. In total, the company operates 13,000 gas stations in the United States.

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