DOW JONES NEWSWIRES
Former Borders Group Inc. (BGP) Chief Financial Officer Mark R. Bierley will take that post later this month at The Pantry Inc. (PTRY) as the Southeastern regional convenience store chain also announced it agreed to acquire 47 locations from Presto Convenience Stores LLC.
Bierley will succeed Frank G. Paci, who plans to resign effective Sept. 26 to pursue other interests. Bierley, whose appointment is effective the next day, has been Borders' chief financial officer since January 2009 and added the chief operating officer role in June. Bierley resigned from Borders last week to "pursue another employment opportunity."
The second-largest U.S. bookstore chain by revenue after Barnes & Noble Inc. (BKS) on Wednesday reported a wider fiscal second-quarter loss as customer traffic and sales continue their sharp decline.
Paci will stay on at Pantry in a consulting role through year's end. A company spokesperson wasn't immediately available to comment.
Meanwhile, Pantry is buying 44 stores in Kansas and three in Missouri, as well as the real estate underlying 36 of them. The deal will expand Pantry's footprint and add to earnings a year after closing, set for later this year.
Pantry last month swung to a fiscal third-quarter profit as same-store sales rose 7.7%
Pantry operates 1,639 stores in 11 states under brands such as Kangaroo Express. Its shares closed Wednesday at $19.60 and were inactive premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com