TravelCenters of America Inc. (Nasdaq: TA), nationwide operator
of the TA, Petro Stopping Centers and TA Express travel center
brands, announced today that it is accelerating its network
expansion strategy by actively pursuing franchising opportunities
for business growth. The Company also announced a new TA Express
franchise opening today in Mt. Vernon, Texas.
"We believe there are significant opportunities for continued
growth through franchising and in early 2020, we began rapidly
increasing our engagement efforts and broadening our reach with
potential franchisees,” said Jon Pertchik, CEO of TA. “We have a
team dedicated to identifying and actively pursuing excellent
franchisees who are committed to providing our customers with the
services and amenities they’ve come to trust and rely on at our
travel centers.”
Since the beginning of 2019, TA has signed 18 new franchise
agreements under one of TA’s travel center brands. Four opened in
2019 and in the first half of 2020, eight new franchise sites are
open or anticipated to open in the following cities:
- Kilgore, Texas
- Salina, Utah
- Wasco, Oregon
- West Point, Georgia
- Mt. Vernon, Texas
- Vermillion, South Dakota (anticipated June opening)
- Nacogdoches, Texas (anticipated June opening)
- Lake City, Florida (anticipated June opening)
TA expects an additional six will open by the end of the first
quarter of 2021. Other cities TA expects to be part of its
franchise expansion this year include Huntington, Oregon;
Cookeville, Tennessee; Edgerton, Kansas and South Houston,
Texas.
In addition, TA is currently negotiating franchise agreements
for 13 travel centers across states in the western and southern
U.S. The company is also engaged in later stages of discussions
with operators of another six locations, and has more than 80 other
potential franchisees in the pipeline across states including
California, Texas, Nevada and Missouri.
“We have some of the best independent travel operators in the
country operating under franchise agreements and in many cases, we
are now working with the grandchildren of the original franchise
principals,” said Dave Raco, Vice President of Franchise
Operations. “They stay with us. We are recognized for our nearly 50
years of business success in the industry and independent operators
around the country are excited to become our partners to share in
the same experiences.”
“My relationship with TravelCenters of America has allowed me to
thrive in a highly competitive market. If you want to compete, you
need to be aligned with a successful brand,” said Robert
Berkstresser, franchise principal of Petro Stopping Centers in
Raphine, Virginia and the TA in Lexington, Virginia. “The ability
to join in the network-wide fuel and loyalty programs makes us an
attractive option to drivers and large fleets. TA and my team share
the same commitment to the trucking community and because we're
aligned, my chances of success are dramatically heightened. I'm
proud to be a TravelCenters of America franchisee.”
On May 1, 2020, TA made a series of announcements, including a
company-wide reorganization, all key steps in a new strategic,
long-term plan to improve operational efficiency and profitability.
Pertchik added, “Franchising is an integral part of our new
strategic plan and a key driver for the continued expansion of the
business. We believe putting the accelerator on this aspect of
operations will allow us to become a growth engine and serve more
customers and communities.”
For nearly fifty years, TravelCenters of America has provided
truck drivers with the amenities and services of home, including
showers, restrooms, laundry facilities, places to rest and dine.
Its travel centers house quick and full serve restaurants,
including some of the nation’s most recognized brands like
Popeye's, Burger King, Boston Market and Starbucks, attractive to
motorist consumers.
Those interested in franchise opportunities can learn more by
visiting ta-petro.com/franchising.
About TravelCenters of
America
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 more than 21,000
employees serve customers in over 260 locations in 44 states and
Canada, principally under the TA®, Petro Stopping Centers® and TA
Express® brands. Offerings include diesel and gasoline fuel, 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 nearly
650 full-service and quick-service restaurants and 10 proprietary
brands, including Quaker Steak and Lube®, Iron Skillet® and Country
Pride®. For more information, visit www.ta-petro.com.
Warning Concerning
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.
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. 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, some of which are beyond TA’s control. For example, this
press release includes various statements about expected new
franchising arrangements, potential future franchising arrangements
and plans to pursue additional franchising arrangements. However,
these arrangements may not be completed or, if they are, TA may not
realize the benefits it expects from them. Further, this press
release references TA’s new strategic, long-term plan to improve
operational efficiency and profitability. However, TA may fail to
successfully execute that plan and it may not realize the benefits
it expects from that plan.
The information contained in TA’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
TA’s periodic reports, or incorporated therein, identifies other
important factors that could cause TA’s actual results to differ
materially from those stated in or implied by TA’s forward-looking
statements. TA’s filings with the SEC are available on the SEC’s
website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements. Except as required by law, TA does not intend to update
or change any forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200520005374/en/
Investor Contact: Kristin Brown TravelCenters of America
617-796-8251 kbrown@ta-petro.com Media Contact: Tina Arundel
TravelCenters of America 216-389-3028 tarundel@ta-petro.com
TravelCenters of America (NASDAQ:TA)
Historical Stock Chart
From Mar 2024 to Apr 2024
TravelCenters of America (NASDAQ:TA)
Historical Stock Chart
From Apr 2023 to Apr 2024