Mass. company to buy M.W. Sewall stores
A Massachusetts-based energy company is poised to buy bankrupt M.W. Sewall's convenience store chain.
Energy North Inc. submitted a winning bid of $9.27 million plus the value of the stores' inventory at an auction Tuesday, outbidding Cumberland Farms Inc.'s offer of $8.5 million, according to The Times Record. Energy North plans to acquire the Bath-based oil company's 11 Clipper Mart stores, the stores' inventories and wholesale accounts. Energy North supplies gasoline and diesel throughout New England and also operates 11 Fresh Express convenience stores in Massachusetts and New Hampshire, according to The Forecaster. A hearing to confirm the auction results is scheduled for April 28 at U.S. Bankruptcy Court in Portland.
M.W. Sewall's heating oil operations were sold to former company president Edward "Ned" Sewall III at an auction held earlier this month, where Sewall bid $4.76 million. The company filed for bankruptcy last March.
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