EL PASO, Texas — Bad times have returned for Good Time Stores Inc. After experiencing supply difficulties and shuttering or selling stores in 2006, the company has now filed for Chapter 11 bankruptcy protection.
The El Paso, Texas-based gas-station and convenience-store retailer currently owns seven Chevron Good Time Markets locations.
As reported in a 21st Century Smoke/CSP Daily News Flash, in a mid-August 2015 filing with the U.S. Bankruptcy Court in the Western District of Texas, El Paso Division, Good Time Stores reported $6 million in assets, but owed creditors almost $8 million, according to a report by El Paso Inc. It reported gross sales of $6.3 million in 2013, $6.6 million last year and $3.6 million from January to August this year.
Creditors holding the largest claims include Pineda Grantor Trust II, owed $3.5 million; Roundtree Capital Corp., owed $2.25 million; Berkadia Commercial Mortgage, owed $1.45 million; and Chevron, owed $1 million.
The El Paso County Tax Assessor has a claim for $325,009 and Internal Revenue Service a claim for $239,805, according to court documents.
Good Time Stores closed the doors and shut off the gasoline pumps at some locations in 2006, reportedly because of supply issues.
Alon USA Energy Inc., Dallas, purchased 40 Good Time c-stores in 2006 and has since converted them to its own brand; Good Time retained 15 locations.