SANFORD, N.C. -- A Bend, Ore.-based hedge fund has increased its stake in The Pantry. Stadium Capital Management LLC, a fund investing in small-cap companies, now owns 6.4% of The Pantry, according to The Triangle Business Journal, citing Securities & Exchange Commission (SEC) documents.
Stadium Capital Management owns 1.42 million shares of the Sanford, N.C.-based large, regional gas station and convenience store chain.
Stadium Capital Management's stake in The Pantry was just under 5% as of Dec. 31, 2007, said the report. It owned 1.09 million shares of the company on that [image-nocss] date, 6.6% of its overall portfolio. It reportedly has $3000 million in assets.
As reported earlier this week in CSP Daily News, Hayground Cove Associates LLC, New York, which as of April 14 had cashed out of its previous 7.5% stake in The Pantry.
Shares in The Pantry have fallen 60% since the start of the year, the Triangle Business Journal said. They got cut nearly in half in two days after the company said it expected a downturn for the rest of its fiscal year, said the report.Late yesterday afternoon, The Pantry 's stock was trading for less than $11 per share, more than $2 below the company 's initial public offering of stock for $13 per share in 1999. One year ago, the company 's stock was trading for more than $48 per share, according to Hoover's.
The Pantry Inc. has nearly 1,650 stores in11mostly southeastern states, operating primarily under its Kangaroo Express banner.
Click hereto view previous CSP Daily News coverage of The Pantry.
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