Appco Closing Glade Spring Store

Appalachian Oil, after months of struggling to stay in business despite a stagnant credit flow, on Wednesday closed one of its gas and convenience stores – Appco Store No. 53 in Glade Spring, Va.
“We just found out today,” said a woman who answered the store’s phone. She preferred to remain anonymous.
“We’re just closing now,” she said.
It was on Monday that Appco, also known as Appalachian Oil, found the money to pay workers after putting a freeze on paychecks Friday. It’s parent company, Richardson, Texas, -based Titan Global Holdings, had to win a bankruptcy court’s approval to use cash collateral to release the paychecks.
Appco CEO and President Marty Anderson did not return a call to his office late Wednesday.
Based in Blountville, Tenn., Appco began to falter financially in November, when food and drinks began to disappear on shelves because there was no money to restock. In January, the Appco gas stations stopped selling fuel.
The company filed for Chapter 11 bankruptcy in February to stave off such creditors as Frito-Lay, the Pepsi-Cola Co. and the Coca-Cola Bottling Co.
The Glade Spring store is the only closing so far among Appco’s 55 gas station-convenience stores in Virginia, Tennessee and Kentucky.
According to its bankruptcy filing, Appco owes more than $10 million to more than 200 creditors, according to the bankruptcy filing.

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