Plaid Pantry
Encyclopedia
Plaid Pantry is a chain
of privately-owned convenience store
s based in Beaverton, Oregon
, USA. Of one hundred seven locations, three are in the Seattle, Washington
area, eight are near Salem
, and the balance are in the Portland metropolitan area
.
decoration originally on both the store buildings and the roadside pole signs.
Plaid Pantry can date its origins to Handy Pantry, a California company which built multiple stores in the Portland area, with the financial backing of Alpenrose Dairy
. Stores built from scratch by Handy Pantry/Alpenrose were under the Handy Pantry name; stores made by converting an existing structure were referred to as Speedy Mart. In 1963, the Handy Pantry/Speedy Mart chain went into bankruptcy. Alpenrose Dairy, as the major creditor, gained control of all the stores.
In 1960, John Piacentini decided to go into business for himself and opened his first store in east Portland, under the name John's One-Stop. He opened a few more stores and eventually was offered the opportunity to purchase the Handy Pantry/Speedy Mart chain with financial backing by Alpenrose Dairy. Piacentini changed the name of all the stores to Plaid Pantry, and continue to stock Alpenrose Dairy products.
(CFM) in March 1987, he had built it into a chain of 161 stores in the Portland and Seattle areas. That sale fell through about two months later, after CFM conducted its due diligence audit. A subsequent leveraged buyout
a year later led to chapter 11 bankruptcy on March 13, 1989, and a subsequent reorganization. Piacentini died later in 1988, and several lawsuits followed.
majority-owned by Houlihan Lokey Howard & Zukin (HLHZ), with minority ownership stakes held by senior Plaid Pantry management including CEO Chris Girard.
The details of the 1998 deal and several subsequent transactions became the subject of a lawsuit in 2007 before the United States District Court for the District of Oregon
between HLHZ and Girard. The lawsuit was settled in 2008 and included a complete redemption of HLHZ.
was contemplated as a way to reduce litter, large retailers opposed the idea and said that no one would return bottles and cans for a two-cent deposit. Piacentini disagreed, and as proof offered a half cent for each can and bottle returned to a Plaid Pantry store. He collected more than a million cans and bottles and brought them to the steps of the state capitol.
(OLCC), has a policy against selling alcohol to "homeless street drinkers" According to Plaid Pantry's president Chris Girard, the policy has been in place since 1997.
In the late 1990s, Plaid Pantry failed 30-40% of spot checks conducted by the OLCC to determine if the company was selling alcohol or tobacco to minors; by March 2000, they became the first retailer recognized by the OLCC as a "responsible vendor", a milestone reached due to changes to the company's training and its credit card validation system, which were updated to simplify a clerk's ability to ascertain whether a customer was of legal age.
Franchising
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....
of privately-owned convenience store
Convenience store
A convenience store, corner store, corner shop, commonly called a bodega in Spanish-speaking areas of the United States, is a small store or shop in a built up area that stocks a range of everyday items such as groceries, toiletries, alcoholic and soft drinks, and may also offer money order and...
s based in Beaverton, Oregon
Beaverton, Oregon
Beaverton is a city in Washington County, Oregon, United States, seven miles west of Portland in the Tualatin River Valley.As of the 2010 census, the population is 90,267. This makes it the second-largest city in the county and Oregon's sixth-largest city...
, USA. Of one hundred seven locations, three are in the Seattle, Washington
Seattle, Washington
Seattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...
area, eight are near Salem
Salem, Oregon
Salem is the capital of the U.S. state of Oregon, and the county seat of Marion County. It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city. The river forms the boundary between Marion and Polk counties, and the city neighborhood...
, and the balance are in the Portland metropolitan area
Portland metropolitan area
The Portland-Vancouver-Hillsboro, OR-WA Metropolitan Statistical Area , also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. The U.S...
.
Ownership
Plaid Pantries, Inc. traces its founding to 1960 by John Piacentini. The name refers to the plaidTartan
Tartan is a pattern consisting of criss-crossed horizontal and vertical bands in multiple colours. Tartans originated in woven wool, but now they are made in many other materials. Tartan is particularly associated with Scotland. Scottish kilts almost always have tartan patterns...
decoration originally on both the store buildings and the roadside pole signs.
Plaid Pantry can date its origins to Handy Pantry, a California company which built multiple stores in the Portland area, with the financial backing of Alpenrose Dairy
Alpenrose Dairy
Alpenrose Dairy is a dairy company located in the Hayhurst neighborhood of southwest Portland, Oregon since 1916. It has been in the Cadonau family for several generations and was named after the alpine rose by the Swiss-born wife and early co-owner of the dairy.The grounds of the dairy...
. Stores built from scratch by Handy Pantry/Alpenrose were under the Handy Pantry name; stores made by converting an existing structure were referred to as Speedy Mart. In 1963, the Handy Pantry/Speedy Mart chain went into bankruptcy. Alpenrose Dairy, as the major creditor, gained control of all the stores.
In 1960, John Piacentini decided to go into business for himself and opened his first store in east Portland, under the name John's One-Stop. He opened a few more stores and eventually was offered the opportunity to purchase the Handy Pantry/Speedy Mart chain with financial backing by Alpenrose Dairy. Piacentini changed the name of all the stores to Plaid Pantry, and continue to stock Alpenrose Dairy products.
Founder's sale and death
Nearly 20 years later, when Piacentini tentatively sold the company to Convenient Food MartConvenient Food Mart
Convenient Food Mart is a chain of convenience stores in the United States. The private company's headquarters are located in Mentor, Ohio, and there are currently approximately 325 stores located in the US. Convenient Food Mart operates on the franchise system....
(CFM) in March 1987, he had built it into a chain of 161 stores in the Portland and Seattle areas. That sale fell through about two months later, after CFM conducted its due diligence audit. A subsequent leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
a year later led to chapter 11 bankruptcy on March 13, 1989, and a subsequent reorganization. Piacentini died later in 1988, and several lawsuits followed.
Since 1991
A series of transactions made public in 1998 put half of the chain under the ownership of a holding companyHolding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
majority-owned by Houlihan Lokey Howard & Zukin (HLHZ), with minority ownership stakes held by senior Plaid Pantry management including CEO Chris Girard.
The details of the 1998 deal and several subsequent transactions became the subject of a lawsuit in 2007 before the United States District Court for the District of Oregon
United States District Court for the District of Oregon
The United States District Court for the District of Oregon is the Federal district court whose jurisdiction comprises the state of Oregon. It was created in 1859 when the state was admitted to the Union...
between HLHZ and Girard. The lawsuit was settled in 2008 and included a complete redemption of HLHZ.
Founder's role in the Oregon Bottle Bill
In 1969 as the Oregon Bottle BillOregon Bottle Bill
The Oregon Bottle Bill is container-deposit legislation passed in the U.S. state of Oregon in 1971 and amended in 2007. It requires cans, bottles, and other containers of carbonated soft drink, beer, and water sold in Oregon to be returnable with a minimum refund value...
was contemplated as a way to reduce litter, large retailers opposed the idea and said that no one would return bottles and cans for a two-cent deposit. Piacentini disagreed, and as proof offered a half cent for each can and bottle returned to a Plaid Pantry store. He collected more than a million cans and bottles and brought them to the steps of the state capitol.
Alcohol sales
Plaid Pantry, reportedly under pressure from the Oregon Liquor Control CommissionOregon Liquor Control Commission
The Oregon Liquor Control Commission is a government agency of the U.S. state of Oregon. The OLCC was created by an act of the Oregon Legislative Assembly in 1933, days after the repeal of prohibition, as a means of providing control over the distribution, sales and consumption of alcoholic...
(OLCC), has a policy against selling alcohol to "homeless street drinkers" According to Plaid Pantry's president Chris Girard, the policy has been in place since 1997.
In the late 1990s, Plaid Pantry failed 30-40% of spot checks conducted by the OLCC to determine if the company was selling alcohol or tobacco to minors; by March 2000, they became the first retailer recognized by the OLCC as a "responsible vendor", a milestone reached due to changes to the company's training and its credit card validation system, which were updated to simplify a clerk's ability to ascertain whether a customer was of legal age.
External links
- Plaid Pantry succeeds by shrinking - Portland Business Journal