Alimentation Couche-Tard (ATDb.TO) has launched a fundraising campaign to support staff and customers after 120 of its convenience stores in Texas were forced to close earlier this week due to damage from Hurricane Harvey.
The Laval, Que.,-based company says 19 stores remained closed in South Texas and 71 in the Houston area as of Wednesday.
Couche-Tard says it will donate $100,000 to the Red Cross and accept donations at all of its 9,500 North American stores. It says it has established a $150,000 fund to help employees directly affected by the storm to which other employees can contribute.
Couche-Tard has more than 700 stores in Texas, including 666 added in June thanks to its deal to buy CST Brands.
RBC analyst Irene Nattel says in a report that the company's lost revenue due to down time may be offset by a surge from people stocking up on supplies before and after the storm, as well as higher gasoline prices already being seen in the U.S. and Canada.
According to GasBuddy.com, the average price of regular gasoline in Canada has risen by more than five cents since Harvey roared ashore last Friday.
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