Convenience store chain closes all stores after bankruptcy
The retailer has been struggling for years.
It's been a challenging past several years in the retail industry.
What is already a competitive and fickle market has gone through a rapid transformation since 2020, when the onset of COVID-19 changed every norm we took for granted.
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Five years ago was the beginning of a new world, and many retailers are still trying to catch up.
That is, if they even made it through the pandemic.
The initial phase of COVID-19 saw countrywide lockdowns, with many businesses shuttering their doors for weeks — and in some cases, months — on end.
An overnight drop in foot traffic to zero was the death knell for many small retailers or retailers that depended on passersby for their profits.
Restaurants, mall retailers, and small mom-and-pop brick-and-mortar stores have all faced significant struggles to survive.
And many were gobbled up by larger corporate incumbents who had the money on hand to hunker down and weather the ongoing storm.
Retail continues to change
When we emerged on the other side of COVID-19, things reopened but weren't necessarily any easier.
Retail had consolidated, which made the space ever more competitive. Vacant lots were snapped up by giant retailers, driving up the cost to rent in smaller more rural areas.
And money itself got more expensive. A rise in interest rates made borrowing or growing more pricey.
And so many retailers, like Forever 21, Party City, and Joann eventually filed for bankruptcy.
Bankrupt convenience chain closing stores
Such is the case for Mega Co-Op, the Midwestern convenience chain typically located off busy highways.
The chain filed for bankruptcy in 2023, closing 13 stores and ending a longstanding partnership with Holiday Stationstores in May 2024. It restructured and emerged from bankruptcy in June 2024.
But that wasn't enough to save the business. The chain has since made the decision to close the last of its gas stations and convenience stores as of March 14, 2025.
CEO Mike Buck said the closures were due to ongoing financial instability and a lack of profit after a difficult past year.
"Buck said those restructuring efforts were at the same time as significant cash flow pressures caused by reduced fuel margins, resulting in insolvency," local station WQOW reports.
Mega Co Op's website is not active, and the remaining locations are listed as permanently closed.
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