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 told the Bristol Herald Courier. On Monday Blountville-based Appco 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.
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