South Country Co-op pays out $12.5M in cash, equity
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The South Country Co-op cardlock location on 30th Street SW is show in February 2020. Even with fuel sales taking a major hit due to the pandemic, the regional co-operative managed to pay out $12.5 million in cash and equity to its membership.--NEWS FILE PHOTO
The company announced a cash and equity payback of $12.5 million to members for the 2020 program.
South Country Co-op’s CEO says COVID-19 created some obstacles for them.
“2020 was the most challenging year in our retail sector to date,” said Paul Haynes in a news release. “… We also had to pivot quickly in the face of a global pandemic that caused one of our most profitable business arms to crumble from the lack of demand for fuel products, the reduction in global oil pricing, consumer good shortages that continue to this day and operational challenges related to the pandemic.”