Farmland to close 16 stores

KANSAS CITY, Mo. -- Farmland Industries Inc. announced Tuesday that it was promoting three people to its senior management team and closing 16 convenience stores in northeast Arkansas as part of its bankruptcy reorganization.

Farmland -- North America's largest farmer-owned cooperative -- said it would close Northeast Arkansas Oil convenience stores in the Jonesboro, Searcy and Newport areas this week, affecting 120 part-time and 60 full-time employees.

The cooperative on Tuesday also named associate general counsel Bob Schuller vice president, general counsel and corporate secretary. Schuller replaces Bob Terry, who became president and chief executive officer of the Kansas City-based company last month.

Farmland said associate general counsel Dennis Alt was promoted to vice president of strategic projects and will lead its reorganization activities.

Regional vice president Tim Daugherty was named vice president and will oversee corporate administration, government relations, information technology, region operations and strategic sourcing.

Farmland, which filed for Chapter 11 Bankruptcy protection on Friday, employs about 14,500 people worldwide, including 900 in the Kansas City area.

Farmland acquired Northeast Arkansas Oil when it bought regional supply cooperative SF Services Inc. in 1998.