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Cumberland Farms history
Cumberland Farms company history timeline
Founded in 1938 as a one-cow dairy farm, Cumberland Farms, Inc. grew to become a billion-dollar-a-year corporation.
Vasilios and Aphrodite Haseotes were Greek immigrants who bought a Cumberland, Rhode Island, farm in 1938, reportedly for $84.
Founded in 1939 as a one cow dairy farm, Cumberland Farms, Inc., has grown to become a billion dollar convenience store empire operating over 1,100 convenience stores and gas stations throughout New England, the Mid-Atlantic states, and Florida.
Vasilios and Aphrodite Haseotes were Greek immigrants who bought a Cumberland, Rhode Island, farm in 1939, reportedly for $84.
By 1967, however, there were some 8,000, with more than $1 billion per year in sales.
In 1970 Cumberland Farms added, for the first time, a gas station to one of its stores.
In 1972 Cumberland Farms added, for the first time, a gas station to one of its stores.
In 1975 Cumberland Farms opened its thousandth store.
Cumberland Farms, in 1985, purchased 550 Gulf and Chevron service stations and related assets in ten Northeastern states for $250 million.
Cumberland Farms received unwelcome publicity when the United States Environmental Protection Agency charged it, in 1985, with selling gasoline adulterated with alcohol beyond legal limits at 24 of its service stations.
In 1986 it purchased a mothballed oil refinery in Come-by-Chance, Newfoundland, for $1 Canadian.
Cumberland Farms withdrew from agriculture in 1986, selling 5,000 acres of Cape Cod land, along with a cranberry processing plant and freezer facilities, for $30 million.
The creation of this limited partnership was delayed because, on May 1, 1992, Cumberland Farms, which had been buffeted by the recession of the early 1990s, unexpectedly filed for Chapter 11 bankruptcy protection. It placed responsibility for the action on the Industrial Bank of Japan Trust Co., which replied that the company had defaulted on a $175 million loan that the bank had renegotiated several times since 1988 and owed $65 million to a banking syndicate it led.
Peter G. Pantazelos, brother-in-law of Jim Haseotes, succeeded Haseotes as chairman and chief executive officer of the company in March 1989 but resigned just six months after assuming the job.
A full-fledged scandal struck Cumberland Farms in 1990, when two former company officials said the company had a longstanding policy of coercing confessions of theft from employees, often without corroborating evidence.
According to a court document, Bentas, George Haseotes, and Byron Haseotes owned three-quarters of the company’s stock in 1992.
Cumberland Farms emerged from 18 months of bankruptcy in December 1993 under this reorganization plan.
In late 1993 Cumberland Farms had about 900 convenience stores and about 2,000 Gulf gasoline stations operating in New England, the mid-Atlantic states, and Florida.
A more advanced system was introduced in 1995, supporting back-office functions, point-of-sale transactions, and scanning.
Harry Brener, with more than 20 years experience at Cumberland Farms, became president and chief operating officer in 2003.
Halasz, Robert; Teague, Kevin "Cumberland Farms, Inc. ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/cumberland-farms-inc
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Cumberland Farms competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wawa | 1964 | $13.0B | 37,000 | 423 |
| Royal Farms | 1959 | $974.0M | 1,356 | 1 |
| Honey Farms | 1969 | $27.0M | 200 | - |
| Trax Farms | 1865 | $6.9M | 50 | 3 |
| Fleet Farm | 1955 | $150.0M | 1,921 | 235 |
| C-A-L Ranch Stores | 1959 | $32.0M | 350 | 40 |
| Speedway | 1952 | $23.6B | 40,230 | 7 |
| Idylwilde Farms | 1925 | $660,000 | 6 | - |
| Byrne Dairy | 1933 | $335.3M | 620 | 16 |
| Spooner Farms | - | $1.7M | 15 | - |
Cumberland Farms history FAQs
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Cumberland Farms may also be known as or be related to Cumberland Farms, Cumberland Farms Inc, Cumberland Farms of Massachusetts Inc and Cumberland Farms, Inc.