The Pennsylvania Liquor Control Board announced the high bidders for two restaurant licenses up for auction in the area.
Nittany Oil Co. Inc. bid $25,605 for a license in Johnsonburg, Elk County, and Reid Stores Inc. bid $75,000 for a license in Sergeant Township, McKean County, according to the Liquor Control Board.
Nittany offered the lowest winning bid of all the winning bids for the 41 licenses in the November 2017 restaurant license auction, which rose as high as $351,502 for a license in Lower Pottsgrove Township, Montgomery County, located in the Philadelphia metropolitan area. Both local bids were well below the average winning bid, which was $120,490.
It was unclear what projects the Nittany Oil Co. and Reid Stores planned to use the restaurant licenses for, as neither answered a request for comment as of press time Monday.
Among the business pursuits of Nittany Oil Co. are Nittany MiniMarts, while Reid Stores is owner of the Crosby’s convenience store name, according to the companies’ websites.
Bidders had until Nov. 9 to submit offers, and they will have two weeks after the date of the auction award to remit the full bid payment to the Liquor Control Board. If the winning bidder does not remit payment in that time, the second-highest bidder will have the opportunity to do so. Each winner will have six months once payment is received to file a license application with the Liquor Control Board.
In addition to the 41 licenses that received bids, there were nine that received no bids, the Liquor Control Board reported.
For more information about the agency, visit www.lcb.pa.gov.
