The growth and collapse of SQRL, the Arkansas c-store chain that burst onto the scene last fall, has been at the center of one of the most bizarre series of events the industry has seen in years.

SQRL, which was relatively unknown at this time last year, made headlines last October when it acquired hundreds of convenience stores seemingly out of nowhere. The company’s founder, Blake Smith, later touted aspirations to reach 500 locations by the end of 2024.

Those plans quickly fizzled over the following months. 

Instead of growing its store network, Smith and SQRL were investigated by the Department of Labor and sued several times by vendors and landlords over missed payments and contract breaches. In April 2024, Smith agreed to sell SQRL’s nearly 400 locations to another unknown entity. By June, that company — Gas Hub LLC — was battling financial and ownership woes amid confusion over the assets it acquired from Smith. It’s currently trying to force Smith into bankruptcy in order to recoup unpaid rent from before the buyout.

So where do things stand with SQRL? Smith has resurfaced on social media as the founder of an investment fund called Z Capital. He’s removed all mentions of SQRL from his social channels, yet he remains the target of numerous lawsuits with Gas Hub, as well as SQRL’s vendors and landlords. 

It’s unclear how many of SQRL’s convenience stores are up and running. But as landlords continue terminating their leases, there don’t appear to be many.

Here’s a recap of some of the key updates from SQRL’s convoluted past year, from its original acquisition to news of its many lawsuits and investigations.