The Pantry Reports Freeman Spogli & Co. Completes Sale of 2.15 Million Shares

SANFORD, N.C., March 8, 2005 - The Pantry, Inc. (NASDAQ: PTRY - News), the leading independently operated convenience store chain in the southeastern U.S., today announced that investment funds controlled by Freeman Spogli & Co. have sold, in a privately negotiated transaction, the remaining 2.15 million shares of The Pantry common stock they had registered under the Company's existing shelf registration statement. Freeman Spogli continues to own approximately 1.7 million shares of The Pantry common stock, representing approximately 8.4% of the outstanding shares.

About The Pantry

Headquartered in Sanford, North Carolina, The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country, with net sales for fiscal 2004 of approximately $3.5 billion. As of December 30, 2004, the Company operated 1,353 stores in ten states under a number of banners including Kangaroo Express(SM), The Pantry®, Golden Gallon® and Lil Champ Food Store®. The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services designed to appeal to the convenience needs of its customers.

Contact:

The Pantry, Inc. Dan Kelly, 919-774-6700

Source: The Pantry, Inc.

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