The aim of this paper is to demonstrate the firm specific factors that lead to business failure of the petroleum filling stations in Turkey. Therefore, we have conducted our analyses on 1, 016 petroleum filling stations for the year 2005. For the following year, we have also obtained data of closed down stations due to business failure. We have conducted our analyses through binary logistic estimations and justified our model through Hosmer-Lemeshow test. Firstly, our results showed that the probability of petroleum filling stations to business failure was positively associated with being located in the southeastern part of Turkey, not having a large supermarket operating within the station, having protested bills and bad debts. Furthermore, likelihood of bankruptcy for the stations is adversely related with, serving vehicles working on LPG, being an acquired station, having canopy, having higher percentage of cash purchases and being located in the northwestern region of Turkey.