7-Eleven to Close 444 Stores in North America Amid Financial Struggles
The closures are part of a strategy to optimize the store portfolio and improve profitability, facing challenges like inflation and declining cigarette sales.
- 7-Eleven's parent company, Seven & i Holdings, announced the closures during an earnings call, citing underperforming locations.
- The decision is aimed at countering a $47 billion takeover bid by Canadian company Alimentation Couche-Tard.
- Economic factors such as inflation, high interest rates, and declining cigarette sales have impacted store performance.
- The company plans to focus on high-quality food offerings and expand digital and delivery services.
- Closures represent about 3% of 7-Eleven's 13,000 stores in North America, with specific locations yet to be disclosed.
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