7-Eleven Inc., one of the most popular convenience stores in the US, is closing more than 400 stores nationwide. Seven & i Holdings, the parent of the store chain, disclosed the reasons for the closures in a recent filing. These closures also came after a failed bid to take over the business. The Irving, Texas-based store chain has over 13,000 US, Canada, and Mexico stores.
Alimentation Couche-Tard, owner of Circle-K, made a takeover bid offering Seven & I $38.5 billion for its 7-Eleven business, but the offer was rejected. The Quebec-based competitor increased the offer for the convenience store chain to $47.2 billion, following which parent Seven & I filed the store’s closure report.
In its recent report, Parent Seven & i Holdings cut its earnings forecast for the fiscal year ending February 2025. A filing also mentioned the closure and restructuring, saying that it would split the company into two businesses.
The convenience store chain operating, franchising, and licensing stores across North America will shut 444 stores, about 3 percent of its total operations. Parent Seven & i Holdings, headquartered in Tokyo, Japan, said the company is restructuring and focusing on new growth opportunities.
The 7-Eleven stores are closing due to underperformance. According to their parent company, these stores have seen lower sales, including cigarettes, are facing inflationary pressures, and have reduced traffic. Traffic fell 7.3 percent in August, capped by six straight months of decline.
The parent company also said it will focus on “food-focused convenience stores” at its locations, as grocery is the fastest-growing retail business worldwide. It also mentioned increasing its focus on e-commerce operations by expanding its 7NOW service.
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