Convenience store giant 7-Eleven is closing more than 400 location in North America, USA TODAY is reporting.
Will any in Ohio be affected? Here’s what to know.
7-Eleven closing underperforming stores
The parent company of 7-Eleven, Seven & i Holdings, announced during an earnings call last week that the company will close 444 underperforming locations across the United States and Canada, per USA TODAY, during the fourth quarter this year. That represents about 3% of the chain’s more than 13,000 locations in those areas, according to NPR.
It did not provide a list of locations.
The company says customers are pulling back due to “inflationary pressure,” USA TODAY reports, cutting into traffic and sales. Also, cigarette sales continue to decline industry-wide, according to the company.
To battle back, Seven & i Holdings announced it would grow its proprietary products, including fresh food and beverages, accelerate digital and delivery, and grow its loyalty program.
Who owns 7-Eleven?
Based in Japan, Seven & i Holdings has stores in 20 countries and regions around the world, according to a statement from its president and representative director, Ryuichi Isaka. The company acquired 7-Eleven in 2005, according to a timeline of 7-Eleven’s history.
The company plans to rename itself “7-Eleven Corp.” to emphasize its focus on its profitable stores, USA TODAY reports. Seven & i Holdings rejected an acquisition bid from the owner of Circle K in August, and is now facing pressure to convince investors that it can enhance value.
7-Eleven history; started in Texas, introduced the Slurpee and Big Gulp
7-Eleven got its start in Texas in 1927, and started expanding, first to Florida, Maryland, Virginia and Pennsylvania, in the 1950s, according to the company’s history. It introduced us to the Slurpee in 1965 and the Big Gulp in the 1970s.
The chain was acquired by its current corporate owner in 2005, and introduced its app and rewards program in the 2010s.
7-Eleven has since acquired Sunoco and Speedway gas stations, adding more than 5,000 locations across the country.
7-Eleven, Speedway in Ohio
The company operates hundreds of 7-Eleven convenience stores and Speedway gas stations across Ohio. To find one near you, use the company’s store locator.
7-Eleven joins Big Lots, Red Lobster, Rite Aid in closings
Big Lots is the latest chain with a presence in Ohio to announce it was closing stores. Others include Big Lots, Red Lobster, Rite Aid, and Bed Bath & Beyond.
This article originally appeared on Cincinnati Enquirer: 7-Eleven closing over 400 stores in US, Canada. Is Ohio affected?
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Publish date : 2024-10-14 07:42:00
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