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7-Eleven shutting down nearly 450 stores across North America for underperforming
[FOXBUSINESS] Nearly 450 7-Eleven stores across North America are closing for underperforming, according to the company.Seven & I Holdings, 7-Eleven's Japan-based parent company, announced in an earnings report Thursday that 444 7-Eleven stores are closing because of a dip in sales, particularly cigarette sales, as well as decreased traffic and inflation. A list of which stores will be closing was not released. 7-Eleven has 13,000 stores across the U.S. and Canada, which means the closures would only impact 3% of the company's portfolio. The convenience store chain has faced six consecutive months of traffic declines, including a 7.3% dip in August. "The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment," Seven & I Holdings said in an earnings release. "In this context, there was a more prudent approach to consumption, particularly among middle- and low-income earners." Related: 7-Eleven 08/23/2024 CA Homelessness Issue Due to 'Our Own Policies and Neglect' Over 'Decades and Decades' 7-Eleven 08/18/2024 California thieves strike three 7-Eleven stores in under 20 minutes 7-Eleven 06/05/2024 Nevada Officials Asked to Remove Residents Registered to Vote at Commercial Businesses Posted by: Fred 2024-10-14 |
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