Several hundred “underperforming” 7-Eleven locations across North America are closing, the convenience store announced.
New York — Seven & I Holdings, the chain’s Japan-based parent company, revealed in an earnings report Thursday that 444 locations of 7-Eleven are shutting down because of a variety of issues, including slowing sales, declining traffic, inflationary pressures and a decrease in cigarette purchases.A specific list of closing locations wasn’t immediately released.
7-Eleven told CNN in a statement that it “continuously reviews and optimizes its portfolio” and the closed stores are part of its growth strategy, adding that the chain continues to “open stores in areas where customers are looking for more convenience”The 444 closures is a “gentle pruning of the chain to keep it efficient and profitable,” according to Neil Saunders, a retail industry analyst and managing director with GlobalData Retail.
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