7-Eleven plans to close 444 of its North American locations by the end of the year.
The company’s intentions to do away with “underperforming stores” were laid out by the its parent company’s CEO during an earning call last week. It’s not clear which of its 13,000 shops will be impacted by the closures or how the New York area will be affected.
7-Eleven hasn’t responded to a request for further details. The Japanese company operates multiple stores in all five boroughs.
According to Reuters, the store closings are part of parent company Seven & i Holdings’ efforts to avert a $47 billion takeover by Canadian company Alimentation Couche-Tard Inc., which operates thousands of convenience stores. Circle K is its most known property in that arena.
Seven & i Holdings also plans to rebrand itself “7-Eleven Corp” to emphasize its commitment to the company’s stores, according to USA Today.
7-Eleven began operating nearly a century ago and now has 84,000 businesses in 19 countries, according to the company’s facts page. It’s Slurpee and Big Gulp beverage products are recognized globally. Companies including Speedway, Stripes and Laredo Taco Company are part of its retail family.
Contributing factors to the struggles some of 7-Eleven’s operations are facing include inflation, a downtick in customer traffic, and falling cigarette sales, according to ABC News.