7-Eleven To Close 645 Stores As It Races To Catch Up In Convenience [Yahoo! Finance]
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Source: Yahoo! Finance
getty 7-Eleven, a leader in the convenience store sector, with some 12,000 U.S. stores — over twice as many as number two Circle K— just announced it will close 645 stores in North America as it cuts costs and improves margins ahead of a potential IPO next year, after Japanese owner Seven & i Holdings delayed it by a year. The closures mark the fifth year in a row when 7-Eleven shuttered more stores than it opened. While some of the closing stores will be converted to wholesale fuel locations, it also plans to open 205 stores this year under its larger-sized, food-forward model. Last year, it opened 122 new stores and closed 373. Postponing the IPO was warranted, as 7-Eleven's North America (SEI) division has had a rocky road since its 2021 acquisition of 3,800 Speedway stores. That move boosted North America revenues to $55 billion (¥8.8 trillion) in fiscal 2022, but then things went south. Last year, North America revenues were down 10% from that high to $50 billion (¥8 trill
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- Assessing Seven & i Holdings (TSE:3382) Valuation After Recent Share Price Weakness [Yahoo! Finance]Yahoo! Finance
- 7-Eleven plans to close hundreds of stores. Is Ohio affected? [Yahoo! Finance]Yahoo! Finance
- 7-Eleven Is Closing Hundreds of Stores, But That's Not the Only Change [Yahoo! Finance]Yahoo! Finance
- Fueling Up: 7-Eleven's growth strategy clashes with a complicated reality [Yahoo! Finance]Yahoo! Finance
- 7-Eleven expects to close hundreds of its stores in North America this year [Los Angeles Times (CA)]Los Angeles Times