7-Eleven will close more than 400 of its “underperforming stores” across the U.S. and Canada in an effort to reduce costs and bolster earnings before the end of the year.
Seven & I Holdings, the Tokyo-based parent company of the convenience store chain, announced the news during an earnings call last week, saying 444 stores will be shuttered due to the cumulative factors of inflation, slower customer traffic, and declining cigarette sales.
“All of these have impacted our sales and merchandise gross profit,” the CEO and President Joe DePinto said on the call.
As a result of the “macroeconomic conditions and evolving industry trends,” DePinto added that the company has revised its earning guidance.... Read More: WBAL