7-Eleven to close over 440 North American convenience stores

Seven & i Holdings has revealed the decision in its most recent quarterly earnings presentation.

7-Eleven has decided to shut a total of 444 convenience stores across North America, as revealed by its parent company’s latest quarterly earnings presentation. 

Seven & i Holdings has revealed that its fiscal 2024 net income is expected to hit ¥163 billion, representing approximately 44% less than its previous forecast of ¥293 billion. In addition, the company announced last month that it will divest a number of properties throughout the region, seeking $520 million in profit.

The announcement comes amidst wide speculation regarding Alimentation Couche-Tard’s offer to acquire its competitor. Recently, the Canadian convenience giant has upped its bid to acquire the brand from its Japanese parent.

The company stated that it has been struggling with attracting lower-and middle-income earners, which has led to adopting a “more prudent approach to consumption.” This adds up to labor challenges, inflation and the rise of interest rates.

Apart from the presentation, Seven & i announced the creation of an intermediate holding company to supervise its supermarkets and specialty stores. Holding company York Holdings will oversee operations of 31 SST units.