7-Eleven will close over 400 underperforming stores in the U.S. this year, its parent company. The decision comes amid declining foot traffic, rising inflation, and reduced cigarette sales. The company plans to refocus on growing its proprietary products, expanding digital services, and accelerating delivery and loyalty programs. Parent company Seven & i Holdings will rebrand as 7-Eleven Corp and create York Holdings to house non-core assets like Loft and Denny's Japan. Seven & i rejected an August bid from Circle K’s parent, Alimentation Couche-Tard, saying it undervalued the company.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:027-Eleven will close over 400 underperforming stores in the U.S. this year, its parent company
00:08said.
00:09The decision comes amid declining foot traffic, rising inflation, and reduced cigarette sales.
00:14The company plans to refocus on growing its proprietary products, expanding digital services,
00:19and accelerating delivery and loyalty programs.
00:22Parent company 7&i Holdings will rebrand as 7-Eleven Corp. and create York Holdings to
00:27house non-core assets like Loft and Denny's Japan.
00:317&i rejected an August bid from Circle K's parent, Alimentation Couch Tard, saying it
00:36undervalued the company.
00:37For all things money, visit Benzinga.com.