7-Eleven has opted to close more than 400 of its chain convenience stores amid declining cigarette sales and customer traffic.
Officials at Japan-based Seven & i Holdings, the chain’s parent company, made the announcement during an earnings call last week, according to ABC News. Several factors are leading to the closure of 444 stores, including inflation.
Economic changes have “impacted our sales and merchandise gross profit,” the company’s CEO and President Joe DePinto said on the call. There are more than 13,000 7-Eleven stores in North America. The closures impact stores located in the US and Canada and are slated to take place during the fourth quarter this year.
In August, the company reported a 7.3 percent decline in store traffic and recently said the cause was the “pullback of the middle - and low-income consumer,” ABC News reported
Full story More than 400 7-Elevens will close before the end of the year (msn.com)
Share this:
