Convenience store chain 7-Eleven plans to close hundreds of stores across multiple markets in an effort to streamline operations, its parent company has revealed.
In total, 444 locations across the United States, Canada, and Mexico will close. The news was revealed on Thursday in an earnings presentation by Tokyo-based company Seven & i Holdings, as reported by Restaurant Business Online.
The closures mark a significant shift for the convenience store giant, known for its ubiquitous presence in North American neighborhoods and elsewhere.
While specific locations affected have not been disclosed, the closures will target underperforming stores with a view to focus on higher-demand areas.
Traffic at North American 7-Eleven locations fell 7.3 percent in August and has been negative since early last year, according to the report. This is in line with inflationary pressures affecting other food-related industries.
“The closures are expected to deliver a $30 million operating income benefit this year and a $110 …