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Japan’s Seven & i Holdings (OTCMKTS: SVNDY) announced plans to close 444 of its 7-Eleven in North America, citing underperformance by the convenience store chain.

C-Store Dive reported the company also agreed to offload an undisclosed number of properties in North America via sale-leaseback for a profit of $520 million. That transaction is scheduled to close in February 2025.

The company blamed “a tough consumer spending environment, particularly among lower-and middle-income earners” for its decision, adding that consumers are showing “a more prudent approach to consumption.” The company also attributed its problems to “a growing polarization of consumption due to a decline in labor incomes, which is a result of challenging employment conditions, as well as inflationary pressures and high interest rates.”

The company did not provide details on which stores it would close and which would be sold and then leased. Seven & i operates more than 85,000 stores across US and Asia, including the Speedway and Stripes brands. The restructuring follows attempts by Canadian-based Alimentation Couche-Tard Inc. (TSX:ACT), parent of the Circle K convenience store chain, to acquire Seven & i, which the Japanese company rejected.

Booking.com

Photo courtesy 7-Eleven

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