IRVING, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
The parent company of Irving-based 7-Eleven revealed this week plans to close more than 400 locations in North America.
Japan-based Seven & i Holdings, the parent company of the convenience store chain, said in an Oct. 10 earnings report that the 444 store closures are due to underperformance caused by a variety of factors, including declining sales and traffic, inflation concerns and reduced cigarette sales.
There are more than 13,000 7-Eleven stores across the United States, Canada and Mexico. Seven & i Holdings has around 85,000 stores total, mostly in the U.S. and Asia.
"Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it," 7-Eleven said in a statement. "As part of this, we made the decision to optimize a number of non-core assets that do not fit into our growth strategy. At the same time, we continue to open stores in areas where customers are looking for more convenience."
Seven & i revealed in its earnings report that, while North America's economy is relatively strong, inflation and other issues have reduced store traffic.
The Japanese holding company rejected a buyout offer in September from Canadian rival Alimentation Couche-Tard Inc., which owns Circle K in the U.S.
The Seven & i Holdings board opted not to accept the $38.5 billion unsolicited offer from Couche-Tard, saying it would not be "in the best interests" of "shareholders and other stakeholders."
No further information was revealed about which store locations will close or if any will be in Texas.
