A year after it completed its $21 billion acquisition of rival C-store and gas station business, 7-Eleven has cut nearly 900 corporate jobs in the US, according to CNBC.
ValueAct Capital, a San Francisco-based investment company, came under pressure earlier this year to consider strategic alternatives for 7-Eleven. A new slate of directors on the Japanese company's board was supported by ValueAct.
Inflation on everything from fuel to labor to rent is weighing on profits in the U.S. Many companies are starting to lay people off as they look for ways to cut expenses.
7-Eleven has had to contend with higher gas prices, which have led some consumers to hold off on filling up the tank, or buying extra goods inside of its retail shops.
According to its parent company's most recent annual filing, 7-Eleven has more than 13 thousand locations in North America.
The company didn't say how many people it has in the US.
The assessment of the combined organization structure is part of the integration approach, a 7-Eleven spokesman told CNBC. The review was slowed by Covid-19 but has now been completed.
The person said there were cuts to certain jobs in Irving, Texas, and Enon, Ohio. 7-Eleven and Speedway are both based in Irving.
The company is working to support impacted employees and provide career transition services.
7-Eleven wants to increase its presence in the U.S., particularly in the Midwest and along the east coast. The FTC charged that the takeover of Marathon's subsidiary violated antitrust laws. 7-Eleven was ordered to sell more than 200 stores.
7-Eleven is testing so-called "Evolution" stores that offer customers special coffee drinks, local grub and other features. In June it opened in Dallas.
All Rights Reserved © 2024
