7-Eleven Is Closing More Than 400 Stores by the End of 2024

Convenience store giant 7-Eleven is shutting down more than 400 underperforming stores across North America by the end of the year as a result of declining sales due to inflation.

7-Eleven is pulling the plug on 444 stores across North Americaas it continues to struggle with inflation and falling sales, its parent company, 7 & i Holdings, revealed in an earnings presentation. 

With more than 13,000 locations in the U.S., the Texas-based convenience chain will close underperforming stores by the end of the year and tighten its focus on fresh food, delivery, and digital growth.

7-Eleven — like many restaurant chains — is also feeling the pinch from inflation, with sales slipping and store traffic dipping 7.3% in August 2024. In response, the company lowered its U.S. profit forecast and announced closures aimed at improving operating income by $30 million this year and adding $110 million to its annual run rate.

While 7-Eleven hasn’t released a detailed list, the closures will target locations across the U.S. that aren’t hitting sales or traffic targets. The company will continue expanding in areas with stronger demand for convenience.

7-Eleven’s safety plan is to streamline operations to focus on its core convenience store business. The company plans to spin off non-essential assets, like supermarkets and specialty stores, into a new holding company called York Holdings Co. It’s also considering renaming itself "7-Eleven Corp." to emphasize its focus on convenience stores.

The convenience chain secured a $750 million sale-leaseback deal for some properties, earning a $520 million profit.

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