Sun Oct 20 09:30:00 UTC 2024: 7-Eleven will close over 400 underperforming stores in the U.S. and Canada, impacting a total of 444 locations, as part of efforts to reduce costs and improve earnings. The closures are attributed to factors such as inflation, decreased customer traffic, and declining cigarette sales. CEO Joe DePinto indicated these challenges have negatively affected sales and profit margins. The company has updated its earnings outlook following a reported 7.3% decline in store traffic, especially among middle- and low-income consumers. The closures represent more than 3% of the company’s 13,000 stores in North America, as announced by parent company Seven & I Holdings during an earnings call.

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