Convenience store chain 7-Eleven lays off about 880 US employees
Convenience store chain 7-Eleven slashed about 880 corporate jobs in the United States, a company spokesperson said on Thursday, as it finalises its organization structure.
The retail chain, owned by Japanese retailer Seven & i Holdings Co, cut jobs at its support centers and field support operations in Irving, Texas and Enon, Ohio, the spokesperson said in an email to Reuters.
7-Eleven joins a host of US-based companies who have recently laid off their employees as the country struggles with broadening inflationary pressure.
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"We are just over a year into our integration process following the $21 billion Speedway acquisition and have made significant progress. As with any integration, our approach includes assessing our combined organization structure," the spokesperson added.
In 2020, Seven & i Holdings had agreed to buy Marathon Petroleum Corp's Speedway gas stations for $21 billion. The deal boosted its 7-Eleven store count in the United States and Canada to about 14,000.
US activist investor ValueAct Capital bought a $1.53 billion stake in Seven & i Holdings last year, and has been urging the company to make structural reforms and sell off assets at 7-Eleven.
In April, Seven & i Holdings said it would revamp its board as it seeks to accelerate overseas growth.
The news of the job cuts was initially reported by CNBC on Thursday.
