Latest News by Industry
Convenience store chain 7-Eleven has cut around 880 corporate jobs in the United States as the company finalizes its organizational structure.
The retail chain, owned by Japanese retail giant Seven & i Holdings Co, cut jobs at its support centers and field support operations in Irving, Texas and Enon, Ohio, a company spokesperson told Reuters in an emailed statement.
7-Eleven joins several US-based companies that have recently laid off their employees as the country struggles with increasing inflationary pressure and recession fears.
“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 told Reuters.
In 2020, Seven & i Holdings bought Marathon Petroleum Corp’s Speedway gas stations for $21 billion, boosting 7-Eleven’s store count in the US and Canada to about 14,000.
US activist investor ValueAct Capital acquired a $1.53 billion stake in the Japanese retailer last year and urged the company to make structural reforms and sell off assets at 7-Eleven.
In April, Seven & i Holdings said it would overhaul its board to accelerate overseas growth.
Picture Credit: Fortune
ALSO READ:
Amazon says it is delivering packages with Rivian electric vans in push for net-zero carbon emission