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Convenience store chain 7-Eleven has cut 880 jobs in the United States, CNBC has learned, nearly a year after it completed its acquisition of rival C-store business Speedway.
7-Eleven is owned by the Japanese retail conglomerate Seven And I Holdingswhich came under pressure from San Francisco-based investment company Valueact Capital earlier this year strategic options to consider, Valueact was urging Seven&I to narrow its focus to 7-Eleven, and it backed a new slate of directors on the Japanese company’s board.
Lately, businesses in America have been battling inflation on everything from fuel to labor to rent, which is weighing on profits. Many companies are now either hitting the brakes on hiring or starting to lay off people, as they look for opportunities to reduce expenses.
7-Eleven operates more than 13,000 locations throughout North America, According to its parent company’s most recent annual filingOut of which about 9,500 are under the banner of its name.
“As with any merger, our integration approach includes assessing our combined organization structure,” a 7-Eleven spokesperson told CNBC in an emailed statement. “The review was slowed by COVID-19, but is now complete, and we are finalizing the organization structure going forward.”
The person said the cuts had some jobs at the company’s Irving, Texas and Enon, Ohio, support centers as well as in field support roles.
“These decisions are not taken lightly, and we are working to support affected employees, including through career transition services,” a company spokesperson said.
This story is developing. Please check back for updates.