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7-Eleven lays off 880 US management staff in Speedway integration

(Source: Reuters )

Convenience store chain 7-Eleven slashed about 880 corporate jobs in the United States, a company spokesperson said on Thursday, as it finalises its organisation structure.

The retail chain, owned by Japanese retailer Seven & I Holdings Co, cut jobs at its support centres 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.

“We are just over a year into our integration process following the US$21 billion Speedway acquisition and have made significant progress. As with any integration, our approach includes assessing our combined organisation 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.

U.S. 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.

  • Reporting by Baranjot Kaur in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Sherry Jacob-Phillips, of Reuters.

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