Convenience store chain 7-Eleven has cut roughly 880 corporate jobs in the United States, CNBC has learned, roughly a year after it completed its $21 billion acquisition of rival C-store and gas station business Speedway.
7-Eleven is owned by the Japanese retail conglomerate Seven & i Holdings, which came under pressure earlier this year from the San Francisco-based investment company ValueAct Capital to consider strategic alternatives. ValueAct had been urging Seven & i to narrow its focus to 7-Eleven, and it backed a new slate of directors on the Japanese company’s board.
More recently, businesses in the U.S. have been grappling with inflation on everything from fuel to labor to rent, which are weighing on profits. Many companies are now either hitting the brakes on hiring or beginning to lay people off, as they look for opportunities to slash expenses.
7-Eleven has also been contending with higher prices at gas pumps, which have led some consumers to hold off on filling up the tank, or buying extra goods inside of its retail shops.