BIDENOMICS: 7-Eleven to Close Nearly 450 Stores Nationwide
The convenience store 7-Eleven will close over 400 stores nationwide, the company has announced.
According to CNN, Seven & I Holdings, the chain’s Japan-based parent company, announced the closures in their earnings report on Thursday.
Under the proposed measures, 444 locations of 7-Eleven will be shut down due to a fall in sales, high inflation, and a decrease in cigarette purchases.
“The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment,” Seven & I said in its earnings release.
“There was a more prudent approach to consumption, particularly among middle- and low-income earners.”
In a statement provided to CBS, a company spokesperson insisted the decision was about optimizing their portfolio.
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