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A Popular Convenience Store Chain Announces Closure of Over 400 Stores Across the Country


Convenience store chain 7-Eleven is set to close more than 400 of its locations across the country by the end of the year due to slowed traffic and declining sales, the parent company Seven & i Holdings announced. The closures are part of a turnaround plan to focus on its mainstay stores and increase value for investors. The company has not released a list of specific closures yet. This decision comes after a buyout bid from Canadian company Alimentation Couch-Tard Inc. in August, which was recently increased by 22% to about $47 billion. Seven & i Holdings previously stated that the initial offer undervalued 7-Eleven, and is now focusing on increasing corporate value independently. As part of the turnaround plan, the company is planning to split off its supermarket operation and rename itself as 7-Eleven Corp. This restructuring aims to bring in strategic investors and deliver better returns for shareholders. The company is facing challenges such as declining cigarette sales and inflationary pressure, leading to the decision to close underperforming stores. 7-Eleven remains a mainstay in the convenience store industry, despite these closures, and is working towards a more focused and profitable future.

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