7-Eleven slashes 880 US jobs in restructuring
7-Eleven has more than 13,000 locations in North America
Convenience store chain 7-Eleven is cutting approximately 880 jobs in its Irving, Texas, and Enon, Ohio, support centers and field support operations.
The layoffs are part of an ongoing "integration process" related to its $21 billion acquisition of Marathon Petroleum Corporation's Speedway gas stations in 2020.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SVNDY | SEVEN & I HOLDINGS CO. LTD. | 16.79 | -0.57 | -3.28% |
| MPC | MARATHON PETROLEUM CORP. | 159.37 | +0.58 | +0.37% |
"As with any integration, our approach includes assessing our combined organization structure. The review was slowed by Covid-19 but is now complete, and we are finalizing the go-forward organization structure," a 7-Eleven spokesperson told FOX Business. "These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services."
A sign outside a 7-Eleven store in Glendale, California on July 11, 2022. ((Photo by ROBYN BECK/AFP via Getty Images) / Getty Images)
7-Eleven has more than 13,000 locations in North America, according to the latest annual filing from its parent company Seven & i Holdings. News of the layoffs was first reported by CNBC.
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The move comes as Seven & i Holdings has been facing pressure from activist investor ValueAct Capital, which bought a $1.53 billion stake in the company last year.
The firm released a 75-page presentation in February urging Seven & i Holdings to make structural reforms and sell off non-core assets to focus on 7-Eleven's growth.
In April, Seven & i Holdings said it would revise its compensation system and policies for its board and appointed a new outside director.
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7-Eleven is the latest business to lay off employees, following similar moves by Microsoft, Twitter, Tesla, Netflix, Coinbase, Robinhood, JPMorgan Chase, Vimeo and Victoria's Secret.
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| TSLA | TESLA INC. | 342.03 | -3.97 | -1.15% |
| NFLX | NETFLIX INC. | 883.85 | +12.53 | +1.44% |
| COIN | COINBASE GLOBAL INC. | 320.01 | -4.56 | -1.40% |
| HOOD | ROBINHOOD MARKETS INC. | 36.08 | +0.84 | +2.38% |
| JPM | JPMORGAN CHASE & CO. | 240.77 | -2.29 | -0.94% |
| VMEO | VIMEO | 6.53 | +0.09 | +1.40% |
| VSCO | VICTORIA'S SECRET & CO. | 36.05 | -0.20 | -0.55% |
Meanwhile, companies that have halted or slowed hiring include Snap Inc., Google parent Alphabet, Facebook parent Meta Platforms, Spotify, Uber and Goldman Sachs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNAP | SNAP INC. | 10.59 | +0.09 | +0.81% |
| GOOGL | ALPHABET INC. | 175.98 | -2.14 | -1.20% |
| META | META PLATFORMS INC. | 565.52 | +4.43 | +0.79% |
| SPOT | SPOTIFY TECHNOLOGY SA | 470.24 | +6.17 | +1.33% |
| UBER | UBER TECHNOLOGIES INC. | 69.60 | +0.47 | +0.68% |
| GS | THE GOLDMAN SACHS GROUP INC. | 581.83 | +0.64 | +0.11% |
Shares of Seven & i Holdings are down 11% year to date.