Convenience store chain 7-Eleven has cut about 800 jobs within the United States. Surprisingly, the decision came a year after 7-Eleven took over their rival C-store in a $21 billion acquisition. Roughly 800 employees who are based in Ohio and Texas will lose their jobs. The experts are referring these job cuts as an aftermath of company’s purchase of gas station business Speedway.
High inflation in United States
Japanese retail conglomerate Seven & i Holdings owns 7-Eleven. Recently, high inflation is affecting businesses in United States and is diminishing the profits of businesses. Therefore, a large number of companies are placing hiring freeze. In addition, some companies are laying off their employees in a bid to cut their expenses. Similarly, 7-Eleven are also facing the issue of higher prices at gas stations. Hence, consumers have become reluctant on filling up their car tanks. Moreover, there is also a decrease in sales at the pump’s retail shop.
7-Eleven’s spokesperson stated that the company is undergoing an integration process as a result of Speedway’s acquisition. Furthermore, the company is also assessing the new combined organization structure. “As a result, we made the difficult decision to reduce our current workforce in our Irving, TX and Enon, OH support centers and field support operations by approximately 880 associates. These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services.” 7-Eleven spokesperson said in a statement to Insider.
7-Eleven is operating at more than 13,000 locations across North America. They bought Speedway in order to beef up its presence in the United States. However, The Federal Trade Commission charged that the takeover violated federal antitrust laws. Hence, 7-Eleven had to sell over 200 retail stores for settlement of the matter.
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