7-Eleven shuttering 444 North American stores amid strategic pivot

The retailer also aims to generate $520 million through sale-leasebacks of an undisclosed number of stores as its parent company slashes its profit forecast and spins off non-core segments.

Dive Brief:

• 7-Eleven is shuttering 444 convenience stores in North America, including in the U.S., due to underperformance, parent company Seven & i Holdings revealed in its quarterly earnings presentation on Thursday.
  
  
• The world’s largest c-store retailer also agreed last month to offload an undisclosed number of properties in North America via sale-leaseback for a profit of $520 million, Seven & i also revealed Thursday. That deal is expected to close in February 2025.
  
  
• Both moves coincide with Seven & i announcing Thursday that it slashed its net income forecast for the fiscal year 2024, as well as created a spinoff company for its supermarkets, specialty stores and other businesses (SST) amid investor pressure to prioritize its c-store arm...

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RSK: They are doing a sale leaseback on many of the stores to shore up earnings. Much like Sears, the real estate is worth more than the business in many locations.