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7-Eleven is restructuring, and although this is good for the company, the move will entail job cuts which are unavoidable. Based on the reports, the convenience store chain will be slashing 880 jobs in the United States.
According to CNBC, the affected jobs are mostly corporate positions as the company is reorganizing its organization. The latest layoffs have been announced almost a year after the company completed its acquisition deal with its rival C-Store and Speedway gas station for a transaction worth $21 billion.
Currently, many companies in the U.S. are struggling to cope with inflation and putting extra effort into keeping their businesses afloat amid the rising costs of fuel, rent, and supplies. The high costs of commodities today are leaving firms with very little to no profits, so many were left with no choice but to lay off employees.
The job cuts are also one way for companies to lessen their expenses and keep the business going. Hiring was also halted, even if there was a staff shortage just a while ago.
The situation is the same with 7-Eleven, which is owned by Seven & i Holdings, a Japanese retail conglomerate. The convenience store’s parent company has come under pressure earlier this year after the ValueAct Capital investment company starts pushing it to consider strategic alternatives. ValueAct is urging the Japanese firm to focus on reducing its focus on its 7-Eleven chain.
In any case, a source said that the job terminations would affect 7-Eleven’s support centers in Ohio, Texas, Enon, and Irving. Some of the field support roles will also be included in the job cuts.
"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," the company’s spokesman told Fox Business. "These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services."
Meanwhile, based on the latest annual filing of Seven & i Holdings, 7-Eleven has over 13,000 store outlets in North America. However, the total number of its employees was not mentioned.
