7-Eleven Layoffs 2022: 880 Jobs Slashed In Restructuring Effort

Following its acquisition of Speedway gas stations, 7-Eleven has cut about 880 corporate jobs in the U.S. as it looks to complete a company reorganization.

Layoffs at the convenience store chain will occur at its support centers and field support operations in Irving, Texas, where 7-Eleven is headquartered, and Enon, Ohio, where Speedway is based, according to CNBC.

7-Eleven, which is owned by Japanese retail company Seven & i Holdings, picked up Speedway gas stations in a $21 billion deal from Marathon Petroleum in 2021, growing its locations to about 14,000 in the U.S. and Canada, Reuters said.

A spokesperson for the company told Reuters in a statement, “We are just over a year into our integration process following the $21 billion Speedway acquisition and have made significant progress. As with any integration, our approach includes assessing our combined organization structure.”

Seven & i Holdings has been under pressure from investor ValueAct Capital to divest its 7-Eleven assets and make additional reforms, including a new board of directors, CNBC reported.

The layoffs at 7-Eleven come as additional pressure mounts from inflation, record high gas prices, and increased operating expenses that are eating into company profits as it looks to cut costs.

A 7-Eleven spokesperson told CNBC, “These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services.”