7-Eleven reportedly slashed approximately 880 corporate jobs as it restructures following the 2021 completion of its $21 billion acquisition of Speedway, the company’s convenience store and gas station competitor, according to CNBC. The company eliminated positions in support centers and field support jobs in Irving, Texas, where 7-Eleven is based, and Enon, Ohio, which is home to Speedway’s headquarters.
Months ago, amid inflationary trends in the market, including high gas prices that threatened 7-Eleven’s sales during the traditionally busy summer travel season, San Francisco investment company ValueAct Capital advised the C-stores’ Japanese parent company Seven & i Holdings to streamline its business. The ValueAct strategy included steps for Seven & i Holdings to focus on its core 7-Eleven business and appoint new directors to its board.
While the company is currently decreasing its corporate workforce, sibling C-store brands 7-Eleven, Speedway and Stripes hosted a National Hiring Event on May 3, 2022 as they sought to boost their overall workforce by 60,000 employees across 13,000 stores in the U.S. and Canada. These positions included in-store associate and management positions, but also support roles, IT jobs and maintenance opportunities to prepare for a surge in summer travel traffic and address increasing demand for mobile orders from the 7NOW app. The app promises deliveries from stores in 30 minutes or less.
Despite high gas prices threatening summer travel at the beginning of the season, the average cost of fuel has been consistently falling with AAA reporting more than a $.50 decrease with a current U.S. national per gallon average of $4.41 compared to one month ago when it stood at $4.95.
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“As with any merger, our integration approach includes assessing our combined organization structure,” said a 7-Eleven spokesperson in a statement provided to CNBC. “The review was slowed by COVID-19 but is now complete, and we are finalizing the go-forward organization structure.”
