Home » Employment News » 7-Eleven cuts 880 corporate jobs after $21 billion takeover of Speedway

7-Eleven cuts 880 corporate jobs after $21 billion takeover of Speedway

By Nithya Bose in Employment News, posted July 25, 2022

Convenience store 7-Eleven is laying off 880 corporate staff after its $21 billion takeover of its rival Speedway.

The company has announced a massive restructure, which will affect staff at its Irving headquarters and in Ohio. following the acquisition of the gas station business in 2020.

Roles in support centers and field operations from the locations Irving and Enon, Ohio are among those affected by the recent cut.

The retailer's parent firm Seven & i Holdings, based in Tokyo has spent $21 billion in 2020 to purchase 3,900 gas stations from Marathon Petroleum.

7-Eleven said it has been evaluating the combined organizational structure just after a year of integration.

A spokesperson said: “The review was slowed by COVID-19 but is now complete, and we are finalizing the go-forward organization structure.”

“As a result, we made the difficult decision to reduce our current workforce.”

The contract was also inspected by the Federal Trade Commission, which in November ordered the retail chain to sell 292 of Marathon's gas stations across several states.

The company added: “These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services.”

Looking for a new job? Find the WhatJobs Career Advice Center here

7-Eleven won't reveal how many corporate employees it had before Friday's layoffs, but 880 is a significant number.

When the retailer inaugurated its new 325,000-square-foot headquarters in the Cypress Waters complex near the LBJ Freeway in 2017, over 1,200 employees relocated from Dallas' Arts District.

7-Eleven employs 73,000 people in the United States and Canada, as well as over 4,600 franchisees who work as independent contractors and hire additional people.

Seven & i said earlier this month, after posting a 51 percent boost in first-quarter profit, that it anticipates $450 million in "synergy" savings from the Speedway takeover this year.

However, it also stated that the increase in petrol costs has impacted consumers' spending patterns.

Since 2005, the retailer's store count has roughly quadrupled, primarily via acquisitions, under CEO Joe DePinto, and it presently has over 13,000 stores.

Source: The Dallas Morning News

Follow us on YouTube, Twitter, LinkedIn, and Facebook.