#2,555 - BIDENOMICS: 7-Eleven to Close Nearly 450 Stores Nationwide

The convenience store 7-Eleven will close over 400 stores nationwide, the company has announced. According to CNN, Seven & I Holdings, the chain’s Japan-based parent company, announced the closures in their earnings report on Thursday. Under the proposed measures, 444 locations of 7-Eleven will be shut down due to a fall in sales, high inflation, and a decrease in cigarette purchases. “The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment,” Seven & I said in its earnings release. “There was a more prudent approach to consumption, particularly among middle- and low-income earners.” In a statement provided to CBS, a company spokesperson insisted the decision was about optimizing their portfolio.