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Tuesday, April 23, 2013

US: 7-Eleven to Sell 139 US Stores

Source: Just-Food
By Michelle Russell

US convenience retailer 7-Eleven has confirmed plans to sell around 139 of its stores across the US.

A spokesperson for the retail group told just-food today (23 April) that it is selling some of the properties it purchased as part of a number of acquisitions made over the last three years.

The stores are located in Texas, Florida, Ohio, Pennsylvania, Utah and Wisconsin.

The reasons for the sale included the stores being too small for use and too small for its format.

The spokesperson added: "It does not make good economic sense to scrap and rebuild in order to have enough square footage for our stores. The way some of the acquisition deals were structured is that we have to purchase perhaps more than we intend to rebrand/remodel."

No buyers have yet been found for the stores. The spokesperson said, it was "too soon".

Earlier this month the retailer snapped up 40 stores in South Carolina from local retailer CB Mart. Prior to that it purchased 143 Speedy Stop and Tigermarket locations from CL Thomas in January and 12 outlets from Fast Track Inc. in November last year. It also acquired the retail and wholesale assets of Texas firm Tetco in August last year.