Irving-based retail giant 7-Eleven, Inc. is cutting 880 corporate jobs in Texas and Ohio as part of a planned restructuring strategy following the 2021 acquisition of Speedway LLC.
7-Eleven’s “go-forward organization structure” will reduce positions in support centers and field support jobs at the Irving headquarters and at Speedway’s headquarters in Enon, Ohio.
“As with any merger, our integration approach includes assessing our combined organization structure,” 7-Eleven said in a statement. “The review was slowed by COVID-19 but is now complete. … As a result, we made the difficult decision to reduce our current workforce.”
The company emphasized how difficult the decision was and said it is working to support impacted employees. For example, it will provide career transition services.
7-Eleven has 73,000 employees across North America, with over 4,600 independently-run franchises. Marathon Petroleum Corporation sold Speedway to Tokyo-based Seven & i Holdings, the parent company of 7-Eleven, for a deal valued at $21 billion.
7-Eleven President & CEO Joe DePinto has seen the company’s store count double since 2005 and believes that the Speedway acquisition will position the company to become a clear industry leader. “This acquisition is the largest in our company’s history and will allow us to continue to grow and diversify our presence in the U.S., particularly in the Midwest and East Coast,” said DePinto. “By adding these quality locations to our portfolio, 7-Eleven will have the opportunity to bring convenience to more customers than ever before.”
The deal, which includes the purchase of 3,900 gas stations from Marathon Petroleum Corp., is expected to raise 7-Eleven’s portfolio to an estimated 14,000 stations. It will also increase its presence to 47 of the 50 most-populated metro areas in the United States.
While the deal was being finalized, the merger experienced multiple delays due to the pandemic and the Federal Trade Commission’s order for 7-Eleven to sell over 200 of Marathon’s branded stations because it argued the acquisition violated antitrust laws. These stations include the Anabi Oil, Cross America Partners, and Jackson Food Store brands.
As part of the merger, 7-Eleven says it plans to form an “integration steering committee.” Its duty will include determining how to maximize efficiencies and optimize relationships with vendors and business partners.
7–Eleven currently operates, franchises, or licenses more than 71,100 stores in 17 countries, including approximately 11,800 in North America.
