[FOXBUSINESS] Nearly 450 7-Eleven stores across North America are closing for underperforming, according to the company.
Seven & I Holdings, 7-Eleven's Japan-based parent company, announced in an earnings report Thursday that 444 7-Eleven stores are closing because of a dip in sales, particularly cigarette sales, as well as decreased traffic and inflation.
A list of which stores will be closing was not released.
7-Eleven has 13,000 stores across the U.S. and Canada, which means the closures would only impact 3% of the company's portfolio.
The convenience store chain has faced six consecutive months of traffic declines, including a 7.3% dip in August.
"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 Holdings said in an earnings release. "In this context, there was a more prudent approach to consumption, particularly among middle- and low-income earners."
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