Irving, Texas-based 7-Eleven, the iconic convenience store chain, has announced a restructuring initiative to integrate its $21 billion acquisition of Marathon Petroleum Corporation's Speedway gas stations in 2020.
The post-acquisition restructuring initiative appears to be driven by the need to reduce duplicative functions, satisfy regulatory demands for the divestiture of 200 retail outlets, from ValueAct Capital, an activist investor, who is demanding structural reforms and sell off non-core assets to focus on 7-Eleven's growth and reduced revenue from stores associated with gas stations experiencing high gas prices.
The restructuring will impact 880 employees, mostly support team members, in the company's Irving, Texas headquarters and Speedway's headquarters located in Enon, Ohio.
According to a company spokesperson, "As with any merger, our integration approach includes assessing our combined organization structure. The review was slowed by Covid-19 but is now complete, and we are finalizing the go-forward organization structure. These decisions have not been made lightly, and we are working to support impacted employees, including providing career transition services."
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