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7-Eleven to close more than 400 of its convenience stores. Here’s what to know.
7-Eleven, the iconic convenience-store brand, plans to close more than 400 “underperforming” locations across North America, its Japanese-based parent disclosed on Thursday.
A portion of the 13,000 7-Eleven locations across the U.S. and Canada are experiencing slowing sales, less foot traffic and inflationary pressures, Seven & I Holdings stated in a quarterly earnings report. The company plans to close 444 locations, or roughly 3%, of its North American stores.
It also operates more than 21,000 stores in Japan.
Cigarette purchases, at one time a key sales category for convenience stores, have fallen 26% since 2019, with a shift in sales to other nicotine products not making up much of the difference, the chain noted.
“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 a release. “There was a more prudent approach to consumption, particularly among middle- and low-income earners.”
The retailer declined to provide any details as to the locations of the stores to be closed or when the closures would occur.
“Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it. As part of this, we made the decision to optimize a number of noncore assets that do not fit into our growth strategy. At the same time, we continue to open stores in areas where customers are looking for more convenience,” 7-Eleven told CBS MoneyWatch.
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As Trump puts Aurora, Colorado, in spotlight, mayor calls Venezuelan gang claims “grossly exaggerated”
The Republican mayor of Aurora, Colorado, said former President Donald Trump’s rally in the city Friday presented an opportunity “to show him and the nation” that Aurora is “not a city overrun by Venezuelan gangs.”
Mayor Mike Coffman made the statement Tuesday after weeks of misleading claims by the former president that the city was a “war zone” overrun with members of a Venezuelan gang.
During last month’s presidential debate against Vice President Kamala Harris, Trump pointed to Aurora as evidence that immigrants are “violently” taking over the town. “You look at Aurora in Colorado. They are taking over the towns. They’re taking over buildings,” Trump said.
Coffman said concerns about gang activity have been “grossly exaggerated.” He said the “incidents were limited to several apartment complexes in this city of more than 400,000 residents.”
Aurora Police Department Chief Todd Chamberlain said in a Sept. 20 press conference that the city is “not by any means overtaken by Venezuelan gangs.”
Central to the gang takeover claims is a viral video showing armed men entering an apartment in Aurora on Aug. 18. The incident led to the fatal shooting of a 25-year-old man, police said.
A local councilwoman shared the video on Facebook, claiming a gang took over “entire apartment complexes” in the city. Coffman shared a screenshot from the video and said the city is working to “request an emergency court order to clear the apartment buildings where Venezuelan gang activity has been occurring.”
However, after patrolling the complex, the police department said gang members had not taken over the building and residents were not paying rent to gangs. Coffman also visited the building and said tenants told him they did not have safety concerns but were alarmed by garbage “piling up” and a “rodent infestation.”
Coffman said tenants told him they had not been paying rent because “there was no longer an onsite property manager who had always collected the rent.” Coffman said initial reports of a gang takeover came from the property management company, CBZ Management. CBS News reached out to CBZ Management and has not heard back.
The mayor and councilwoman released a statement on Sept. 11 to “clear the record” and say gang members have not “taken over” the city.
Police said as of Sept. 20, they do not have any information that leads them to believe the men in the video are in a gang.
Chamberlain said Aurora, like any other city, does have crime and gang activity. The police department said it set up a special task force with local, state, and federal officials to address gang activity.
The police department said it has linked 10 people to the Venezuelan gang Tren de Aragua and eight of those people have been arrested as of Sept. 11. But Chamberlain said there is “a lot of complexity” when identifying suspects as gang members, adding that it has been “a struggle.”
“The one thing I really want to make certain on in this whole discussion is that this is a focus on criminal behavior, this is not a focus on immigration status,” Chamberlain said.
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