7-Eleven will close over 400 stores as the list of struggling retailers grows

7-Eleven is closing 444 of its “underperforming” convenience store locations across North America, as a result of decreased traffic and slower sales, including of cigarette purchases.

7-Eleven did not provide a list of locations that will be closing. Fast Company has reached out to the company for more details.

The news comes a day after 7-Eleven’s parent company, Japanese convenience retailer Seven & i Holdings, cut earnings forecasts for the fiscal year ending in February 2025 and announced restructuring plans that would split the company into two businesses.

The Tokyo-based retailer, which earns a majority of its profit from 7-Eleven, plans to separate its core business (7-Eleven and select convenience stores and gas stations) from its less-profitable, sprawling portfolio of supermarkets, specialty stores, and businesses.

That spin-off would include Loft general goods stores, Akachan Honpo baby goods stores, and the operating company of Denny’s restaurants in Japan, and could eventually IPO, according to Bloomberg.

The restructuring plans and store closings are an attempt by Seven & i to reassure unhappy investors and stave off a takeover bid from Canadian retailer Alimentation Couche-Tard, the owner of the Circle K brand of convenience stores.

In September, 7-Eleven’s parent company rejected an initial takeover offer of $14.86 per share. Couche-Tard recently increased that offer to $18.19 per share, or about $47 billion, which was a 20% increase, Bloomberg reported.