The convenience store chain's cuts are related to an ongoing 'integration process' of its $21 billion acquisition of Speedway gas stations that occurred in 2020.
The move comes as Seven & i Holdings has been facing pressure from activist investor ValueAct Capital, which bought a $1.53 billion stake in the company last year.in February urging Seven & i Holdings to make structural reforms and sell off non-core assets to focus on 7-Eleven's growth.
In April, Seven & i Holdings said it would revise its compensation system and policies for its board and appointed a new outside director. 7-Eleven is the latest business to lay off employees, following similar moves by Microsoft, Twitter, Tesla, Netflix, Coinbase, Robinhood, JPMorgan Chase, Vimeo and Victoria's Secret.
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