Credit: Retailer Continues Accelerated Store Growth
DALLAS, Aug. 16, 2011 // PRNewswire // -- 7-Eleven, Inc. announced today that it has agreed to acquire ExxonMobil's retail interests in 51 North Texas sites. The transaction is anticipated to close in late 2011, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
The 51 sites, all of which are in the greater Dallas/Fort Worth area, include two unused parcels of land. The majority of locations will be rebranded as 7-Eleven® stores. The stations will retain the Exxon gasoline brand, allowing consumers to continue to purchase the same high-quality Exxon fuels and use their ExxonMobil credit cards and Speedpass devices.
"This acquisition fits well with our aggressive growth strategy," said Sean Duffy, 7-Eleven vice president of mergers and acquisitions. "In terms of store growth, 2011 promises to be 7-Eleven's biggest year since 1986."
After the transaction closes late this year, 7-Eleven will start remodeling and rebranding the locations, with the bulk of the work anticipated to be completed by the end of 2012. Each location will carry 7-Eleven signature products, such as Slurpee® and Big Gulp® beverages, fresh food and grill offerings, along with standard convenience-store items. The stores also will be available for franchise.
Duffy added, "These high-volume locations complement our existing real estate portfolio in the Dallas/Fort Worth area. The combination of the 7-Eleven and Exxon brands will make a compelling retail option for convenience-oriented consumers."
7-Eleven will extend job offers to ExxonMobil employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance.
Currently, 7-Eleven, Inc. operates and franchises 339 stores in the greater DFW and Austin areas of Texas (239 are in DFW). The company has added seven 7-Eleven stores in these areas since the start of 2011.
About 7-Eleven, Inc.
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses more than 8,800 7-Eleven® stores in North America. Globally, there are at least 42,700 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Forbes magazine's 2011 list of Top Franchises for the Money; #4 spot on Entrepreneur magazine's Franchise 500 list for 2009, #3 in Forbes magazine's Top 20 Franchises to Start, and #2 in Franchise Times Top 200 Franchise Companies. Hispanic Magazine named 7-Eleven in its Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven received the 2010 Retailer of the Year honor from PL Buyer because of the company's private-label brand initiative. 7-Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.com.
SOURCE 7-Eleven, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
