The transaction is anticipated to close in February, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
7-Eleven plans to return to the greater Charlotte area, where it had operated 7-Eleven stores from 1964 until 1988. The acquisition is part of the convenience retailer’s accelerated growth plan. 7-Eleven opened some 650 stores in the US and Canada in 2011.
Stan Reynolds, 7-Eleven executive vice president and CFO, said: “Sam’s Mart has a successful store operation and quality locations that fit our strategy to expand where we have existing stores or in areas near markets where we have operations.
“We will provide the food, beverages and services that 7-Eleven stores are best known for. Consumers will soon see Slurpee and Big Gulp drinks, Big Bite hot dogs and other roller grill items, 7-Eleven coffee and some 300 of our 7-Select private-brand items after we begin the conversion, which gets underway soon.”
In addition to the 7-Eleven product offering, the company will introduce its proprietary retail information system to provide store personnel with leading technology to better serve their customers’ needs.
Sam’s Mart will continue to operate its other 91 stores in the Charlotte and Atlanta metro areas and retain its office personnel.
Source: 7-Eleven
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