Seven & i holdings, which operates the 7-Eleven banner, is spinning off 31 non-core business segments from its convenience store interests. The move, which follows an unsolicited takeover bid from Quebec’s Alimentation Couche-Tard, also includes the closure of 450 underperforming stores in North America.
A new holding company, to be called York Holdings, will unite the brands, which include the Denny’s chain of diners, with a majority of shares to be sold to outside investors. Seven & i’s financial service business, Seven Bank, will be split into a third company.
