March 23, 1990 |
The financially strapped parent of the 7-Eleven convenience store chain, Southland Corp., announced Thursday that it has agreed to sell 75% of the company to its longtime Japanese partner in a tentative deal roughly valued at more than $750 million. If completed, the acquisition would be the biggest Japanese investment ever in a U.S. retailer.
April 3, 1990 |
Southland Corp., the troubled parent of the 7-Eleven convenience store chain, said Monday that it could be forced to file for bankruptcy this year if it fails to restructure its massive debt. The Dallas-based company also reported a fourth-quarter loss of $1.01 billion after taking a $947-million writeoff that reflected the sale of its 50% interest in Citgo Petroleum Corp. in January.
May 20, 1990 |
Ah, the joys of running your own 7-Eleven store. Late-night robberies, even if they strike far less often than years ago, still are a nasty occupational hazard. Finding capable clerks who won't steal merchandise is only a little easier than keeping a Slurpee from dripping on a summer day. As if that isn't worrisome enough, the overall industry is getting pinched by stepped-up competition and hefty debts from corporate buyouts gone awry.
CALIFORNIA | LOCAL
August 25, 1995 |
Hundreds of mourners paid last respects on Thursday to Nirmal Singh, a 7-Eleven clerk who was gunned down at a La Habra store by two robbers who got away with $40. In their grief, relatives expressed anger at the Southland Corp., the Dallas-based parent company of 7-Eleven stores, and issued a list of demands for increased security, including guards, bulletproof windows and bulletproof vests for store employees. "We also want 7-Eleven stores to close between the hours of midnight to 6 a.m.
CALIFORNIA | LOCAL
December 9, 1991 |
The obviously drunk woman staggered into the 7-Eleven store on Sunburst Street in Lake View Terrace, pulled a $5 bill from her coat and wordlessly placed it on the counter. Recognizing a regular customer, the clerk pulled a pint of liquor from below and handed over her change, even though selling alcohol to an intoxicated person is illegal. The incident, observed by police vice officers, was typical of the store's indifferent sales practices, according to residents and customers.
November 15, 1989 |
Southland Corp. said Tuesday that it may be unable to make payments due in 1991 on debt it incurred in its $4.9-billion leveraged buyout and is considering a recapitalization or other restructuring. Southland, which was acquired by its founding Thompson family in the 1987 buyout, until now had maintained that it could meet its debt obligations. But the company said previous sales projections at its 7-Eleven convenience stores had not been met.
October 25, 1990 |
Southland Corp., parent of the worldwide network of 7-Eleven convenience stores, sought court protection from creditors Wednesday in the second-biggest retailing bankruptcy case in U.S. history. The Chapter 11 bankruptcy filing, however, is designed to push through Ito-Yokado Co.'s proposal to buy 70% of debt-ridden Southland for $430 million in cash. The bailout deal would be the largest Japanese investment in a U.S. retailer.
CALIFORNIA | LOCAL
May 13, 1992 |
A 7-Eleven market in Van Nuys is a public nuisance that fosters prostitution, drug sales, drunken-ness and lewd conduct, and the store must hire a security guard and close late at night, a Los Angeles city zoning panel ruled Tuesday. The order by the Board of Zoning Appeals to owners of the store at 15317 Vanowen St. was the second such action involving a 7-Eleven in the San Fernando Valley in recent months.
August 31, 1995 |
Manmeet Nijjar has all the latest crime-prevention gear in place at his 7-Eleven store, and he and his employees have learned the latest policies and theories on criminal behavior. * There are more and brighter lights inside and out. Windows are uncluttered for a better view. Aisles are wider and better marked so customers can get what they want quickly. No more than $30 in cash is kept in the till at night.
October 12, 2006 |
This was one pitch on which the Chicago White Sox weren't going to whiff. The club confirmed Wednesday that "play ball" will sound at precisely 7:11 p.m. for weeknight home games next season in a promotional deal with convenience store chain 7-Eleven. "In baseball, you want to have the financial resources to put the best possible resources on the field," said Brooks Boyer, the team's vice president of marketing. "This allows us to do that."