October 24, 1990 |
Southland Corp. filed early today for protection from its creditors along with a reorganization plan that would clear the way for selling control of the nation's largest convenience store operator to a Japanese group. The parent of the 7-Eleven convenience store chain said its bondholders and preferred stockholders have approved the so-called prepackaged reorganization plan, which is being submitted for confirmation by the federal bankruptcy court.
March 22, 1990 |
Debt-ridden Southland Corp., parent company of the 7-Eleven convenience store chain, announced today it will sell 75% of the world's largest convenience chain to its business partner in Japan. Ito-Yokado Co., Ltd., Japan's largest retailer, said in Tokyo that it will purchase three-fourths of Southland Corp. for $400 million in cash and the assumption of debt.
August 12, 1992 |
Southland Corp. said Tuesday that it would eliminate 1,800 jobs during the next few months to cut costs and more efficiently operate its 7-Eleven convenience stores. The move affects 4% of the company's worldwide work force of 42,600, chiefly in local and district marketing groups and corporate offices. Southland took a $17.5-million charge in the second quarter to pay for the restructuring, contributing to a $17.9-million loss for the period.