Southland Corp

Samuel Belzberg, a financier based in British Columbia, approached Southland's founding family early this year about acquiring the operator of the 7-Eleven convenience stores, the Thompson family said in a government filing. Belzberg met with Southland senior executives several times, according to the documents. Belzberg said he was interested in buying the company at $65 a share and that he already held 4.9% of its outstanding common stock.

Del Taco Inc., the second-largest Mexican American fast-food chain in the nation, has filed suit seeking to force Southland Corp. to stop selling a new El Taco food item at its 7-Eleven stores. In a suit filed in U.S. District Court in Los Angeles, Laguna Beach-based Del Taco says Dallas-based Southland is violating its Del Taco trademark, confusing customers and unfairly competing by marketing the new taco, introduced March 4. Del Taco was joined in the complaint by Boca Raton, Fla.

A frequent subject of takeover rumors, Southland Corp., unveiled on Sunday a $4-billion leveraged buyout deal with top management from the family that founded its national 7-Eleven chain. The Dallas company, the biggest U.S. operator of convenience stores, said it expects a two-step transaction to begin today with a cash tender offer. The offer is to be $77 a share for 31.5 million of its 48.8 million outstanding common shares and $90.27 a share for all 2.

Along with soft drinks, prepaid phone cards, six packs of beer and gasoline, Southland Corp. has recently started aggressively promoting wine in its 7-Eleven convenience stores. The 3,200 7-Eleven units in the United States allowed to carry wines under local liquor ordinances now stock up to 30 different kinds of varietal and premium brands, at prices ranging from $5.99 to $14.99 a bottle, said Dennis Phelps, the retailer's category manager for beer and wine.

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.

Southland Corp., parent of the 7-Eleven convenience store chain, emerged from Chapter 11 bankruptcy Tuesday after two Japanese companies formally pumped $430 million in cash into the retailer by buying 70% of its stock. Southland's Chapter 11 reorganization plan, approved by a bankruptcy judge Feb. 21, proposed the $430-million purchase of Southland by Ito Yokado Co. and Seven-Eleven Japan Co.

Southland Corp., parent company of 7-Eleven convenience stores, has sold part of the company to a group of outside investors and switched investment bankers, documents outlining the company's $4.9-billion debt-financed restructuring show. The documents disclose that Southland, which struggled to complete financing for the deal last December, dumped the investment banking firms of Goldman, Sachs & Co. and Salomon Brothers Inc., in favor of Drexel Burnham Lambert Inc.

The 7-Eleven mini-market that opened in Montebello Wednesday looks a lot like other 7-Eleven stores in the area: The "Slurpee" soda machines are in place, and the aisles are stocked with the latest snacks. But unlike many other markets, this shop is not being operated by a for-profit franchisee.

The parent of 7-Eleven Stores disclosed Monday that it is not terminating franchise agreements with four of eight store operators it had accused of price gouging after the Northridge earthquake. In January, Southland Corp. announced plans to cancel agreements with eight franchisees to send a signal that 7-Eleven "does not tolerate or condone" price gouging. The company's action came amid widespread complaints about gouging and was praised by lawmakers.

Kudos to the Dallas-based Southland Corp. for terminating franchise agreements with eight 7-Eleven stores charged with price-gouging in the wake of the Northridge earthquake ("7-Eleven Cutting Franchises Over Price Gouging," Jan. 22). I'm delighted that Southland has demonstrated that corporate responsibility and integrity are as important as corporate profits. In addition, those contractors, plumbers, electricians and other business people who came through in the clutch--and charged their regular prices--also deserve our applause.

The parent of 7-Eleven Stores said Friday that it is terminating franchise agreements with operators of eight San Fernando Valley stores for overcharging victims of Monday's devastating quake. Dallas-based Southland Corp. said employees, which the chain sent out as undercover shoppers, were charged inflated prices for food, water, batteries and cigarettes at the stores.

7-Eleven Owners Sue Parent: The group of franchise owners, frustrated by late-night robberies, has filed a $100-million lawsuit over a policy that penalizes them for closing at night. The 5,900-store chain is owned by Southland Corp. of Dallas. The only way a franchise can avoid the 24-hour schedule mandated by Southland is to pay a penalty representing 6% of the store's gross profit, said John Wells, the attorney representing more than 100 owners.

Leaders of the crews working to restore New York's World Trade Center after the Feb. 26 bombing say they are making some important changes in safety and security systems, joining other industries that have learned costly lessons from such disasters as a high-rise fire and a mass murder at a fast food restaurant. "Everything's on the table right now," says Mark Marchese, spokesman for the Port Authority of New York and New Jersey, which runs the building complex.

Southland Corp., which owns the 7-Eleven convenience store chain, announced plans Monday to sell its half-interest in Citgo Petroleum Corp. to the Venezuelan state-owned oil company for $675 million. Petroleos de Venezuela already owns the other half of Citgo, which it bought from Southland in 1986 for $290 million. Southland purchased Citgo, based in Tulsa, Okla., in 1983 with stock valued at $254 million.

A federal court jury acquitted Clark Matthews II and S. Richmond Dole of bribery conspiracy charges, but Matthews was found guilty of violating federal securities law. Matthews, chief financial officer of the Dallas-based corporation, and Dole, a senior vice president, were accused of conspiring to bribe a New York state tax official in 1977.

The state Supreme Court agreed Thursday to decide whether a good Samaritan who was shot and wounded while responding to a clerk's plea to stop a fleeing robber can sue the store for monetary damages. In a brief order, the justices said they will review a ruling by a state appeals court in November that said crime victims' cries for help could expose them to civil liability for injuries to those who respond.

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.