7-Eleven Completes Acquisition of 55 Sam's Mart Stores

Company begins hiring to fill 120 additional store positions

DALLAS -- 7-Eleven Inc. said that it has commenced closing on the acquisition of 55 Sam's Mart stores in the greater Charlotte, N.C., market from Sam's Mart LLC. Terms of the deal were not disclosed.

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The Dallas-based company has begun hiring to fill an additional 120 store positions; 7-Eleven has made job offers to personnel working at the stores it is acquiring. Pay and benefits will be comparable with what they had at Sam's Mart.

"We want to provide continuity for the 350 store employees coming to us from Sam's Mart," said Doug Doyle, North Carolina native and the new market manager for 7-Eleven's operation in the greater Charlotte area. "We also are seeking quality employees to support our stores' foodservice programs that will be offered in the future."

Consumers will soon see Big Gulp drinks, an assortment of roller-grill items, 7-Eleven coffee and hundreds of 7-Eleven's 7-Select private-brand items as the store conversions get underway.

The plan is to convert the 55 stores to 7-Eleven branded stores by the end of 2012. 7-Eleven will first rebrand and remodel two sites to serve as store training locations. Here, store personnel will learn 7-Eleven systems and processes that support the daily ordering of products that their customers need and want. Several more former Sam's Mart stores are planned for rebranding and renovation starting in March.

This acquisition is part of the convenience retailer's accelerated growth plan. The company is committed to growing in the Charlotte area and looking for new locations nearby.

Sam's Mart LLC will continue to operate its other 91 stores in the Charlotte and Atlanta metro areas and retain its office personnel, with the exception of several operations management staffers that 7-Eleven is hiring.

Sam's Mart was advised on this transaction by Robert L. Valentine of Trefethen Advisors LLC. Legal advice was provided by Garth K. Dunklin of Wishart Norris Henninger & Pittman, P.A.

Based in Dallas, 7-Eleven operates, franchises or licenses more than 9,000 convenience stores in North America. Globally, there are more than 44,300 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales of more than $62.7 billion.