business

Seven & i buys U.S. Speedway chain despite warning of 'illegal' deal

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Japanese retailer Seven & i Holdings Co says it has completed its $21 billion acquisition of Speedway LLC, a U.S. convenience store chain and gas station network, despite U.S. antitrust officials saying the deal may be "illegal."

No surprise there. It has fallen into the media memory hole but a few years ago Seven & i Holdings Co was found to be chronically shortchanging staff wages (which are already minimal). There was much bowing, apologizing for "clerical errors" and of course ideas like restitution and punishment were not on the table.

2 ( +3 / -1 )

USA needs awesome convenience stores like Japan. Problem is - can they find people who work as hard as the people in Japanese ones!

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Investing heavily in fossil fuels in 2021 is interesting

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Who would they rather have buy it? The Chinese?

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If the US Congress gets a hold on this case, then it’s a big trouble.

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Who would they rather have buy it? The Chinese?

It's a matter of market concentration. In the US a great many 7-Eleven stores already have gas stations. Speedway was a competitor of theirs in some markets. Now with Speedway owned by 7-Eleven they have eliminated a competitor. There has been too much consolidation in gasoline retailing in the US as refiners and marketers merge.

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No surprise there. It has fallen into the media memory hole but a few years ago Seven & i Holdings Co was found to be chronically shortchanging staff wages

Was this in Japan? 7-Eleven stores in the US are franchises. The individual franchise owners set work schedules and wages, not the corporation, and would be answerable to state and Federal authorities for wage or other labor violations. US courts have pretty much refused to hold such corporations responsible for the wages and working conditions of their franchisees.

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