US c-store retailer 7-Eleven has acquired 55 stores from local rival Sam’s Mart in North and South Carolina.
7-Eleven said the deal would see it return to the greater Charlotte area for the first time since 1988.
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The deal, struck for an undisclosed sum, is expected to be completed next month, the retailer said today (27 January). Financial details were not disclosed.
“Sam’s Mart has a successful store operation and quality locations that fit our strategy to expand where we have existing stores or in areas near markets where we have operations,” 7-Eleven CFO Stan Reynolds said.
The US arm of Japanese retail giant Seven & I Holdings plans to convert the Sam’s Mart stores to the 7-Eleven banner.
Sam’s Mart will continue to run its other 91 outlets in and around Charlotte and Atlanta, 7-Eleven said.
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