The parent company of the 7-Eleven convenience store brand, Tokyo-based Seven & i Holdings Co., is planning to close 444 locations in the U.S. and Canada to cut underperforming assets in the region amid a change in its operational structure. The company did not disclose which stores will close, but the total represents roughly 3% of its North American portfolio.

Seven & i Holdings estimated a $30 million boost to its operating income this year and approximately $110 million in revenue from the sale of these stores. It attributed declining sales and traffic at its convenience stores to inflationary pressures and a decrease in cigarette sales.

"In North America, 7-Eleven is pursuing sustained business growth and enhanced capital efficiency in the context of a tough consumer spending environment, particularly among lower- and middle-income earners," the company said in a prepared statement. "There is a growing polarization of consumption due to a decline in labor incomes, which is the result of challenging employment conditions, inflationary pressures, and high interest rates."