According to CNN, Seven & I Holdings, the chain's Japan-based parent company, announced the closures in their earnings report on Thursday.

Under the proposed measures, 444 locations of 7-Eleven will be shut down due to a fall in sales, high inflation, and a decrease in cigarette purchases.

"The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment," Seven & I said in its earnings release.

"There was a more prudent approach to consumption, particularly among middle- and low-income earners."

In a statement provided to CBS, a company spokesperson insisted the decision was about optimizing their portfolio.

"Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it," the spokesperson explained.

"As part of this, we made the decision to optimize a number of noncore assets that do not fit into our growth strategy," they continued. "At the same time, we continue to open stores in areas where customers are looking for more convenience."

7-Eleven was founded in 1927 in Dallas, Texas, as Tote'm, a small convenience store selling ice, milk, and bread. In 1946, the name changed to 7-Eleven to reflect its extended operating hours, from 7 a.m. to 11 p.m., which was uncommon at the time.

It eventually grew into a global franchise, with Japan's Seven & I Holdings acquiring it in 1991, and today it's one of the largest global convenience store chains, with over 84,000 stores worldwide.