7-Eleven Faces $77 Million Civil Penalty From Federal Trade Commission
By Sabela Ojea
The 7-Eleven convenience store chain was hit with an over $77 million civil penalty after being sued by the Federal Trade Commission in connection with its acquisition of a retail fuel outlet in St. Petersburg, Fla.
In 2018, the company violated its obligation about providing the FTC prior notice of certain acquisitions, posing a threat to competition, according to the regulator's complaint.
"7-Eleven's acquisition of the St. Petersburg outlet was an undisputed violation of the 2018 consent order since this location was specifically listed as an outlet that could not be acquired without first providing prior notice to the FTC," the agency said. The agency noted that 7-Eleven submitted "false compliance" reports related to the acquisition.
7-Eleven later sold the fuel outlet, earing capital gains from the sale.
The complaint was filed in the U.S. District Court for the District of Columbia.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 04, 2023 17:07 ET (22:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back