7-Eleven Purchases Tedeschi Convenience Store Chain
After months of speculations, the much-awaited purchase of local Boston-based convenience store chain, Tedeschi, has come to pass. The purchase was done by 7-Eleven according to the latest press release. Tedeschi purchase terms are yet to be made public. One thing that is, however, clear is that the change of hands of this old prestigious Italian owned food store chain will be done by mid-June, 2015.
According to insiders, Tedeschi now joins other 55,000 7-Eleven outlets in different locations across the globe. The good news for the employee, according to the press release, is that some will be joining 7-Eleven existing staff. The convenient food store chain was founded in 1923 by Angelo Tedeschi. The original outlet, based in Rockland, sold cheese and meat. This legacy and concept is still maintained by the current CEO, Peter, who is Angelo Tedeschi’s grandson. He has never lost focus nor been the least swayed in sticking to this legacy.
According to Stan Reynolds, the executive vice president, the choice for Boston as a location is based on three pillars: high performance, exponential volumes and conforming to local real estate status. There are however other factors apart from these main ones. The Dallas-based 7-Eleven also boasts of more than 10,500 stores spread across North America as well as their 164 franchises that operate in New Hampshire and Massachusetts.