7-Eleven is closing 444 of its “underperforming” convenience-store locations across North America, as a result of decreased traffic and slower sales, including cigarette purchases.

Reached by Fast Company, 7-Eleven declined to provide a list of locations that will be closing, but noted that the move is “aligned with our long-term growth strategy.”

“We made the decision to optimize a number of noncore assets that do not fit into our growth strategy,” the company said. “At the same time, we continue to open stores in areas where customers are looking for more convenience.”

The news comes a day after 7-Eleven’s parent company, Japanese convenience retailer Seven & i Holdings, cut earnings forecasts for the fiscal year ending in February 2025 and announced restructuring plans that would split the company into two businesses.

The Tokyo-based retailer, which earns a majority of its profit from 7-Eleven, plans to separate its core business (7-Eleven and select convenience stores and gas stations) from its less-profitable, sprawling portfolio of supermarkets, specialty stores, and businesses.

That spin-off would include Loft general goods stores, Akachan Honpo baby goods stores, and the operating company of Denny’s restaurants in Japan, and could eventually IPO, according to Bloomberg.

The restructuring plans and store closings are an attempt by Seven & i to reassure unhappy investors and stave off a takeover bid from Canadian retailer Alimentation Couche-Tard, owner of the Circle K brand of convenience stores.

In September, 7-Eleven’s parent company rejected an initial takeover offer of $14.86 per share. Couche-Tard recently increased that offer to $18.19 per share, or about $47 billion, which was a 20% increase, Bloomberg reported.