SYDNEY, May 1 (Reuters) - The operator of 7-Eleven convenience stores in Australia said on Monday that its board has kickstarted the process to sell its entire business.
Australia's largest convenience and fuel retailer, with more than 700 stores, said the board of 7-Eleven Holdings had commenced a process to sell the business.
The process was at an early stage and was expected to take a number of months, it said in a statement on its website.
Australia's 7-Eleven Stores, which is licensed by U.S.-based 7-Eleven Inc, is owned by the Withers and Barlow families. In 1976, they signed the area licence agreement to bring the 7-Eleven brand to Australia, opening the first store in Oakleigh, Victoria in 1977.
"The company has made significant progress in recent years on a number of fronts and is performing well under a highly credentialed management team, with an exciting outlook for growth," Russell Withers said, commenting on behalf of 7-Eleven’s shareholders.
"As such, the Withers and Barlow families have decided that the time is right to review options for the future ownership of the business with a view to setting it up for future growth and success," he said. (Reporting by Praveen Menon; Editing by Stephen Coates)