Seven Eleven lets 500 franchisees out of contractsSeven Eleven announced yesterday that it will gradually close 500 or so stores that are suffering from losses without demanding its contracted store owners pay for the premature ending of the contracts to run the stores.
The recent suicide of a CU convenience store owner after a conflict over payments demanded by CU for breaking the contract before it expired sparked a nationwide outcry against unfair treatment of small entrepreneurs like convenience store franchisees.
The government has also cracked down on harsh treatment of small businesses.
Seven Eleven has more than 7,200 convenience stores across the country.
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