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.
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.