The Markets February 6, 2009

7-Eleven Latest to Suspend 401(k) Match

Dallas-based 7-Eleven Inc. said it is cutting 200 positions and suspending contributions to employees’ 401(k) accounts to minimize future job losses.
Reported by

The Dallas Morning News reports the 200 jobs being eliminated are in Dallas corporate and other non-store operations throughout the U.S. and Canada, and represent 10% of the company’s non-store workforce. The company said those losing their jobs will be provided severance and outplacement services.

In addition, 7-Eleven management told employees Thursday it is suspending merit pay increases and reducing incentive compensation for most positions.

7-Eleven joins a growing number of companies announcing match contribution suspensions to reduce costs in the down economy. (see “Eddie Bauer Suspends Match’ and “Another Media Company Takes 401(k) Match Suspension Route’).

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