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Filed Chapter 11 in October 1990

Fallout: 7-Eleven's parent company, the Texas-based Southland Corporation, filed bankruptcy in 1990 after taking on nearly $5 billion in debt in a leveraged buyout three years earlier. During reorganization, 7-Eleven's Japanese owners bought a majority stake in the company, which they retain today. 7-Eleven franchises about 3,600 U.S. stores and thousands more globally.