International convenience store chain 7-Eleven is making its way to Israel, Channel 12 News reported on Monday.
According to the report, Israeli fashion company Fox Group and appliance maker Electra Group are expected to sign in the coming days a joint franchise agreement to operate the brand of convenience stores in Israel.
An announcement on the agreement is expected to be made to the Tel Aviv Stock Exchange in the coming days.
This will be the two companies’ first venture into food retail.
Founded in 1927 in Dallas, Texas, the company's first outlets were named "Tote'm Stores" because customers "toted" away their purchases. In 1946, the chain's name was changed from "Tote'm" to "7-Eleven" to reflect the company's new, extended hours, 7:00 a.m. to 11:00 p.m., seven days per week.
Today, 7-Eleven operates, franchises, and licenses 71,100 stores in 17 countries. It is known for its Slurpee drinks, a partially frozen soft drink introduced in 1965.
Fox Group and Electra Group have yet to comment on the report.