various things, such as the chief auto parts chain, the ice division, and hundreds of store locations, were sold between 1987 and 1990 to pay off loans that were taken out during the buyout. this also meant that in numerous big cities losing 7-eleven stores to other brands wanting the business as well. in october 1990, the southland corp., who owned money, filed a pre-packaged chapter 11 bankruptcy in order to pass on control of 70% of the company to japanese ally ito-yokado.