Current:Home > NewsAdvance Auto Parts is closing hundreds of stores in an effort to turn its business around-LoTradeCoin
Advance Auto Parts is closing hundreds of stores in an effort to turn its business around
View Date:2024-12-23 11:37:27
NEW YORK (AP) — Advance Auto Parts is closing more than 500 stores and shedding another 200 independent locations as part of its efforts to revive its struggling business.
North Carolina-based Advance Auto said Thursday that it would be reducing its U.S. footprint as part of a “strategic plan to improve business performance.” The company said it is shuttering a total of 523 of its Advance corporate stores, as well as four distribution centers, and exiting 204 independent locations by the middle of next year.
Specific locations and the number of employees expected to be impacted was not immediately disclosed. A spokesperson for Advance Auto declined to comment further.
Advance Auto still outlined some wider turnaround efforts in Thursday’s announcement. Despite these sizeable closures, the company noted goals like an “acceleration in pace of new store openings” and adopting a standardized operating model. And it pointed to supply-chain consolidation plans, noting that it expected to incur costs related to converting certain stores and distribution centers into “market hubs.”
Advance Auto on Thursday posted a loss of $6 million in its third quarter on revenue of $2.15 billion. The company also lowered its full-year revenue outlook for the second consecutive quarter.
The seller of car batteries, motor oil and more has seen some waning sales since the start of the year, and is making efforts to boost its balance sheet. Earlier this month, the company closed a $1.5 billion sale of Worldpac, its automotive parts wholesale distribution business, to investment firm Carlyle.
Advance Auto primarily operates in the U.S., but also has some corporate stores and independent locations in Canada, Mexico and various Caribbean islands. As of Oct. 5, Advance Auto operated more than 4,780 stores and served 1,125 independently owned, Carquest-branded locations.
Shares of the company closed up less than 1% Thursday, but the stock is down 33% year to date.
veryGood! (21)
Related
- Pennsylvania House Republicans pick new floor leader after failing to regain majority
- Batteries are catching fire at sea
- Biden’s Bet on Electric Vehicles Is Drawing Opposition from Republicans Who Fear Liberal Overreach
- Meet The Flex-N-Fly Wellness Travel Essentials You'll Wonder How You Ever Lived Without
- Are Dancing with the Stars’ Jenn Tran and Sasha Farber Living Together? She Says…
- Wife of Gilgo Beach murders suspect Rex Heuermann files for divorce as woman shares eerie encounter with him
- A Life’s Work Bearing Witness to Humanity’s Impact on the Planet
- Raging Flood Waters Driven by Climate Change Threaten the Trans-Alaska Pipeline
- ONA Community Introduce
- The FBI raided a notable journalist's home. Rolling Stone didn't tell readers why
Ranking
- Mike Tyson employs two trainers who 'work like a dream team' as Jake Paul fight nears
- How Pay-to-Play Politics and an Uneasy Coalition of Nuclear and Renewable Energy Led to a Flawed Illinois Law
- The U.S. is threatening to ban TikTok? Good luck
- Deadly ‘Smoke Waves’ From Wildfires Set to Soar
- Travis Kelce's and Patrick Mahomes' Kansas City Houses Burglarized
- Still trying to quit that gym membership? The FTC is proposing a rule that could help
- Why G Flip and Chrishell Stause Are Already Planning Their Next Wedding
- NFL owners unanimously approve $6 billion sale of Washington Commanders
Recommendation
-
Prosecutors say some erroneous evidence was given jurors at ex-Sen. Bob Menendez’s bribery trial
-
New $2 billion Oklahoma theme park announced, and it's not part of the Magic Kingdom
-
Will Kevin, Joe and Nick Jonas' Daughters Form a Jonas Cousins Band One Day? Kevin Says…
-
Seeing pink: Brands hop on Barbie bandwagon amid movie buzz
-
PSA: Coach Outlet Has Stocking Stuffers, Gifts Under $100 & More for the Holidays RN (up to 60% Off)
-
A New Hampshire beauty school student was found dead in 1981. Her killer has finally been identified.
-
After It Narrowed the EPA’s Authority, Talks of Expanding the Supreme Court Garner New Support
-
State line pot shops latest flashpoint in Idaho-Oregon border debate