Current:Home > FinanceAdvance Auto Parts is closing hundreds of stores in an effort to turn its business around-DB Wealth Institute B2 Expert Reviews
Advance Auto Parts is closing hundreds of stores in an effort to turn its business around
View Date:2024-12-23 14:24:53
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! (1677)
Related
- Just Eat Takeaway sells Grubhub for $650 million, just 3 years after buying the app for $7.3 billion
- Key witness in trial of FTX founder Sam Bankman-Fried seeks no prison time at upcoming sentencing
- 'The Daily Show’ live debate episode with Jon Stewart: Start time, where to watch and stream
- Police in Tyreek Hill incident need to be fired – and the Dolphins owner must speak out
- Biden, Harris participate in Veterans Day ceremony | The Excerpt
- Key witness in trial of FTX founder Sam Bankman-Fried seeks no prison time at upcoming sentencing
- Opening statements are set in the trial of 3 ex-Memphis officers charged in Tyre Nichols’ death
- Kamala Harris, gun owner, talks firearms at debate
- Mike Tyson vs. Jake Paul referee handled one of YouTuber's biggest fights
- Madonna shocks at star-studded Luar NYFW show with Offset modeling, Ice Spice in front row
Ranking
- 4 charged in Detroit street shooting that left 2 dead, 5 wounded
- Kentucky attorney general offers prevention plan to combat drug abuse scourge
- Jon Stewart praises Kamala Harris' debate performance: 'She crushed that'
- The Mega Millions jackpot is $800 million. In what states can the winner remain anonymous.
- High-scoring night in NBA: Giannis Antetokounmpo explodes for 59, Victor Wembanyama for 50
- Ex-Michigan players, including Braylon Edwards, Denard Robinson, suing NCAA, Big Ten Network
- Prosecutors charge Milwaukee man with shooting at officers
- How fast was Tyreek Hill going when Miami police pulled him? Citation says about 60 mph
Recommendation
-
OneTaste Founder Nicole Daedone Speaks Out on Sex Cult Allegations Against Orgasmic Meditation Company
-
WNBA players and union speak out against commissioner after she failed to condemn fan racism
-
America's Got Talent‘s Grace VanderWaal Risks Wardrobe Malfunction in Backless Look at TIFF
-
Dave Grohl Reveals He Fathered Baby Outside of Marriage to Jordyn Blum
-
Artem Chigvintsev Returns to Dancing With the Stars Ballroom Amid Nikki Garcia Divorce
-
Germany’s expansion of border controls is testing European unity
-
Meth and heat are a deadly mix. Users in America's hottest big city rarely get the message
-
When do the 2024 WNBA playoffs begin? A look at the format, seedings