Advance Auto Parts to Close Over 700 Stores and Distribution Centers, Impacting Up to 10,000 Employees

Nov 14, 2024, 04:00 PM

Advance Auto Parts announced plans to close more than 700 locations, including 500 corporate stores, 200 independently owned locations, and four distribution centers, as part of an asset optimization program aimed at improving business performance. The company reported a surprise third-quarter loss of $0.04 per share, missing analyst expectations of $0.52 per share, with revenues of $2.15 billion falling short of the estimated $2.67 billion. The store closures, expected to be completed by mid-2025, aim to shore up finances following the dismal earnings report and could impact up to 10,000 employees. Advance Auto Parts also revised its sales outlook, guiding initial fiscal year 2025 revenue between $8.4 billion and $8.6 billion.