Advance Auto Parts has announced a major restructuring plan, including closing 727 stores and several distribution centers, after a challenging third quarter.
The auto parts retailer, which has more than 4,700 stores nationwide, announced the move on Nov. 14, while reporting its third-quarter 2024 financial results. The restructuring is part of a broader effort to optimize the company’s footprint and improve profitability as it reported a net loss of just more than $6 million, or $0.42 per share, for the quarter.
Under the plan, the company will shutter 523 corporate-owned stores, exit 204 independently owned locations, and close four distribution centers by mid-2025. In addition to store closures, the restructuring includes job cuts, though specific numbers were not disclosed….