Advance Auto Parts is closing hundreds of stores in an effort to turn its business around

  • 📰 NBCNewYork
  • ⏱ Reading Time:
  • 55 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 63%

Business Notícia

Economy

Advance Auto Parts is closing more than 500 stores and separating from another 200 independent locations to try to revive struggling business.

The company said it is shutting down 523 stores and four distribution centers, as well as exiting 204 independent locations by the middle of 2025.-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.

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.

Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 270. in PT
 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Advance Auto Parts is closing hundreds of stores in an effort to turn its business aroundNEW 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
Fonte: Mynorthwest - 🏆 438. / 53 Consulte Mais informação »