Advance Auto Parts plans to close more than 700 locations and four distribution centers by mid-2025 due to declining sales starting in 2023, company officials announced Thursday.
The North Carolina-based auto parts company, which had 4,781 companies across North America as of October 5, made the following announcements in the third quarter. report 523 corporate stores and 204 independent stores are scheduled to close.
The stores slated for closure represent more than 15% of all Advance Auto Parts stores in the U.S., Canada, Puerto Rico and the U.S. Virgin Islands.
The company's press release also highlighted “optimization of the delivery network,” as management also plans to close four distribution centers.
Net sales from continuing operations for the third quarter of fiscal 2024 totaled $2.1 billion, a decrease of $100 million from the same quarter of fiscal 2023.
On November 1st, the company announced sold The company's auto parts wholesaler and sales company, Worldpac, has invested $1.5 billion in global investment company Carlyle.
“Advance Auto Parts President and CEO Shane O'Kelly said in a statement Thursday that the company has made progress on strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of the business. I'm happy,” he said. “We have charted a clear path forward and introduced a new three-year financial plan, focused on executing our core retail fundamentals to improve productivity across all assets and create shareholder value. I am.”
