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2024-11-15 Economy
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Advance Auto Parts to Close over 700 Stores by Mid-2025
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[Breitbart] Advance Auto Parts will close more than 700 locations and four distribution centers by mid-2025 after sales decreased from 2023, company officials said Thursday.
The North Carolina-based auto parts company, which had 4,781 across North America as of October 5, announced in its third quarter report that 523 corporate stores and 204 independent locations are to be shut down.
The stores scheduled to be shuttered account for more than 15 percent of all Advance Auto Parts locations across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands.
The company’s press release also highlighted “distribution network optimization,” as executives plan to close four distribution centers as well.
Net sales from continuing operations totaled $2.1 billion in the third quarter of FY 2024 — a $100 million decrease from the same quarter in FY 2023.
On November 1, the company sold its automotive parts wholesaler and distributor company Worldpac to global investment firm Carlyle for $1.5 billion.
“We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business,” said Advance Auto Parts president and CEO Shane O’Kelly said in a statement Thursday. “We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value.” 
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Posted by Skidmark 2024-11-15 01:33||
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Posted by Dale 2024-11-15 09:58||
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