Advance Auto Parts (File) Advance Auto Parts, a leading auto parts retailer, has announced plans to close over 700 stores in an effort to improve
Advance Auto Parts, a leading auto parts retailer, has announced plans to close over 700 stores in an effort to improve its financial performance. The company cited a challenging economic climate and declining sales as the primary reasons for the closures.
The retailer, which operates approximately 5,000 stores, will shutter both corporate-owned and independently operated locations.
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While a comprehensive list of store closures has not yet been released, the company expects the reduction to significantly impact its operations.
This move comes after Advance Auto Parts reported disappointing earnings for the second consecutive quarter.
The company has been implementing a turnaround strategy, including the recent sale of its Worldpac business, to streamline its operations and boost profitability.
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The retail industry as a whole has experienced significant challenges in recent years. So far in 2024, retailers have announced the closure of over 6,189 stores, surpassing the total number of closures in 2023.
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