Advance Auto Parts has announced the closure of more than 700 locations in an effort to improve its financial standing following disappointing earnings. The car parts retailer, which currently operates around 5,000 stores, stated that these closures are part of a strategic plan to enhance business performance. This decision comes after the company reported earnings that fell short of analysts' expectations, leading to a nearly 5% drop in its premarket trading shares.
The closures will involve shutting down approximately 500 corporate-owned stores along with about 200 independently operated locations. While a full list of the affected stores has not been released yet, Advance Auto Parts emphasized that these actions are necessary for its turnaround efforts.
