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Advance Auto Parts Closing Hundreds of Stores
Advance Auto Parts is closing hundreds of stores and shedding independent locations as part of a strategic plan to improve business performance following a third-quarter loss and lowered revenue outlook.
English
United States
Labour MarketFinanceBusinessRetailRestructuringAutomotive
Advance Auto PartsCarlyleWorldpacCarquest
- What are some of the key elements of Advance Auto Parts' turnaround plan?
- Advance Auto Parts aims to accelerate the pace of new store openings and adopt a standardized operating model as part of its turnaround strategy.
- What major transaction did Advance Auto Parts recently complete, and why?
- The company recently sold its Worldpac automotive parts wholesale distribution business to Carlyle for $1.5 billion to boost its balance sheet.
- What has been the market reaction to Advance Auto Parts' recent announcements?
- While the stock closed up slightly on the day of the announcement, it is down 33% year-to-date, reflecting investor concern about the company's performance.
- How many stores is Advance Auto Parts closing, and what is the reason behind these closures?
- Advance Auto Parts is closing over 700 stores (523 corporate and 204 independent) to improve its business performance and is incurring costs related to converting some stores and distribution centers into market hubs.
- What were Advance Auto Parts' financial results in the third quarter, and how did the company react?
- The company reported a $6 million loss in its third quarter and lowered its full-year revenue outlook for the second consecutive quarter, indicating financial struggles.