Advance Auto Parts plans to close more than 700 locations as part of a strategic plan to improve business performance.
The closures include 523 corporate stores, 204 independent locations and four distribution centers.
The big picture: The company aims to standardize its store operating model and improve labor productivity while also accelerating new store openings.
- Advance Auto Parts has more than 500 locations in Florida, with more than 200 locations in seven other states.
Driving the news: The company recently sold Worldpac, an auto parts wholesaler, for $1.5 billion.
- The decision to close stores is influenced by the uncertain macroeconomic climate affecting consumer behavior, the company said.
Zoom out: The company is part of a growing list of retailers that have announced store closures this year for various financial reasons.
What we’re watching: Advance Auto Parts plans to open 60 market hub locations by mid-2027 as part of their new three-year financial plan.
