Advance Auto-Parts To Close More Than 700 Stores

Source: Tierney L. Cross / Getty

Advance Auto-Parts To Close More Than 700 Stores

Advance Auto Parts executives announced Thursday that the company planned to close hundreds of stores over the next several years, as business failed to meet expectations set by investors ahead of a quarterly earnings report.

The plan, outlined during a meeting with shareholders, was said to take about three years.

More than 500 retail locations will be closing, as well as four distribution centers.

204 independent store locations would also leave the franchise, meaning they would lose the Advance Auto Parts branding and become independent.

The company on Thursday (Nov. 14) reported a loss of $6 million in its third quarter.

The company is based in Raleigh, North Carolina.

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Advance Auto Parts was founded in 1932.

The company focused on providing essential auto parts to a growing number of vehicle owners, aiming to deliver quality products and service at competitive prices.

As the demand for automobiles increased, the company experienced gradual growth, opening new locations and expanding its product offerings which in the end made them so successful.

More news will come out as closing start to begins and actual locations are named.