A retail chain known for selling car parts is closing 700 stores and four distribution centers in 2025.
Advance Auto Parts announced last week that the company plans to close approximately 500 corporate stores, 200 independent locations, and four distribution centers by mid-2025. The closures are part of a “restructuring plan” first announced in November, according to USA Today.
“During 2024, we initiated transformative actions to reposition Advance for long-term success and value creation,” Advance Auto Parts President and CEO Shane O’Kelly said Wednesday upon the release of the company’s fourth-quarter report.
“We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create a shareholder value.”