By Denny Jacob
Advance Auto Parts is moving to the next phase of its restructuring plan after completing the first phase of closing certain stores.
The aftermarket car-parts retailer in November said a new restructuring plan calls for the closure of about 500 stores, about 200 independent locations and four distribution centers, among other efforts, by mid-2025. The restructuring was approved by the board, which added three new members last year at the behest of activist hedge fund Third Point.
The Raleigh, N.C., company said Wednesday it now expects to open 30 new locations in the U.S. this year and at least an additional 100 new locations through 2027. It added that more than 75% of the company's stores are currently in markets where it has the first or second position based on store density.
Advance Auto Parts operated 4,788 stores primarily within the U.S., with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands, as of Dec. 28.
Chief Executive Shane O'Kelly said the company is on the path to accelerate store growth and is focused on the fundamentals of selling auto parts.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 26, 2025 06:29 ET (10:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。