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.
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