(LOOTPRESS) – Facing declining profits and disappointing earnings, Advance Auto Parts announced it will close over 700 stores nationwide in a bid to stabilize its finances. The closures include around 500 corporate-owned and 200 independently operated locations, although the company has not yet released a full list of affected stores.
This decision is part of a broader strategic plan to improve performance, with the company lowering its annual earnings outlook for the second consecutive quarter. In addition, Advance Auto recently sold Worldpac, its wholesale automotive parts division, for $1.5 billion as part of efforts to simplify operations.
Retail experts have noted that major chains across the U.S. have announced nearly 6,200 store closures this year, a surge largely driven by shifting consumer behavior and higher interest rates impacting spending on non-essential items
