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A PROMINENT auto retailer is axing 700 locations in the coming months and customers will be forced to shop elsewhere.
The move is being made as part of an effort to improve sales performance after recent declines.
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Shane O’Kelly, president and CEO of Advance Auto Parts, confirmed the mass closure plan while speaking to investors about third-quarter results, per a Thursday press release.
“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 shareholder value,” O’Kelly noted.
The CEO emphasized that the closures were part of the “strategic plan to improve business performance.”
Advance Auto Parts currently has around 4,700 stores nationwide.
Read More on Store Closures
With the closures, 523 Advance Auto Parts corporate locations will shutter, along with 204 independent stores and four distribution centers, according to the release.
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