Advance Auto Parts to close hundreds of stores, shut down West Coast operations

LA Times2024-11-22

Advance Auto Parts plans to close more than 725 locations around the country as well as four distribution centers on the West Coast. (Tierney L. Cross / Getty Images) A plan by Advance Auto Parts...

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Cross / Getty Images)\n\n\nA plan by Advance Auto Parts...</p>\n\n<a href=\"https://finance.yahoo.com/news/advance-auto-parts-close-hundreds-220852376.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://finance.yahoo.com/news/advance-auto-parts-close-hundreds-220852376.html","article_id":"2485424249","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/hRo8RNc7qMi9FwzzJAVTng--~B/aD01NjA7dz04NDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/la_times_articles_853/5f19aa2c498aea7fed4db2a4338a4fe4"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485424249","pubTimestamp":1732226932,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Advance Auto Parts plans to close more than 725 locations around the country as well as four distribution centers on the West Coast.A plan by Advance Auto Parts to stem deepening losses by closing hundreds of stores will result \"in a complete exit of certain markets on the West Coast\" as the company shutters California locations, its chief executive said.The national auto supply chain plans to close more than 725 locations around the country as well as four distribution centers on the West Coast, Chief Executive Shane O’Kelly said in an earnings call last week.Advance Auto Parts currently has 139 locations in California, according to its website.The reduction in its footprint is part of the company’s “strategic plan to improve business performance,” according to a statement released as part of its recent quarterly earnings report. The company also plans to increase the pace of new store openings in higher-performing regions, the release said.Advance Auto Parts closed a $1.5-billion sal","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4214":"汽车零售","AAP":"Advance Auto Parts Inc","BK4588":"碎股"},"translate_title":"Advance Auto Parts关闭数百家商店，关闭西海岸业务","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAP":1},"content_text":"Advance Auto Parts plans to close more than 725 locations around the country as well as four distribution centers on the West Coast. \n  (Tierney L. Cross / Getty Images)\n\n\nA plan by Advance Auto Parts to stem deepening losses by closing hundreds of stores will result \"in a complete exit of certain markets on the West Coast\" as the company shutters California locations, its chief executive said. \nThe national auto supply chain plans to close more than 725 locations around the country as well as four distribution centers on the West Coast, Chief Executive Shane O’Kelly said in an earnings call last week. \nAlthough he didn't specify which stores would close, O'Kelly signaled that the downsizing would focus heavily on California and the Pacific Northwest, saying that stores supplied by the four distribution centers marked for closure will also be shut down.\n“Our four distribution centers on the West Coast serve a lower concentration of stores,” O’Kelly said in the earnings call. “We believe that investing in other core areas of the business will help deliver stronger profitability.”\nAdvance Auto Parts currently has 139 locations in California, according to its website.\nThe North Carolina-based company operates about 4,700 stores along with 1,100 independently operated locations, which are primarily in the U.S. but also in Canada, Mexico and the Caribbean islands. Operations in Canada will not be affected, O'Kelly said. \nThe reduction in its footprint is part of the company’s “strategic plan to improve business performance,” according to a statement released as part of its recent quarterly earnings report. The company also plans to increase the pace of new store openings in higher-performing regions, the release said.\nThe car parts seller, which stocks batteries, motor oil and more, posted underwhelming third-quarter results this month, reporting a net loss of $6 million on revenue of $2.1 billion. The figures marked an improvement compared with the $62-million loss it posted for the same period last year on $2.2 billion in revenue. The company's stock closed Thursday at $38.69, down more than 37% this year. \nAdvance Auto Parts closed a $1.5-billion sale of Worldpac, its car parts wholesale distribution business, to investment firm Carlyle this month. \nO’Kelly did not comment on the number of employees expected to be affected.\nSign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. \nThis story originally appeared in Los Angeles Times.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485424249"}