Advance Auto Parts to Close Over 500 Stores Amid Retail Struggles
TL;DR Summary
Advance Auto Parts announced plans to close about 500 stores and cut jobs by mid-2025 as part of a restructuring effort due to decreased demand for vehicle parts, attributed to fewer consumers opting to repair their cars. The automotive industry faces challenges from inflation and competition from affordable Chinese vehicles. The company aims to improve its operating income margin and expects significant restructuring costs. Advance Auto Parts reported a slight improvement in quarterly losses but anticipates potential losses in 2024.
Topics:business#advance-auto-parts#automotive-industry#business#consumer-spending#restructuring#store-closures
- Advance Auto Parts shutting 500 stores, cutting jobs as fewer opt to repair cars New York Post
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- Advance Auto Parts to Close Stores as Sales Pressure Persists The Wall Street Journal
- Advance Auto Parts to close over 500 stores WKBN.com
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