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Advance Auto Parts will close more than 700 locations and four distribution centers by mid-2025 after sales decreased from 2023, company officials said Thursday.
The North Carolina-based auto parts company, which had 4,781 across North America as of October 5, announced in its third quarter report that 523 corporate stores and 204 independent locations are to be shut down.
The stores scheduled to be shuttered account for more than 15 percent of all Advance Auto Parts locations across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands.
The company’s press release also highlighted “distribution network optimization,” as executives plan to close four distribution centers as well.
Net sales from continuing operations totaled $2.1 billion in the third quarter of FY 2024 — a $100 million decrease from the same quarter in FY 2023.
On November 1, the company sold its automotive parts wholesaler and distributor company Worldpac to global investment firm Carlyle for $1.5 billion.
“We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business,” said Advance Auto Parts president and CEO Shane O’Kelly said in a statement Thursday. “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.”
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https://www.breitbart.com/economy/2024/11/14/advance-auto-parts-close-over-700-stores-mid-2025/
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Advance is pretty much the only auto parts dealer in our little town. I used them a fair amount. I'm also familiar with another store in the next county over, and the main store in the nearest city which serves as the distribution center. So I'm pretty familiar and have talked to a lot of the people behind the counter.
Some observations:
The local managers seem to have some control over what gets stocked. At one point, I had a GMC pickup truck and a Jeep Cherokee. My local store always had parts for the pickup, but if I needed parts for the Cherokee right away, I'd have to run to the next county. Sometimes I'd have to run into the city. No biggie.
A few years ago, some bonehead at corporate decided to set stocking levels. So, as an example, the local store might have the ball joint I need, but they only stock one, even though the vehicle takes two. For most people who are doing mechanical work at home, the bulk of the time is taking the daily driver out of service, getting it prepped, on jacks, maybe renting a special tool, etc. If one side needs replacement, you may as well do the other while you're doing all that work or you're just going to have to do it again in a month or three.
The problem with #2 is that every trip to the local store, requires either an additional trip to another store that day, or you have to wait for them to order and transfer the other part(s) you need. Many, if not most of us, do a lot of wrenching on the weekend. If you have to spend half the day driving to multiple stores, or you have to wait until the next day for parts, then you loose a lot of time.
So the solution would be to plan ahead. But perversely, that's where Advance loses.
If I plan ahead, I can go to Rockauto.com and get better quality parts way cheaper than Advance and I can have them delivered without me having to drive to any stores. I can also use Amazon or ebay (although both risk counterfeit parts, but that's another rant).
When Advanced changed their stocking policy, they basically lost me as a customer unless I'm desperate for one part and I need it that day. Otherwise, it's not worth the trouble to buy from them. I don't know if I'm in the majority, but I bet I'm not alone.
That’s precisely why people buy online. They’ve cut their own throats by not stocking what people need. I’ve given up on even trying to buy something at a store. Nobody ever has what you need anymore. With all the changes I anticipate in the country maybe things will get back to the way they used to be somewhat. They probably only have a few dollars in that ball joint anyway. Stock enough for one car at least. Until recently I’ve worked on cars for a living for 35yrs and you’re always waiting on parts. It’s very frustrating.