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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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Over the past couple decades, I've ordered excellent aftermarket (bolt on) parts from Summit Racing. Advanced and Autozone both wanted $200 for front rotors made from scrap steel from China.
Years ago, since I usually needed new rotors right away, I would panic buy the Chinese brand from Advanced or Autozone since they had them on the shelf. Almost always, immediately upon opening the cheap Chinese cardboard box, you can see flaws in the castings. As expected, these rotors would rust so badly that flakes of rust would fall off and stain the wheels when they got wet.
Summit Racing has drilled and slotted rotors that are also Zinc Dichromate plated to prevent rust. The rotor kit they offer from Power Stop was less than $200, INCLUDED brake pads, guide pin boots, new metal clips and grease! They look better, perform great and STILL haven't rusted since I installed them last May.
I always forget about Summit. Awesome company.
Used to live about 90 minutes from the Talmadge showroom. Many a Sunday night I'd zip there to wrap up a project. I'm one state over now and they still deliver within a day or two if in stock.
I sent Summit quite a few pennies over the last several years. Probably over 50K pennies for 2 older cars needing a bit of work.