ST. LOUIS — Advance Auto Parts Inc. (NYSE: AAP), the aftermarket auto-parts retailer, is closing more than 700 stores and a handful of distribution centers, the company disclosed Thursday after releasing another poor earnings report.
The Raleigh, North Carolina-based company plans to close 523 corporate stores and 204 independently-owned stores, in addition to four distribution centers by the middle of next year. The company didn't provide a list of locations slated to close. Advance also said there will be "headcount reductions," but didn't indicate how many jobs will be cut.
Advance Auto has around 5,000 locations, with about 27 in the St. Louis area, including six in Metro East.
The company said in a regulatory filing that the changes will cost an estimated $350 million to $750 million, including about $45 million in severance costs and benefits, $100 million to $250 million for lease terminations, $130 million to $150 million in other closure-related costs, and from $75 million to $350 million of asset-related charges.
