A MAJOR auto parts retailer is set to close 700 stores and four distribution centres across the country.
Advance Auto Parts, founded some 92 years ago, has announced plans to close approximately 500 corporate stores, 200 independent locations, and four distribution centers by mid-2025 as part of a “restructuring plan”.
The household name, which currently has 4,700 stores, including more than 200 locations in New York state, first announced plans to scale-down in November.
Speaking this week, Advance Auto Parts President and CEO Shane O’Kelly said: “During 2024, we initiated transformative actions to reposition Advance for long-term success and value creation.
“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 a shareholder value.”
A full list of store closings has yet to be announced, while some locations have already closed.
That includes at least seven in New York, as reported by New York-based Syracuse News, including in Buffalo, Rochester, Schenectady and Watervliet.
Fourth quarter financial reports showed the brand’s 2024 net sales totaled $2.0 billion – a decrease of 0.9% compared with the prior year.
Sales at stores open for at least a year went down by 1.0% in the last part of 2024.
This doesn’t count sales from over 500 stores that are closing as part of the restructuring plan.
They also said it had made $2.0 billion in sales during the fourth quarter that ended December 28, while suffering operating losses of $820 million.
Known as a leading American retailer of automotive parts and accessories, it sells car batteries, motor oil, headlights and related products, serving both professionals and DIY customers.
Headquartered in Raleigh, North Carolina, it has expanded significantly through acquisitions, including Western Auto Supply in 1998 and Carquest in 2013.
However, sales have waned since the beginning of 2024.
This comes as dealership chain AutoNation, Inc. has been fined $650,000 for breaking a “pink slip” rule.
According to District Attorney Mike Hestrin, a judge in Riverside County, California, ordered the restitution after the firm was accused of violating laws related to the transfer of registration and ownership of used cars.
In California, used car dealers must submit an application to the Department of Motor Vehicles (DMV) to transfer registration to a buyer within 30 days of a car’s sale.
That same 30-day deadline applies to the certificate of ownership – commonly known as a “pink slip.”
However, these deadlines can be extended if the DMV returns an application to the dealer due to missing information.
And elsewhere, a much-loved Harley-Davidson dealership is set to move location – but it won’t be open for months.
The Big Moose Harley-Davidson in Portland, Maine, is set to switch from its place on Riverside Street to Main Street in Gorham – a town some 20 miles away – in a $2.85 million deal.
What to do if a dealership closes
If you recently bought a car or motorcycle from a dealership that suddently closed, you may feel anxious about how that affects you.
When you finance a new car or motorcycle or need warranty repairs done at an authorized dealership, a sudden closure can make some people think they’re out of options or worry their car will be repossessed.
If you’re in a situation that sounds like that, here are a few things you can do after receiving an official notice:
Notify the bank hosting your loan of the closure to make them aware. If the financing is done through the dealership itself, it’s important to contact the dealership or your salesperson to ask how to keep up your payments. Many dealerships will send the lien (the title and registration that will only be released to the buyer after the debt is paid) to a financial institution to keep. If the dealership cannot be contacted through traditional means, most states allow drivers to apply for the title and registration through the DMV. If you leased a car from a dealership that went out of business, instructions should be sent as to which dealership to bring your vehicle to when the lease expires. If not, contact the dealership. A factory warranty through the manufacturer will be honored at any other authorized dealership. However, an extended warranty through the dealership may not be honored at other repair shops, so it’s important to seek that information from the dealership as soon as possible.Source: Consumer Law Group
Read More Details
Finally We wish PressBee provided you with enough information of ( Major auto parts retailer to close 700 stores and 4 distribution centers by mid-2025 as CEO announces three-year plan )
Also on site :
- ‘A Space for All of Us’ — How Cuban Culture Comes Alive in ‘Buena Vista Social Club’ (Exclusive)
- Spain hosts European, Arab nations to pressure Israel on Gaza
- Will Target Open on Memorial Day?