Advance Auto Parts said it will close hundreds of stores and cut jobs after posting a surprising quarterly loss and forecasting revenue below market expectations.

KEY TAKEAWAYS Advance Auto Parts shares surged after the auto retailer announced plans Thursday to close hundreds of stores as it posted a surprise quarterly loss. As part of a new three-year turnaround plan,

Advance Auto Parts’ stock falls after a quarterly loss, and release of a plan to close more than 500 company stores and four distribution centers.

As of October 5, 2024, Advance operated 4,781 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. According to CNN, major chain stores are on track to close the highest number of stores in 2024 than in any year since 2020, when the pandemic decimated businesses.