Advance Auto Parts has announced plans to close over 700 of its 5,000 stores as part of a strategy to improve business performance in light of disappointing earnings results.
CEO Shane O'Kelly emphasized, 'We are charting a clear path forward and introducing a new three-year financial plan...to improve the productivity of all our assets and to create shareholder value.'
Despite a disappointing third quarter with net sales declining, Advance Auto Parts shares surged 10% after the announcement of the store closures, indicating some investor optimism.
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