Monro Inc., a leading auto repair and tire shop, will close 145 underperforming locations across the U.S. due to declining sales caused by consumer spending cuts in an inflationary environment. The company, which operates 1,260 stores, announced these closures following a comprehensive review of its store portfolio and a change in leadership. New CEO Peter Fitzsimmons disclosed the need for these closures during the Q4 fiscal results report, aiming to improve the company's performance amidst challenging market conditions.
Monro will close 145 underperforming stores by the end of the current quarter, signifying a major restructure in response to reduced consumer spending on auto services.
The closure of 145 locations follows disappointing financial results, largely stemming from consumers cutting back on discretionary spending as inflation pressures their budgets.
A recent leadership change at Monro, replacing CEO Michael Broderick with Peter Fitzsimmons, coincided with the announcement of store closures in the company's Q4 earnings.
Monro, which operates 1,260 stores across the U.S., is taking decisive action to improve profitability after facing challenges in an inflationary environment.
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