Source: New York Post
“Advance Auto Parts said Thursday it will close about 500 stores by mid-2025 and cut some jobs under a restructuring effort, as demand for vehicle parts takes a hit from fewer consumers opting to repair their cars. Shares of the auto parts retailer were up about 2% despite also reporting a surprise third-quarter adjusted loss of 4 cents per share. Analysts on average were expecting a profit of 49 cents, according to data compiled by LSEG. The automotive industry has had a difficult second half of the year, burdened by inflationary headwinds and stiff competition from Chinese automakers putting out affordable yet feature-packed vehicles. Auto suppliers such as Aptiv PLC and BorgWarner cut their annual sales forecasts last month on expectations of lower vehicle production as consumers cut back on purchases.” (11/14/24)