S hares of Advance Auto Parts Inc. pulled a sharp early U-turn to trade higher Thursday, after the company laid out its plan to return to sales growth and to boost margins, including by closing more than 700 store locations.

Advance Auto Parts will close over 700 locations, including corporate stores and independently-owned locations, as part of a financial restructuring effort.

Advance Auto Parts executives announced Thursday that the company will be closing 523 corporate stores through 2027.

The company said its gross profits grew compared to 2023, but it will close hundreds of stores while opening others.

NEW YORK -- NEW YORK (AP) — Advance Auto Parts is closing more than 500 stores and shedding another 200 independent locations as part of its efforts to revive its struggling business.

Amid a year of sagging sales, Advance Auto Parts said it plans on closing over 700 locations by mid-2025.

Advance Auto Parts said Thursday that it plans to close more than 700 stores after the auto parts retailer recorded a surprise quarterly loss.

It's not been announced specifically where stores will close, but the auto parts retail chain has more than 250 stores in Georgia.

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.

Advance Auto Parts announced that it will close over 700 locations, including corporate stores and independently-owned locations, as part of a financial restructuring effort.