NOVEMBER 14, 2024 — MAJOR LAYOFFS AHEAD
The company has announced plans to close about 523 corporate stores, exit 204 independent locations, and shutter four distribution centers by mid-2025—and lay off an unspecified number of employees due to lower demand for vehicle parts by consumers faced with the complexity of repairing modern vehicles.
From the company’s SEC filing, “On November 13, 2024, the Company’s Board of Directors approved a restructuring and asset optimization plan designed to improve the Company’s profitability and growth potential and streamline its operations. This plan anticipates the closure of approximately 500 stores, approximately 200 independent locations, and four distribution centers by mid-2025, as well as headcount reductions.
NOVEMBER 30, 2023 — Original post…
Raleigh, North Carolina-based Advance Auto Parts, an automotive aftermarket parts provider serving both professionals and do-it-yourself customers, has announced plans to sell two business units, Worldpac's domestic and Canadian businesses, and to undertake an operational realignment and reduction in force.
The reduction will impact 400 headquarters employees.
According to a company statement, “As part of our ongoing strategic and operational review of the business, we have identified opportunities to streamline efforts, improve efficiency, and significantly reduce costs within our organization."
"As a result, we have made the difficult decision to eliminate approximately 400 positions across our organization, including positions based at our Raleigh headquarters, corporate roles based outside of North Carolina, field-based positions located outside of Raleigh, and positions at our office in Hyderabad, India."
"The decision to eliminate even a single role is extremely difficult and we are committed to treating affected individuals with compassion and care by offering transition assistance to those impacted. The actions we are taking will enable us to support a narrowed list of priorities that are focused on the fundamentals of serving our customers and frontline teams. We remain confident that our industry is strong and that the opportunity for Advance to succeed on the road ahead is significant.”
According to the company's recently hired CEO, “Today we are announcing initial actions from our review process that will allow us to capitalize on significant opportunities ahead. Since joining Advance, I have partnered with the board and management team to move with speed in conducting a comprehensive review of the business. We are taking decisive actions to position Advance for long-term success and create meaningful value for our shareholders."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
