by Possible bad news for customers of Advance Auto Parts in Strongsville as the company delivered extremely bad news, nationwide, earlier today.
They announced the company is closing more than 700 locations to help up the company’s finances following another poor earnings report.
The car parts retailer, which has about 5,000 stores total, said Thursday that the closures are part of its “strategic plan to improve business performance.” This is an effect of their shares sliding nearly 5% in premarket trading after it reported earnings that missed analysts’ expectations.
The reduction will result in closing roughly 500 corporate-owned stores plus about 200 independently operated locations.
Sadly, yet again as I have said in every single one of these articles, you cannot dispute the fact that companies have raised prices higher than many consumers can afford and interest rates have soared, making it more expensive to borrow money for larger items to fix a car or to get a car loan.
This combined with the rising salary costs going from $12 an hour to a demanded $20 an hour just to get people to show up to work, have crushed many once “retail based” giants. Again, no word yet if the Strongsville will be effected. As for the $20 an hour, I see the reason why it is now demanded as groceries and gas are through the roof as well. This is a sad chain of events that apparently is in no sight of ending.
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