Major US car part company announces plans to close more than 700 stores nationwide

A major car parts company has announced the closure of more than 700 of its locations across the country. 

Advance Auto revealed on Thursday that it is shuttering more than 500 of its stores, four distribution centers, and 200 independent locations by the middle of next year. 

It comes after the North Carolina-based company reported a loss of $6 million in its third quarter earnings report on Thursday. 

The seller of car batteries, motor oil and more has seen falling sales since the start of the year.

It is not yet clear which specific locations will shut and how many employees will be affected.  

The company lowered its full-year outlook for the second quarter in a row and shares are down 33 percent so far this year. 

Company bosses previously stated that 'consumers continue to feel the weight of an uncertain macroeconomic climate.'

Earlier this month, the company closed a $1.5 billion sale of Worldpac, its automotive parts wholesale distribution business, to investment firm Carlyle in an effort to return to profitability.

Advance Auto primarily operates in the U.S., but also has some corporate stores and independent locations in Canada, Mexico and various Caribbean islands. 

It currently operates more than 4,780 stores and serves 1,125 independently owned locations.  

It has been a bruising year for retail, as consumers struggle after years of inflation and elevated interest rates. 

Major retailers have closed over 6,000 brick-and-mortar stores so far this year, according to a report from Coresight Research.

Last month BuyBuy Baby joined the likes of Walgreens, Macy's and Big Lots who have faced store closures in the 'retail apocalypse.' 

Last month, pharmacy giant Walgreens announced the closure of 1,200 locations across the country. 

Around 500 of the stores scheduled for the chop will shutter over the next year, although their locations have not yet been revealed.   

Big Lots has also announced details of another 208 stores it plans to shut as it battles bankruptcy.

Restaurant chains have also been hard hit, with Denny's recently announcing the closure of 150 locations in an effort to counteract poor sales.

The chain announced 50 store closures are set to take place this year and the remaining 100 locations will be shut in 2025.

Earlier this month, TGI Friday's became the latest chain to file for bankruptcy due to mounting debts and years of consistent decline.