Advance Auto Parts disclosed to investors in a conference call on Wednesday that it would be laying off some 400 people as part of $150 million in cost cuts that were announced earlier in the day.
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The North Raleigh-based company under its recently named CEO announced plans for cost cuts as well as the sale of two business units. A new chief financial officer is joining management as well plus its top ecommerce spot is being eliminated.
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Advance Auto Parts shares have dropped 54% since the beginning of the year. The stock has fallen 66% in the last 12 months. Its CEO has been planning to retire. Its chief financial officer left the North Raleigh-based company on Aug. 18. But on Wednesday morning Advance could be on its way to a rebound.
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Advance Auto Parts shares are being hammered today with shares down more than 30% despite reporting before the market that it had netwcome of nearly $43 million or 72 cents a share. Those didn’t meet Wall Street expectations nor those of its CEO.
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Advance Auto Parts has terminated an agreement it made with the state of North Carolina due to changes in the labor market following COVID-19 pandemic.
Read MoreA majority of the jobs will be focused on technology, data analytics and e-commerce, among others.
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