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

Shares 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.

NEW YORK — 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.

Advance Auto Parts announced Thursday it would attempt to cut company losses with the closure of over 700 locations across the US.

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.

An auto parts retailer with thousands of stores across the U.S. has announced plans to close locations as it attempt to improve its business. It hasn't been an easy year for several retail chains that have needed to declare bankruptcy or just shutdown completely. In just the past two months alone, we've seen:

Advance Auto Parts operates 4,781 stores, most in the U.S. It relocated from Roanoke, Virginia, to Raleigh in 2018 after North Carolina and local governments offered the company a combined $12 million in economic incentives. As part of the deal, the maker of aftermarket auto parts pledged to create 435 new jobs at its new corporate home.

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.

Advance Auto Parts’ stock falls after a quarterly loss, and release of a plan to close more than 500 company stores and four distribution centers.