Advance Auto Parts Begins Sell-Off With 200 Leased And 24 Owned Locations
In November, Advance Auto parts announced it would close more than 500 stores in an attempt to rightsize its business and curb losses. On Wednesday, it announced what looks to be the first wave of dispositions, consisting of 200 leased and 24 owned locations across the country.
“These real estate assets consist of desirable retail locations and potential redevelopment parcels situated in densely populated urban areas and along strong commercial corridors,” according to a release announcing the sell-off.
Hilco Real Estate is handling the disposition of the properties. Owned properties are freestanding retail properties ranging from about 5K SF to 15K SF and include locations in Corpus Christi, Texas; Fort Myers, Florida; Mesa and Phoenix, Arizona; and New Orleans. Leased locations include retail storefronts, warehouses and distribution centers across 46 states.
“We made the decision to close certain nonperforming, nonstrategic stores in the U.S. to better position our asset base for long-term, sustainable growth,” Shane O’Kelly said on a November earnings call.
Deadlines for offers on leased and owned locations are in March.
The last two months have seen a slew of announcements about major retail store closures and bankruptcies, including the shuttering of Party City and 700 of its corporate-owned stores, Macy’s and Kohl’s closing dozens of stores, and craft chain Joann and The Container Store filing for bankruptcy.
