Advance Auto Parts (AAP) on Wednesday reported a third-quarter loss of $48.6 million, after reporting a profit in the same period a year earlier. And the company under its recently named CEO announced plans for cost cuts, including the elimination of about 400 positions, 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. Its shares have fallen 60% since the beginning of the year. The stock has fallen 68% in the last 12 months. The businesses’ focus is online sales.
Advance also is eliminating its executive vice president, merchandising, marketing and e-commerce. The exec holding that job – Jason McDonell – will leave the company Dec. 1. The additional cuts will come at the company’s Raleigh headquarters, in field-based positions outside of Raleigh and in corporate roles outside of North Carolina, the company said.
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