Advance Auto Parts closing all California stores, including 14 in San Diego County [View all]

Advance Auto Parts is rolling out of California.

The auto supply company, with more than 150 stores in this state, is closing all California locations and hundreds of others across the Western U.S., including 14 in San Diego County.

In all, it is closing more than 700 stores and distribution centers in California, Oregon, Washington, Nevada and Arizona, a move that comes as the company aims to “improve the productivity of all our assets and to create shareholder value,” Shane O’Kelly, the company’s president and chief executive, said in a news release.

In last week’s third-quarter earnings call, O’Kelly said the company will focus on top-performing stores and ditch stores that are struggling.

“We made the decision to close certain non-performing, nonstrategic stores in the U.S. to better position our assets based for long-term sustainable growth,” he said. Instead, Advance Auto Parts will work to “improve store concentration in our strongest markets.”

https://www.sandiegouniontribune.com/2024/11/19/advance-auto-parts-closing-all-california-stores-including-14-in-san-diego-county/

I wonder if this is an effect of the increase in EVs in California.