Advance Auto Parts to Close Hundreds of Stores; Stock Jumps

KEY TAKEAWAYSAdvance Auto Parts shares surged after the auto retailer announced plans Thursday to close hundreds of stores as it posted a surprise quarterly loss. As part of a new three-year turnaround plan, the company intends to reduce its US footprint by shuttering 523 Advance corporate stores, exiting 204 independent locations, and closing four distribution centers.The retailer reported a surprise third-quarter loss of 10 cents per share, versus expectations by analysts polled by Visible Alpha of 52 cen ...