Advance Auto Parts plans closures of more than 500 stores [Video]

WASHINGTON — Advance Auto Parts executives announced Thursday that the company planned to close hundreds of stores over the next several years, as business failed to meet expectations set by investors ahead of a quarterly earnings report. 

The plan, outlined during a meeting with shareholders, would take about three years. It would include closing more than 500 retail locations, as well as four distribution centers. About 204 independent store locations would also leave the franchise, meaning they would lose the Advance Auto Parts branding and become independent. 

The company on Thursday reported a loss of $6 million in its third quarter.

On a per-share basis, the Raleigh, North Carolina-based company said it had a loss of 10 cents. Losses, adjusted for one-time gains and costs, came to 4 cents per share.

The results …