Advance Auto Parts plans to close about 700 stores

The news: Advance Auto Parts plans to shutter 523 stores, 204 independent locations, and four distribution centers after reporting a surprisingly disappointing quarterly loss and forecasting revenue below analysts’ expectations. The company also says it will cut an unknown number of jobs.

How we got here: For the past year, the retailer has followed a turnaround plan that included selling the automotive parts wholesaler Worldpac to simplify its business model. But that plan remains a work in progress.

• Over the past year, the company's quarterly loss narrowed from $1.04 per share to 10 cents per share. However, those results were a far cry from the 54 cents per share profit that analysts expected.