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Advance Auto Parts disclosed to investors in a conference call on Wednesday that it would be laying off some 400 people as part of $150 million in cost cuts that were announced earlier in the day.
Advance Auto Parts shares have dropped 54% since the beginning of the year. The stock has fallen 66% in the last 12 months. Its CEO has been planning to retire. Its chief financial officer left the North Raleigh-based company on Aug. 18. But on Wednesday morning Advance could be on its way to a rebound.