Latest news with #MonroInc.
Yahoo
3 days ago
- Automotive
- Yahoo
Major auto company shuttering 145 stores across US
One of America's largest automotive service companies is closing 145 stores across the nation after sales recently dropped by $5.2 million, the company's top leader announced. Monro Inc., will shutter the stores after reporting a 4.9% decrease in sales in the 2025 fiscal year ending March 29, the company's president and CEO Peter Fitzsimmons announced during its latest earnings report. The move comes as company leaders identified key areas to boost sales and earnings, including closing the doors to more than 100 "underperforming stores," said Fitzsimmons, named CEO on March 31. Fitzsimmons, partner and managing director of AlixPartners, a global consulting firm, replaced the company's former president Michael Broderick. Other goals include "improving our customer experience and selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandising productivity, including mitigating tariff risk," Fitzsimmons said, according to a May 28 news release. "While our improvement plan will take time to implement, I believe that we will drive enhanced profitability and increase operating income and total shareholder returns in fiscal 2026.' The Fairport, New York-based company reported sales decreased 6.4% to $1.195 billion from $1.277 billion during the previous 2024 fiscal year, according to the release. Net loss for fiscal 2025 was $5.2 million compared to net income of $37.6 million in the prior year period, the release continues. Should you buy that car? It makes sense to own one in these cities. Monro is closing 145 stores across the U.S. It was not immediately known which locations will close. A Monro spokesperson told USA TODAY the company was not releasing the full list of the stores slated for closure "at this time." Monro has more than 1,300 locations: more than 1,200 are owned by the company and 48 are franchised, according to information from Monro's website and the Rochester Democrat and Chronicle, part of the USA TODAY Network. Stores include its flagship brand, Monro Auto Service and Tire Centers as well as Mr. Tire Auto Service Centers. Other brands are: Tire Barn Warehouse Tire Warehouse Ken Towery's Tire & Auto Care Allen Tire Company Monro Commercial Solutions Car-X Tire and Auto Tire Choice Auto Service Centers Free Service Tire Company, Inc. Mountain View Tire & Auto Service Skip's Tire Lloyd's Tire Calabasas Car Care Bud's Tires The move also comes after the auto company announced in June 2023 it planned to sell its headquarters in Rochester, New York. Founder Chuck August started Monro after he opened a Midas Muffler shop in 1957, the Democrat and Chronicle reported in 1998. Over the next eight years, August added three more Midas shops, then broke off with the franchiser in a dispute over what services would be offered. In the end, August named his new stores Monroe, and he wanted to save the large 'M' on the signs. However, 'onroe' wouldn't fit where 'idas' had been, so he dropped the 'e.' This story was updated to add new information. Contributing: Marcia Greenwood with the Democrat and Chronicle Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@ and follow her on X @nataliealund. (This story was updated to include video.) This article originally appeared on USA TODAY: Monro closing 'underperforming' auto centers across the US
Yahoo
3 days ago
- Automotive
- Yahoo
Major auto company shuttering 145 stores across US
One of America's largest automotive service companies is closing 145 stores across the nation after sales recently dropped by $5.2 million, the company's top leader announced. Monro Inc., will shutter the stores after reporting a 4.9% decrease in sales in the 2025 fiscal year ending March 29, the company's president and CEO Peter Fitzsimmons announced during its latest earnings report. The move comes as company leaders identified key areas to boost sales and earnings, including closing the doors to more than 100 "underperforming stores," said Fitzsimmons, named CEO on March 31. Fitzsimmons, partner and managing director of AlixPartners, a global consulting firm, replaced the company's former president Michael Broderick. Other goals include "improving our customer experience and selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandising productivity, including mitigating tariff risk," Fitzsimmons said, according to a May 28 news release. "While our improvement plan will take time to implement, I believe that we will drive enhanced profitability and increase operating income and total shareholder returns in fiscal 2026.' The Fairport, New York-based company reported sales decreased 6.4% to $1.195 billion from $1.277 billion during the previous 2024 fiscal year, according to the release. Net loss for fiscal 2025 was $5.2 million compared to net income of $37.6 million in the prior year period, the release continues. Should you buy that car? It makes sense to own one in these cities. Monro is closing 145 stores across the U.S. It was not immediately known which locations will close. A Monro spokesperson told USA TODAY the company was not releasing the full list of the stores slated for closure "at this time." Monro has more than 1,300 locations: more than 1,200 are owned by the company and 48 are franchised, according to information from Monro's website and the Rochester Democrat and Chronicle, part of the USA TODAY Network. Stores include its flagship brand, Monro Auto Service and Tire Centers as well as Mr. Tire Auto Service Centers. Other brands are: Tire Barn Warehouse Tire Warehouse Ken Towery's Tire & Auto Care Allen Tire Company Monro Commercial Solutions Car-X Tire and Auto Tire Choice Auto Service Centers Free Service Tire Company, Inc. Mountain View Tire & Auto Service Skip's Tire Lloyd's Tire Calabasas Car Care Bud's Tires The move also comes after the auto company announced in June 2023 it planned to sell its headquarters in Rochester, New York. Founder Chuck August started Monro after he opened a Midas Muffler shop in 1957, the Democrat and Chronicle reported in 1998. Over the next eight years, August added three more Midas shops, then broke off with the franchiser in a dispute over what services would be offered. In the end, August named his new stores Monroe, and he wanted to save the large 'M' on the signs. However, 'onroe' wouldn't fit where 'idas' had been, so he dropped the 'e.' This story was updated to add new information. Contributing: Marcia Greenwood with the Democrat and Chronicle Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@ and follow her on X @nataliealund. This article originally appeared on USA TODAY: Monro closing 'underperforming' auto centers across the US
Yahoo
4 days ago
- Automotive
- Yahoo
Major auto company shuttering 145 stores across US
America's second-largest automotive company is closing 145 stores across the nation after sales recently dropped by $5.2 million, the company's top leader announced. Headquartered in Fairport, New York, Monro Inc., will shutter the shops after reporting a 4.9% decrease in sales in the 2025 fiscal year ended March 29, the company's president and CEO Peter Fitzsimmons announced during its latest earnings report. The move comes as the automobile repair business' leaders identified four key areas of focus as opportunities to boost sales and earnings including closing doors to its more than 100 "underperforming stores," said Fitzsimmons, named CEO on March 31. Fitzsimmons, partner and managing director of AlixPartners, a global consulting firm, replaced the company's former president Michael Broderick. Other goals include" improving our customer experience and selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandising productivity, including mitigating tariff risk," Fitzsimmons said according to a May 28 news release. "While our improvement plan will take time to implement, I believe that we will drive enhanced profitability and increase operating income and total shareholder returns in fiscal 2026.' The company, according to the release, reported sales decreased 6.4% to $1.195 billion from $1.277 billion during the previous 2024 fiscal year. Net loss for fiscal 2025 was $5.2 million compared to net income of $37.6 million in the prior year period, the release continues. Should you buy that car? It makes sense to own one in these cities. Monro is closing 145 stores across the U.S. It was not immediately known which locations will close. USA TODAY has reached out to Monro. Monro has more than 1,300 locations: more than 1,200 are owned by the company and 48 are franchised, according to information from Monro's website and the Democrat and Chronicle, part of the USA TODAY Network. Stores include its flagship brand, Monro Auto Service and Tire Centers as well as Mr. Tire Auto Service Centers. Other brands are: Tire Barn Warehouse Tire Warehouse Ken Towery's Tire & Auto Care Allen Tire Company Monro Commercial Solutions Car-X Tire and Auto Tire Choice Auto Service Centers Free Service Tire Company, Inc. Mountain View Tire & Auto Service Skip's Tire Lloyd's Tire Calabasas Car Care Bud's Tires The move also comes after the auto company announced in June 2023 it planned to sell its headquarters in Rochester, New York. Founder Chuck August started Monro after he opened a Midas Muffler shop in 1957, the Democrat and Chronicle reported in 1998. Over the next eight years, August added three more Midas shops, then broke off with the franchiser in a dispute over what services would be offered. In the end, August named his new stores Monroe, and he wanted to save the large 'M' on the signs. However, 'onroe' wouldn't fit where 'idas' had been, so he dropped the 'e.' Contributing: Marcia Greenwood with the Democrat and Chronicle Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@ and follow her on X @nataliealund. This article originally appeared on USA TODAY: Monro closing 'underperforming' auto centers across the US Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
Major auto company shuttering 145 stores across US
America's second-largest automotive company is closing 145 stores across the nation after sales recently dropped by $5.2 million, the company's top leader announced. Headquartered in Fairport, New York, Monro Inc., will shutter the shops after reporting a 4.9% decrease in sales in the 2025 fiscal year ended March 29, the company's president and CEO Peter Fitzsimmons announced during its latest earnings report. The move comes as the automobile repair business' leaders identified four key areas of focus as opportunities to boost sales and earnings including closing doors to its more than 100 "underperforming stores," said Fitzsimmons, named CEO on March 31. Fitzsimmons, partner and managing director of AlixPartners, a global consulting firm, replaced the company's former president Michael Broderick. Other goals include" improving our customer experience and selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandising productivity, including mitigating tariff risk," Fitzsimmons said according to a May 28 news release. "While our improvement plan will take time to implement, I believe that we will drive enhanced profitability and increase operating income and total shareholder returns in fiscal 2026.' The company, according to the release, reported sales decreased 6.4% to $1.195 billion from $1.277 billion during the previous 2024 fiscal year. Net loss for fiscal 2025 was $5.2 million compared to net income of $37.6 million in the prior year period, the release continues. Should you buy that car? It makes sense to own one in these cities. Monro is closing 145 stores across the U.S. It was not immediately known which locations will close. USA TODAY has reached out to Monro. Monro has more than 1,300 locations: more than 1,200 are owned by the company and 48 are franchised, according to information from Monro's website and the Democrat and Chronicle, part of the USA TODAY Network. Stores include its flagship brand, Monro Auto Service and Tire Centers as well as Mr. Tire Auto Service Centers. Other brands are: Tire Barn Warehouse Tire Warehouse Ken Towery's Tire & Auto Care Allen Tire Company Monro Commercial Solutions Car-X Tire and Auto Tire Choice Auto Service Centers Free Service Tire Company, Inc. Mountain View Tire & Auto Service Skip's Tire Lloyd's Tire Calabasas Car Care Bud's Tires The move also comes after the auto company announced in June 2023 it planned to sell its headquarters in Rochester, New York. Founder Chuck August started Monro after he opened a Midas Muffler shop in 1957, the Democrat and Chronicle reported in 1998. Over the next eight years, August added three more Midas shops, then broke off with the franchiser in a dispute over what services would be offered. In the end, August named his new stores Monroe, and he wanted to save the large 'M' on the signs. However, 'onroe' wouldn't fit where 'idas' had been, so he dropped the 'e.' Contributing: Marcia Greenwood with the Democrat and Chronicle Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at nalund@ and follow her on X @nataliealund. This article originally appeared on USA TODAY: Monro closing 'underperforming' auto centers across the US Sign in to access your portfolio
