AKRON, Ohio (AP) -- Tire maker Goodyear Tire & Rubber Co. said Tuesday it will close 92 underperforming stores by the end of the year in a bid to boost profit in its U.S. operations.
Goodyear said by closing those stores, it will be able to focus on locations with "the best long-terms potential."
A Goodyear vice president for retail operations, Scott Vogel, says the company is not announcing the store locations involved. Goodyear intends to first communicate the decision with their approximately 500 full-time and 100 part-time employees and property owners of leased facilities.
Goodyear will take after-tax charges of approximately $30 million, of which $15 million will be recorded in the third quarter of 2008. Goodyear expects to eliminate related losses of approximately $9 million annually.
Goodyear shares fell 70 cents, or 3.4 percent, to $20.18 Tuesday. The shares have traded within a one-year range of $15.56 and 31.36.