The Roanoke, VA-based company will transition from four divisions to two---just north and south, CEO Tom Greco said in a June 19 memo. He also announced plans to improve the company's online presence to better cater to do-it-yourself customers.

The company, which has more than 5,000 stores, employed about 74,000 workers as of February, according to a public filing.

Advance Auto Parts spokesperson Laurie Stacy said the company had not cut any positions at its stores, where the company has been focusing its investments.

"These organizational changes ensure our structure and resources are properly aligned with our short- and long-term strategic business plan," she stated in an email. "We are focused on productivity enhancements in areas that do not affect our customers while also significantly improving the customer experience."

A source said that the company is targeting field and corporate leadership to streamline and reduce product costs in this round of layoffs.

Advance Auto Parts stock has fallen almost 28 percent since the start of the year.