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Pep Boys

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NEWS
March 25, 1994 | By Bridget Mount, INQUIRER CORRESPONDENT
Manny, Moe and Jack will be motoring down West Chester Pike to a new location late this year or early next. The Pep Boys on the 1100 block of West Chester Pike in Havertown will move to a Broomall location at the southwest corner of West Chester Pike and Springfield Road. The Marple Board of Commissioners approved the final land development plans for the new facility last week. The move will enable Pep Boys to open 11 service bays, which it cannot do at the Havertown location, said Al Meloro, national director of site development.
BUSINESS
September 4, 1987 | The Inquirer Staff
Pep Boys - Manny, Moe & Jack, the Philadelphia-based auto parts retailer, reported strongly higher earnings for the second quarter. The total number of stores reached 185 at the end of the quarter, and the company expects to open 31 new stores in the remainder of the fiscal year, 22 of them in the current quarter. PEP BOYS - MANNY, MOE & JACK (NYSE) 2 QTR. '87 2 QTR. '86 PCT. END 8/1 END 8/2 CHG. Sales (millions) $141.5 $125.3 +13 Net income (millions)
BUSINESS
May 21, 1994 | By Karl Stark and Susan Warner, INQUIRER STAFF WRITERS
Pep Boys - Manny, Moe & Jack notched record sales and profits before adopting a change in accounting principles for the first quarter. Even with the one-time $4.3 million charge against earnings, profits and sales nearly equaled those of last year's first quarter. Pep Boys, which operates 387 stores in 29 states, opened a supercenter store in the first quarter in Columbus, Ohio, the first in that state, and another in Redlands, Calif. The firm expects to open 48 more supercenters during this fiscal year.
BUSINESS
June 2, 1989 | The Inquirer Staff
Pep Boys' sales received a strong boost in the first quarter from the continued expansion of the Philadelphia-based chain of auto-parts stores. Most of the 21 percent increase in sales over the first quarter of 1988 came from new stores. Sales in stores open more than one year rose 7 percent, the company reported. Although the quarter's $7.63 million in net earnings were lower than those of a year ago, the $10 million in net earnings from the first quarter of 1988 were boosted by $5.34 million from an accounting change for tax purposes.
NEWS
October 25, 2007 | By Gayle Ronan Sims INQUIRER STAFF WRITER
Benjamin Strauss, 71, the dashingly handsome scion and chairman of the Philadelphia-based Pep Boys auto-parts firm, known coast to coast for its timeless caricatures of Manny, Moe and Jack, died of prostate cancer Sunday at home in Haverford. The son of Maurice "Moe" Strauss, the ringleader of the original trio, Mr. Strauss joined Pep Boys in 1964 after practicing law in California. He was named president in 1975 and was chairman from 1978 until retiring in 1992. Mr. Strauss was not only successful in business, but he also was passionate about his family, the outdoors, philanthropy, the arts, and sports, particularly the Philadelphia Eagles.
BUSINESS
May 26, 1993 | By Susan Warner, INQUIRER STAFF WRITER
Pep Boys - Manny, Moe & Jack yesterday reported record sales and earnings for the first quarter. Sales at stores open for more than a year were up 3 percent during the quarter. The company opened three warehouse supercenters in the quarter and in April opened its first store in New England. Pep Boys, which operates 359 stores in 21 states, said it anticipated opening as many as 37 additional automotive supercenters this year, including its first stores in Arkansas, Rhode Island, Missouri and Illinois.
BUSINESS
May 28, 2008 | By Jane M. Von Bergen INQUIRER STAFF WRITER
Pep Boy mechanics aren't paid by commission. That ruling by a federal appellate panel earlier this month may make the Philadelphia-based auto-parts and service company liable for millions of dollars of overtime pay for 140 to 200 current and former mechanics. And that would be the other shoe to fall in the six-year-old overtime pay case that has already cost the company millions of dollars involving pay for 5,600 Pep Boys employees. The May 15 ruling sends the case back to district court in Nashville for further action.
NEWS
September 18, 1995 | By Rena Singer, INQUIRER CORRESPONDENT
Though the owners of the plots charred by the borough's March 7 fire still hope for a knight in shining armor to buy up their ashen properties, their greatest hope - Pep Boys - has its mind set on another borough site, local officials said. Days after the fire, Pep Boys representatives had given property owners hope in meetings with borough officials. But Jayne Musoyne-Whitney, the borough's planning director, said the company was now interested in a property just west of the scene of the fire, in the first block of East Main Street near the courthouse.
BUSINESS
March 27, 1992 | By Al Haas, INQUIRER AUTOMOTIVE WRITER
Pep Boys - Manny, Moe & Jack, the Philadelphia-based auto-store chain, yesterday reported record revenues for the fourth quarter and fiscal year that ended Feb. 2. The company also posted a substantial increase in quarterly profits over the same period a year earlier. While the big fourth-quarter earnings helped bring profits for the year to a record, Pep Boys officials were not completely happy with the relatively mild profit increase over the previous fiscal year. During the year, the company opened 27 automotive centers and closed three older outlets, leaving it with 337 stores in 18 states as of Feb. 1. Without the new stores, the company said, its sales for the year grew just 5 percent in stores that also were operating the previous year.
BUSINESS
June 3, 1988 | By Barbara Demick and Idris Michael Diaz, Inquirer Staff Writers
Pep Boys - Manny, Moe & Jack said that rainy weather on the East Coast dampened sales at its auto-parts stores during the latest quarter. While sales for the Philadelphia-based chain rose 15 percent, most of the gain came from newly opened stores. Factoring out stores open less than a year, sales declined 1.5 percent from the same quarter last year. "Our area of retailing is as vulnerable as any to poor weather conditions," Pep Boys president Mitchell G. Leibovitz said yesterday.
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BUSINESS
March 11, 2016 | By Joseph N. DiStefano, Staff Writer
Billionaire investor Carl Icahn has tapped a team of Georgia- and Florida-based executives to run his auto-parts group, including his newly acquired Pep Boys stores, garages and warehouses, decapitating the company's former Philadelphia-based top management group. New CEO Brent Windom and six of the seven other bosses named to run the combined Pep Boys stores and Auto Plus parts distributors are bosses at Georgia-based Auto Plus. Among Pep Boys' top executives, only service chief John Holt , who joined the company from Hertz last summer and has worked from an office in Florida, will keep his job for the combined companies, according to a statement from their new headquarters at the Kennesaw, Ga., offices of Auto Plus.
BUSINESS
March 8, 2016 | By Joseph N. DiStefano, Staff Writer
It's not enough that hedge fund managers have lately pushed DuPont, Pep Boys, Mondelez (Nabisco), and other big old-line Philadelphia-area employers to sell, slim, or shut operations here. The hedgies are now chasing the region's handful of successful tech companies. Qlik Technologies, a Radnor-based, 2,000-worker data-visualization software company that helps clients sort masses of customer data, has been targeted by veteran corporate raider Paul Singer's Elliott Management Corp.
BUSINESS
March 5, 2016 | By Joseph N. DiStefano, Staff Writer
Checkpoint Systems Inc., the Gloucester County company that supplies retail stores with electronic pricing and security tags and readers, has agreed to be acquired by Canada-based label and packaging maker CCL Industries Inc. for $443 million in cash, or $10.15 a share. Checkpoint CEO George Babich, who headed Pep Boys in the early 2000s, called the price "highly attractive. " However, the sale price is less than the company's value from 2013 until spring 2015. The proposed price is already being questioned by NorthStar Partners, a Westport, Conn., company that owns nearly 4 percent of Checkpoint.
BUSINESS
January 18, 2016
Harold Epps, Mayor Kenney's commerce director, wants to persuade the new owner of Pep Boys - Manny Moe & Jack, the profit-challenged, 800-store auto-parts retailer and garage chain, to keep the company's headquarters and 500 managers and support workers in Philadelphia. It's one in a long line of appeals that worried communities have made to billionaire investor Carl Icahn, who has forced restructuring, layoffs, and break-ups at Motorola, eBay, Gannett, and dozens of U.S. firms in recent years.
BUSINESS
January 10, 2016
In the Region Crozer-Keystone Health sold Crozer-Keystone Health System signed a definitive agreement to be acquired by for-profit Prospect Medical Holdings Inc. of Los Angeles, the Delaware County organization said Friday. The nonprofit system includes Crozer-Chester Medical Center, Delaware County Memorial Hospital, Taylor Hospital in Ridley Park, Springfield Hospital in Springfield, and Community Hospital in Chester. Prospect has agreed to invest at least $200 million during the next five years in Crozer facilities, which have been starved of capital investment, according to Moody's Investors Service . Prospect, which owns 13 hospitals in California, Texas, and Rhode Island, also agreed to provide $100 million for Crozer's pension liability and will pay all benefits to beneficiaries within five years of closing, Crozer said.
BUSINESS
January 2, 2016 | By Harold Brubaker, Staff Writer
As the epidemic of addiction to prescription pain medications gained ever more national attention last year, a Wayne drug firm developing painkillers designed to be less prone to abuse had the best-performing stock in the Philadelphia region. Shares of Egalet Corp., which employs 50 locally, soared 94 percent, to $11.02 from $5.59. Egalet generated its first revenues, from licensed products, in 2015 and applied last month for Food and Drug Administration approval of a morphine tablet that can't be chewed or crushed and snorted, which is one way addicts get a quicker high.
BUSINESS
January 1, 2016 | By Harold Brubaker, Staff Writer
For the first time, global corporate dealmaking topped $5 trillion this year as companies paid dearly for growth in a slow economy. The total represented a 37 percent increase from 2014, according to financial data firm Dealogic. That was thanks to a large number of megadeals worth $10 billion or more, including two in pharmaceuticals and beer, worth more than $100 billion. The $65.59 billion merger announced this month between Dow Chemical Co. and Wilmington's DuPont Co., among the top 10 globally, accounted for more than half the $113.4 billion worth of deals this year involving Philadelphia-area companies, data from Bloomberg L.P. showed.
BUSINESS
January 1, 2016 | By Joseph N. Distefano, Staff Writer
Billionaire investor Carl Icahn's investment firm and Philadelphia-based Pep Boys - Manny, Moe & Jack said Wednesday that they had reached a deal in which Icahn will buy the iconic but profit-challenged 801-store auto parts, tires, and repair chain for $1 billion, or $18.50 a share. The cash price is $3.50 a share, or about $150 million, more than Japan-based tire giant Bridgestone agreed to pay for Pep Boys in October. It is also double what Pep Boys was worth on the stock market last spring, before New York investor Mario Gabelli, whose specialties include auto-related stocks, forced Pep Boys to put three of his allies on its board and pressured the company into promising to look for a buyer.
BUSINESS
December 30, 2015 | From Staff and Wire Reports
Billionaire investor Carl Icahn on Monday upped the ante in his bid to win Pep Boys - Manny, Moe, and Jack, offering $18.50 a share in cash, or more than $1 billion. In a news release issued Monday evening, the Philadelphia-based auto supply and repair chain said its board of directors, after consulting with its legal and financial advisers, had determined that the new offer from Icahn Enterprises constituted a "superior proposal" as defined in its agreement and merger plan with Bridgestone Retail Operations L.L.C.
NEWS
December 26, 2015 | From Staff and Wire Reports
Philadelphia's iconic Pep Boys - Manny, Moe & Jack automotive-parts chain has agreed to a $947 million takeover offer from Bridgestone Corp., shunning a competing bid from billionaire investor Carl Icahn, who had promised a higher price. Pep Boys said Thursday evening in a statement that its board no longer considered Icahn's most recent offer - which included a vow to beat any bid up to $1.01 billion - a superior proposal. The agreement shows that Pep Boys is willing to accept a lower price to complete the tie-up with Japan-based Bridgestone, which runs the 2,000-garage Firestone chain from offices in Tennessee.
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