Pep Boys may be on the lot
Jun 30, 2015, 6:42 AM
PHILADELPHIA (AP) — The auto parts seller Pep Boys may be putting itself up for sale.
CEO Mike Odell resigned in September and earlier this month the company agreed to nominate three board members recommended by its biggest stockholder in order to avoid a proxy fight.
Shares, which are up 24 percent this year, jumped 5 percent before the opening bell Tuesday.
Pep Boys – Manny, Moe & Jack said that its board is reviewing strategic options to boost shareholder value. Aside from a potential sale, other alternatives may include a merger.
Chairman Bob Hotz said in a written statement that a number of possible buyers have expressed interest.
The Philadelphia company, has more than 800 locations in 35 states and Puerto Rico.
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