Pep Boys (PBY) Closes Sale of 23 Properties, Monetizing Real Estate Assets
More News related to PBY
- caroffer.com(TM) and Pep Boys to Expand Hassle-Free ''Sell your Car'' Program Nationwide
- Pep Boys to Hold Investor Day
- Pep Boys Declares Quarterly Dividend
- Pep Boys Holds Annual Meeting
- Matrix USA Rating Changes 6/17
Pep Boys (NYSE: PBY) has closed on the sale of 23 properties for an aggregate purchase price of $74.3 million. The Company expects to utilize the sale proceeds to repay indebtedness.
Coincident with such sales transaction, the Company entered into agreements to lease such properties back to be operated as Pep Boys stores for a lease term of 15 years with four five-year options.
The Pep Boys-Manny, Moe & Jack is an automotive retail and service chain. As of February 3, 2007, The Pep Boys-Manny, Moe & Jack operated 593 stores consisting of 582 SUPERCENTERS and one SERVICE & TIRE CENTER.[SM]
Related Categories
Corporate NewsStocks Mentioned
-0.42Sign up for StreetInsider Free!
Recieve full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
