Pep Boys (PBY) Acquires Florida Tire for $4.35M
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The Pep Boys - Manny, Moe & Jack (NYSE: PBY) today announced that it had entered into a definitive agreement to acquire the assets and assume the property leases of Florida Tire.
The $4.35 million acquisition is expected to close on October 30, generate annual sales of over $14 million and be accretive to earnings in its first year of operations.
With the addition of the these 10 locations, Pep Boys now expects to open approximately 25 new Service & Tire Centers in fiscal 2009, ahead of its original 15 store target. Through individual location and small-chain acquisitions, Pep Boys is now targeting the high end of its previously announced targets - 40 new locations for fiscal 2010 and 80 for fiscal 2011.
The $4.35 million acquisition is expected to close on October 30, generate annual sales of over $14 million and be accretive to earnings in its first year of operations.
With the addition of the these 10 locations, Pep Boys now expects to open approximately 25 new Service & Tire Centers in fiscal 2009, ahead of its original 15 store target. Through individual location and small-chain acquisitions, Pep Boys is now targeting the high end of its previously announced targets - 40 new locations for fiscal 2010 and 80 for fiscal 2011.
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