Not to be confused with The Pet Shop Boys.
The Pep Boys: Manny, Moe & amp; Jack (branded and commonly abbreviated as Pep Boys ) is an American retail and after-sales service chain.
Originally named Pep Auto Supply Company , the Company was founded in Philadelphia, Pennsylvania in 1921 by Emanuel ( Manny ) Rosenfeld, Maurice L. ( Moe ) Strauss, W. Graham ( Jack ) Jackson, and Moe Radavitz.
Headquartered in the Philadelphia East Falls neighborhood, Pep Boys provides branded tires; automotive maintenance and repair; section and expert advice for Do-It-Yourselfer; delivery of commercial auto parts; and fleet maintenance and repairs for customers across the US with Just Brakes, a wholly owned subsidiary of The Pep Boys - Manny, Moe & Jack, Pep Boys operates over 8,300 bay services in over 930 locations in 35 states and Puerto Rico.
Video Pep Boys
History
Initial history
The original "Pep Boys" is Emanuel " Manny " Rosenfeld, Maurice " Moe " Strauss, Graham " Jack " Jackson, and Moe Radavitz, four friends who, in August 1921, chipped in $ 200 each to open a single auto parts store. They nicknamed it Pep Auto Supply Company after seeing the delivery of Pep Valve grinder compounds on the shelf.
The company's name was merged into sections. "The Pep Boys" came from a policeman working near the shop: Whenever the officer stops the car to drive without a light during the curfew, he will tell the driver, "Go meet the children at Pep" to replace the oil axis (what car which was used as a headlight at that time). Several years later, on a trip to California, Moe Strauss noticed that many successful West Coast businesses use their first names. The one he likes is a clothing store called "Minnie, Maude and Mabel's". Once Strauss returned to Philadelphia, the Company's name was officially changed to "The Pep Boys - Manny, Moe & Jack." (Radavitz had cashed out the previous year.)). Soon, the partners have commissioned caricatures of Manny, Moe, and Jack that still function as the Company logo. When Jackson left in 1925, his caricature was replaced by Moe's brother, Isadore (Izzy) Strauss. In 1929, Izzy Strauss went on to form his own car supply business in Brooklyn, Strauss Stores, which later merged with Roth & amp; Schlenger Home and Auto to form R & amp; S Strauss , the ancestor of Strauss Discount Auto , later known as Strauss Auto , which closed its doors on June 4, 2012. The company name reference for "Jack" remains changed. No further changes were made to the logo until 1990, when Manny's cigar was removed.
The Great Depression struck in 1929 and fortunately, Manny and Moe did not experience any business debt other than a reasonable mortgage on store properties. Thanks to this, Pep Boys is isolated from a severe crisis that destroys so many other businesses. Although the unemployment rate reached 40 percent in some areas, Manny and Moe did not lay off employees or cut payrolls during the Depression. Instead, they added employees as part of their 10-year waiting expansion to launch. In 1933, Manny's brother, Murray Rosenfeld, opened the first West Coast Pep Boys store as part of a separate company called The Pep Boys-Manny, Moe & amp; Jack of California and managing Western operations. In three years, Pep Boys of California has opened 11 stores.
In 1945, Pep Boys became public, and Manny Rosenfeld became president of the company's first company, a position he held until his death in 1959. Moe Strauss served as president from 1960 to 1973 and remained chairman of the board until his death in 1982. In the year 1986, Mitch Leibovitz became the first family member established to become president of the company. Manny's grandson, Stuart Rosenfeld, Pep Boys' vice president of distribution, is the only current founding family member in Company management. The Strauss and Rosenfeld families continued to control about one-fifth of the company's shares until the early 1990s.
In 1969, the number of Pep Boys stores grew to 124. The bay and service manager services were added to every store. In the 1970s, all stores had standalone merchandising and computerized inventory systems were in use.
In the 1980s there was an aggressive growth. Pep Boys moved to the New York Stock Exchange and enjoyed a rapid expansion with the introduction of "supercenter." The number of stores has grown to over 700 and the Company has more than 3,000 service bays. It generates over $ 2 billion in annual sales.
In the 1990s, growth continued with the opening of stores in Puerto Rico.
2000-present
In January 2003, Mitch Leibovitz announced his resignation. Larry Stevenson of Canadian book dealer Chapters was later appointed CEO of the year, and served until it was suppressed by two of the company's largest shareholders to resign in July 2006.
In March 2007, Jeffrey C. Rachor was appointed CEO.
In April 2008, Chief Operating Officer of Pep Boys Michael "Mike" R. Odell became Interim CEO with the resignation of Jeff Rachor. In September 2008, Mike Odell was appointed CEO. In October 2009, Pep Boys acquired Florida Tire's tire retailer. The acquisition gave Pep Boys 10 Service & amp; The Ban Center in the Orlando market.
In March 2011, Pep Boys acquired seven stores from Big O Tires tire retailers. The acquisition gives Pep Boys Service & amp; Ban Center in Washington in the Pacific Northwest. In May 2011, Pep Boys acquired tire retailer Big 10 Tires. Acquisition gives 84 additional Pep Boys Service & amp; The Ban Center in Georgia, Florida, and Alabama, including concentrations around Atlanta and Orlando. In June 2011, Pep Boys acquired seven locations from the automotive repair company My Mechanic. The acquisition provides additional locations for Pep Boys in the metropolitan area of ​​Houston, Texas.
In January 2012, Pep Boys announced that it agreed to be acquired by The Gores Group, a Los Angeles-based private equity investment firm, for $ 15 per share, or about $ 1 billion. But four months later, in May 2012, it was announced that the deal had failed. In September 2013, Pep Boys acquired 18 Discount Tire Centers in Southern California, allowing the Company to boast, "Seventy-five percent of Los Angeles-area residents now live within three miles of the Pep Boys." In September 2014, Mike Odell resigned as President and CEO. John Sweetwood became CEO of Interim.
In June 2015, Scott P. Sider, group president of Hertz Corporation Rent A Car Americas, became the Company's new CEO. In October 2015, Bridgestone Retail Operations, LLC, a wholly-owned subsidiary of Bridgestone Americas, Inc., agreed to purchase the Company for $ 835,000,000.
In December 2015, Pep Boys terminated a previously announced acquisition deal with Bridgestone and signed a merger agreement with a subsidiary of Icahn Enterprises LP In February 2016, Icahn Enterprises LP announced that it completed the acquisition of Pep Boys in an all-cash transaction of $ 18, 50 per share or about $ 1.03 billion.
In January 2017, Pep Boys acquired Just Brakes, a 134-store automotive repair and maintenance chain. Only Brakes is now a wholly owned subsidiary of Pep Boys. In March 2017, Dan A. Ninivaggi, Co-Chief Executive Officer and Co-Chairman of the Federal Board of Directors-Mogul LLC and Chief Executive Officer of Federal-Mogul Motorparts, became the company's new CEO.
Pep Boys is owned by Icahn Automotive Group LLC, formed by its parent, Icahn Enterprises L.P., to invest and operate businesses involved in the distribution and service of aftermarket parts.
Maps Pep Boys
References
Source
- [2]
- [3]
- [4]
- [5]
- https://finance.yahoo.com/q/pr?s=PBY
Further reading
- Calabro, Marian. The Pep Boys: Founder of Automotive Aftermarket . New York: Lark Books (division of Sterling Publishing Co.), 2006.
External links
- Official website
- Pep Boys on Wayback Machine (archived December 11, 1997)
Source of the article : Wikipedia
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