fyi....
Pep Boys Closing 38 Stores: The auto-parts retail
chain Pep Boys will cut
about 1,500 jobs and close 38 unprofitable stores and
two distribution
centers. The cuts affect 5.4% of the company's
28,000-member work force and
5.8% of its 655 stores. The company said in a
statement that it expects the
cuts to save about $70 million a year on a pretax
basis. Analyst James M.
Meyer of Janney Montgomery Scott, who's been following
Pep Boys for 25
years, said "Clearly the selling of spark plugs,
mufflers and brakes is
becoming a dinosaur because of lifestyle changes and
because cars are too
complex to fix without an $80,000 computer." (AP, New
York Times; Wall
Street Journal; Los Angeles Times; The Columbian,
10/31/00)
Mike Sype
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