Pep Boys history

1923: Official name of business becomes The Pep Boys--Manny, Moe & Jack.

Public CompanyIncorporated: 1925 as Pep Auto Supply Co.Employees: 15,000Revenues: $1.24 billionStock Exchanges: New YorkSICs: 5531 Auto and Home Supply Stores; 7538 GeneralAutomotive Repair Shops.

When Jackson left in 1927, his caricature was replaced with that of Moe's brother, Isadore (Izzy) Strauss.

By 1928, Pep Boys had a dozen stores in the Philadelphia area, and Strauss began to feel the pull of the burgeoning California market.

The Great Depression struck in 1929, but Manny and Moe had not incurred business debts other than reasonable mortgages on store properties.

In 1933, Manny's brother, Murray Rosenfeld, opened the first West Coast Pep Boys store as part of a separate company named The Pep Boys - Manny, Moe & Jack of California and managed the Western operations.

When the retailer went public in 1946, Manny Rosenfeld was named president and Moe Strauss was elected chairman of the board.

By 1969, the number of Pep Boys stores grew to 1249 Service bays and service managers were added to each store.

Leibovitz had joined the company at the age of 33 in 1978 as controller and was promoted to chief financial officer within a year.

The Pep Boys have been satirized on everything from "Saturday Night Live" to "The Tonight Show with Johnny Carson," but one of the coolest tributes is from punk band The Dickies on their 1979 single, "Manny, Moe and Jack”:

He was still a member of the board of directors at his death in 1982, over six decades after he helped found the business.

When Krause took an early retirement in 1984 at the age of 54, Ben Strauss shouldered the responsibilities of all three offices.

In 1986, Mitch Leibovitz became the first non-founding family member to be named company president.

Leibovitz advanced to Pep Boys’ chief executive office and the company was added to Standard & Poor’s 500 Index in 1990.

In 1991, as the company concluded its five-year plan and celebrated its 70th anniversary, it also topped $1 billion in annual sales, added 8 Sunbelt states to its geographic reach, and more than doubled corporate employment from 5,500 to 14,000.

Pep Boys was able to begin fueling its continuing expansion and retire debt with cash flow in 1992.

Wayne, Leslie, “Pep Boys (Manny, Moe, and Jack) See Their Stock Climb,” New York Times, April 19, 1994.

1995: A new parts-only store format, PartsUSA, is launched.

Leibovitz projected that his company would cross the $2 billion sales mark by 1996.

In 1997 Pep Boys also began testing a service-only format called Pep Boys Service and Tire Center at a location in Moorestown, New Jersey.

With DIY sales continuing to disappoint, Pep Boys decided in October 1998 to refocus on its supercenter format.

Pep Boys also slowed down its expansion drive, growing by only 24 units in 1999, and worked to improve the performance of the supercenters by remodeling some of the older units and making other enhancements.

Pep Boys recorded losses in excess of $50 million for 2000.

Many other aftermarket players had dialed back expansion in the light of the economic downturn intensified by the September 11, 2001 terrorist attacks against the United States.

Restructuring efforts began to pay off with four straight quarters of improved earnings, stronger profit margins, reduced inventory, and a rebounding stock price, DSN Retailing Today reported in January 2002.

In January 2003, Mitch Leibovitz announced his retirement.

Changes continued in 2004, including a new store format, new logo, and new name.

DiStefano, Joseph N., "Troubled Pep Boys Hires an Advisor: Goldman Sachs Could Suggest the Car-Parts Chain Sell or Restructure," Philadelphia Inquirer, February 11, 2006.

In October 2009, Pep Boys acquired tire retailer Florida Tire.

In May 2011, Pep Boys acquired tire retailer Big 10 Tires.

In January 2012, Pep Boys announced that it had agreed to be acquired by The Gores Group, a Los Angeles-based private equity investment company, for $15 per share, or approximately $1 billion.

In June 2015, Scott P. Sider, group president of Hertz Corporation's Rent A Car Americas, became the company's new CEO. In October 2015, Bridgestone Retail Operations, a wholly owned subsidiary of Bridgestone Americas, Inc., agreed to purchase the company for $835,000,000.

In February 2016, Icahn announced that it completed its acquisition of Pep Boys in an all-cash transaction for $18.50 per share or approximately $1.03 billion.

In January 2017, Pep Boys acquired Just Brakes, a 134-store automotive repair and maintenance chain, which became a wholly owned subsidiary of Pep Boys.

In April 2019, Icahn Enterprises, which owns and operates Pep Boys, announced new fleet-specific Pep Boys Mobile Crew vehicles to provide on-location maintenance and repair.

The Pep Boys will turn 100 in 2021, and according to the Wikipedia, there are more than 8,300 service bays at 930 locations in 35 United States states, as well as Puerto Rico.