CLEVELAND (Feb. 20, 2002)—Tire Kingdom Inc., a subsidiary of Memphis, Tenn.-based TBC Corp., is buying Mueller Tire & Brake, a 19-store retailer in the greater Cleveland area.
Terms of the deal, expected to close in March, were not disclosed. TBC has agreed to buy certain assets and assume all leases, Mueller said.
Mueller has 15 Cleveland-area locations, which will continue to operate under the Mueller name. Mueller did not say whether its four Columbus-area stores would continue under the same name.
“Even as the tire business has been consolidating and many retailers have gone out of business, we have grown from one location with 12 associates to 19 locations with 230 people,” Chairman Scott Mueller said. “Going forward, however, the retailers that will lead the industry will need to be very efficient and have sufficient capital to sustain growth. Tire Kingdom has the infrastructure and financial resources to build on what we started.”
Mueller Tire was started in 1918 by Scott and Dean Mueller's grandfather, Walter J. Mueller. His son, Walter D. Mueller, has been involved for more than 50 years.
Scott and Dean Mueller will leave Mueller tire to focus on other business interests in the Cleveland area, Mueller Tire said.
Tire Kingdom recently opened six stores, bringing its total to 186, with six more in the planning stages. The addition of Mueller will give Tire Kingdom more than 200 outlets in seven states.