HARRISONBURG, Va. (Jan. 8, 2003)—A fourth Ray Carr Tires Inc. retail outlet has been sold, as the future of the company's wholesale business remains uncertain.
Pamlico Corp. bought Carr's retail store in Staunton, Va., said Lee Diercks, a turnaround consultant with Clear Thinking Group in Hillsborough, N.J., who is handling the sales for Ray Carr Tires. He did not have any information about Pamlico.
The sale, which closed Dec. 31, joins two earlier deals since the seven Ray Carr Tires retail outlets closed in November. A shop in York, Pa., was sold to McCarthy Tire and Automotive Service Centers Inc. of Wilkes-Barre, Pa. Two stores in Harrisonburg and Charlottesville, Va., were sold to Magnolia Enterprises L.L.C. of Harrisonburg.
The sold stores are reopened, most still doing business as Ray Carr Tires, Mr. Diercks told Tire Business.
Of Carr Tire's three remaining stores, two—in Chesapeake, Va., and Waldorf, Md.—have been closed and turned over to the properties' landlords. The third sits on the same site as the company's Harrisonburg retreading plant. Mr. Diercks said the fate of the store and the plant are likely going to be the same.
He said some businesses have expressed interest in the retread plant, though how a specific deal would be worked out remains uncertain. A deal—or no deal—would likely also determine the future of the wholesale business, he said.
“We're not dismissing any proposals at this point,” Mr. Diercks said.