PHILADELPHIA (Aug. 6, 2003) — Pep Boys—Manny, Moe & Jack announced it has extended credit lines, refinanced certain operating leases and also will report its financial results for the quarter on Aug. 13.
The automotive service chain completed an extension of revolving lines of credit to Aug. 1, 2008. The facilities had been set to expire Sept. 22, 2004. They remain secured primarily with merchandise inventory and provide up to $358 million in credit availability, Philadelphia-based Pep Boys said.
Off-balance sheet operating leases of $132 million also were refinanced, Pep Boys said.
The quarterly earnings report will be announced after the market closes Aug. 13, with a conference call scheduled the following morning. According to a survey of three analysts, Wall Street expects Pep Boys to post earnings of 30 cents per share for the quarter.
During the quarter, which ended Aug. 2, Pep Boys announced a plan to close 33 stores in 13 states, leaving the chain with 596 stores in 36 states and Puerto Rico. The plan is expected to save about $11 million in pre-tax annual operating expenses. Pep Boys anticipates a pre-tax charge of about $85 million for the second quarter, the company said.