SOUTH BEND, Ind. (April 13, 2005) — Peter Veldman, co-founder of mail-order and Internet retailer Tire Rack, and his wife Wilma intend to retire from the company's day-to-day operations and instead focus on charitable interests, the company said.
The announcement comes on the heels of a report that the firm was for sale outright. Matt Edmonds, vice president of marketing, however, told Tire Business the company is not for sale. Tire Rack said in a statement the family has retained financial advisers and is in the process of identifying an equity investor outside of the industry to facilitate the move.
Tire Rack said all remaining family shareholders will continue to be owners and executives.
Mr. Edmonds said Mr. Veldman, 79, and Mrs. Veldman, 78, are looking at selling their share of the business, but the percentage to still be owned by the family is not yet determined.
South Bend-based Tire Rack was founded in 1979.