Pep Boys 2007 Annual Report Download - page 127

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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 2, 2008, February 3, 2007 and January 28, 2006
(dollar amounts in thousands, except share data)
NOTE 19—SUBSEQUENT EVENTS
On March 25, 2008, the Company consummated a sale and leaseback transaction on 18 properties
for an aggregate purchase price of $63.6 million. These properties have been leased back to be
operated as Pep Boys stores for a term of 15 years, with four 5-year renewal options. The proceeds
from the sale were used to repay indebtedness.
On April 10, 2008, the Company consummated a sale-leaseback transaction on 23 properties for an
aggregate purchase price of $74.3 million. These properties have been leased back to be operated as
Pep Boys stores for a term of 15 years, with four 5-year options. The proceeds from the sale are
expected to be used to repay indebtedness.
On April 23, 2008, the Company announced the appointment of Michael R. Odell, former Chief
Operating Officer, as interim Chief Executive Officer. Mr. Odell succeeds Jeffrey C. Rachor who
resigned on April 23, 2008.
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10-K