Auto parts retailer Pep Boys considers selling itself

While Springfield-based O’Reilly Automotive Inc. (Nasdaq: ORLY) is trading at record highs, a smaller auto parts competitor is considering a sale with a new CEO at the helm.

Philadelphia-based Pep Boys-Manny, Moe & Jack (NYSE: PBY) announced executives were conducting a strategic review that wouldn’t rule out a sale of the company, according to Reuters. Former Hertz Global Holdings Inc. executive Scott Sider has been CEO for two weeks.

Unlike O’Reilly, AutoZone Inc. and Advance Auto Parts Inc., Pep Boys has reported lower-than-expected profit in seven of the past eight quarters at a time U.S. automakers and used-car dealers have posted higher sales.

On the disclosure, Pep Boys stock rose as much as 4 percent in trading Tuesday to a 52-week high of $12.62.

Pep Boys had a market value of about $655 million as of Monday, according to Thomson Reuters data.
 
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