Pep Boys closes 33 stores, lays off 860

radfringe

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Sat Aug-02-03 08:13 AM
Original message

Pep Boys closes 33 stores, lays off 860

Pep Boys closes 33 stores, lays off 860
JASON STRAZIUSO
Associated Press

PHILADELPHIA - Pep Boys closed 33 stores and laid off 860 employees Thursday in a restructuring the company said will save $11 million a year, the automotive parts seller announced Thursday.

About 700 store employees lost their jobs because of the 33 closings - about 5 percent of Pep Boys' 629 stores. Another 160 corporate employees were laid off to streamline the management structure, the company said.

The restructuring is the first major announcement under chief executive Lawrence Stevenson, who was appointed in May.

----snip---

"It's more important to have businesses that make money than to be bigger for size's sake," Levy said. "If you can shrink the top line and grow the bottom line, that's what Wall Street wants them to do."

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Will YOU survive the Bush Recovery?

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ima_sinnic

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Sat Aug-02-03 08:28 AM
Response to Original message

1. have you ever had any repairs done at pep boys?

first they find every conceivable thing they can that needs fixing and then they charge a LOT more than one of the locals. So the hell with them, I never go there.

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radfringe

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Sat Aug-02-03 09:05 AM
Response to Reply #1

2. think you are missing the point

800+ more jobs are lost, and the "importance" is placed on the bottom line profits..

Companies making a profit at this point in time, are doing so through cost cutting and layoffs - not because there is an increase in sales revenue...it's smoke and mirrors giving the illusion that the recovery is just around the corner

what happens when there are no more jobs to cut?
Will you survive?

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truth2power

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Sat Aug-02-03 10:21 AM
Response to Reply #1

4. Intresting..

I posted in another thread about the very same experience.

I took my car there several years ago. They kept coming out to the waiting area and saying they found this and that - additional things that needed repair. And of course they have your car all torn apart. This must be their M.O.

It wasn't a good experience and I vowed never to go back.

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dwillison

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Sat Aug-02-03 11:13 AM
Response to Reply #4

5. Has anyone ever been to Midas Muffler and left there

buying only a muffler? To a quick lube when they don't try to sell
you some other service.

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Rex

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Sat Aug-02-03 09:14 AM
Response to Original message

3. It's always about the bottom line. Wonder how much could be

saved by laying off CEOs that make 10s of millions of dollars? Can't have that though, the rich always need to have the option of buying their 3rd mansion.

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nothingshocksmeanymore

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Sat Aug-02-03 11:27 AM
Response to Original message

6. Ahhh the Wall Street myth that concentrating everything is more

efficient. For whom? The work force? Communities? or a small percent of share holders.

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osaMABUSh

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Sat Aug-02-03 12:15 PM
Response to Original message

7. Link to list of stores to be closed

http://www.pepboys.com/about/media/company_pr/pr_073103.pdf

List is on page 2.

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osaMABUSh

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Sat Aug-02-03 12:20 PM
Response to Original message

8. BTW I hate PEP Boys - used to like 'em - but they're a big ripoff

I used to like 'em because of their long hours where I could drop my car off for service just about anytime. But I realized that their prices are high and they charge for extra crap that I don't need. So I found an independent guy who works alone right neraby who is honest and never 'finds' extra things wrong during inspections.

I do still go to PEP Boys for parts cause they have a good selection and those prices aren't bad.

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