Pep Boys, An Original PA Business, Was Recently Bought Out by Private Equity Firm
Pep Boys Employs Hundreds of Pennsylvanians, Has Over 90-Year History in State
WASHINGTON, DC- U.S. Senator Bob Casey (D-PA) today released a letter to the Chairman and CEO of The Gores Group, which recently bought out Pep Boys for $791 million, urging the private equity group to protect Pennsylvania jobs as it finalizes its purchase of Pep Boys and transitions to full-time ownership.
Pep Boys began as an original Pennsylvania business over 90 years ago and today employs hundreds Pennsylvanians. The Gores Group, a California based private equity firm, recently purchased the company and has yet to announce its plans for the business’ workforce. In a letter that cites the importance that Pep Boys plays in the state’s economy, Senator Casey urged the company to protect Pennsylvania’s workforce as it transitions to full-time ownership.
“Pep Boys is a great Pennsylvania success story, so it’s important that the company’s new owners recognize its roots and commit to protecting jobs in our state,” Senator Casey said. “Over 50 Pep Boys locations employ hundreds of Pennsylvanians. Keeping these jobs in place is critical for the company’s workers and for the state’s economic recovery.”
In his letter, Senator Casey wrote, “Over the last 90 years, Pep Boys has grown from one store, which opened in Philadelphia in 1921, to more than 50 across Pennsylvania, and more 700 nationwide. Between its stores and its headquarters in Philadelphia, Pep Boys serves as a major employer in Pennsylvania, and an important part of our economy.”
The full text of Senator Casey’s letter to Alec Gores, Chairman and CEO of The Gores Group, is below:
Mr. Alec E. Gores
Chairman and CEO
The Gores Group, LLC
Dear Mr. Gores:
I write regarding your firm’s recent purchase of the Pennsylvania-based company Pep Boys. As you know, Pep Boys has a long history in Pennsylvania. Over the last 90 years, Pep Boys has grown from one store, which opened in Philadelphia in 1921, to more than 50 across Pennsylvania, and more 700 nationwide. Between its stores and its headquarters in Philadelphia, Pep Boys serves as a major employer in Pennsylvania, and an important part of our economy.
As the sale proceeds and your firm considers its approach with Pep Boys storefronts, I encourage you to minimize the effect this sale will have on the Pep Boys’ Pennsylvania employees. I also urge you to make protecting these jobs a primary concern in any future sale of the company.
Thank you for your consideration of this request.
Sincerely,
Robert P. Casey, Jr.
United States Senator
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