Pep Boys to Sell Properties for $166.2M
Philadelphia, Pep Boys—Manny, Moe & Jack said Friday it has agreed to sell 34 properties for $166.2 million.
The company said after the sale, it will lease the properties back to be operated as Pep Boys stores for a term of 15 years, with four five-year options.
Pep Boys said it will use the proceeds of the sale to repay loans. The sale is expected to close before the end of November.
DeCA names acting director
Fort Lee, Va. The Defense Commissary Agency has appointed Richard Page as acting director. Page is taking over for Patrick Nixon, who recently retired as DeCA director to accept the position as president of the American Logistics Association.
Page began his retail career in 1968 with Alterman Foods in Atlanta and served as a store manager from 1974 to 1978. His military grocery experience began in 1978 with the Navy Resale and Services Support Office as the commissary manager at Naval Supply Corps School Athens, Ga. He later held a variety of field and region headquarters positions until 1986, when he was selected the director of the Navy Mechanicsburg Region, Pa. In 1997, Page became deputy director (OCONUS) for the Western/Pacific Region, where he directed the operation of 42 commissaries in Alaska, Guam, Hawaii, Japan, Korea and Okinawa. In January 2002, Page was appointed acting director of the Western/Pacific Region; in May he was selected region director.
Under Armour opens first branded store
BALTIMORE Under Armour today opened its first full-line retail store in Annapolis, Maryland at the Westfield Mall.
According to Under Armour, the store is designed to reflect the company’s focus on the fusion of athletics and science. Once inside the tunnel entryway, visitors will be engaged by a state-of-the-art and bigger-than-life audio visual experience and will be able to shop a full range of Under Armour performance apparel and footwear.
“We want the consumer to experience what it feels it to be in an Under Armour commercial,” said Kevin Plank, chairman and ceo of Under Armour. “We’ve built the physical manifestation of the Under Armour Brand. From our perspective, we look to this store to make us a better retail partner, merchandiser and listener to our consumer. As for our consumers, we hope they see the store as an extraordinary and authentic Under Armour experience. It will be like nothing they’ve ever experienced.”