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The Company is engaged in the retail sale of automotive parts and accessories, automotive maintenance and service and the installation of parts through a chain of stores.
Pep Boys has new TOP managment who are getting paid a whole lot of cash to turn this puppy around....and they will...but it will take time...cause this company is broken...it's management style is late 1930's...BUT watch out...in a year or so...the stock will SOAR...so now IS the time to BUY! As long as you are in for the long haul...but be not the faint of heart because short term, there are tough times ahead for the stock!
Pep Boys is building its earnings the way most companies do today... cutting labor amongst flagging sales. The company went to a "Customers First" schedule plan, but did not like the number of hours required to provide customer service so they have cut labor by 15%. This leaves customers unable to obtain help. The coverage leaves each employee 3 minutes per customer in a typical day. (2 parts counter employees to help 350 customers seen in one day at a local store.) Shull and Odell should ask Sears how that plan worked. It does not. Typical store runs on 9-10% labor:dollar sales. As a result of this policy, and over-promising Wall Street, Pep Boys is seeing a decline in customer traffic during a time when money is tight and they should be booming. They are also planning a very aggressive expansion plan at the wrong time. Do not forget that Pep Boys was shopping for a buyer less than two years ago when the stock was $3. I think they are pumping up earnings in order to entice buyers to come in.
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