The financial times have also been tough on Manny, Moe and Jack. The Pep Boys today announced $20.1 million in "cost reduction initiatives." These include a Company-wide freeze on merit raises, elimination of 50 positions which is 11% of its store support workforce, and elimination of 401(k) matching funds and retirement contributions, until profitability targets are reached. CEO Mike Odell is quoted by The Auto Channel to say "Our store base remains strong and no closures are planned, nor are any of our stores impacted by the staff reduction.”
Pep Boys has 560 retail stores in 35 States and Puerto Rico.
