Icahn Enterprises, the publicly traded holding company controlled by activist investor Carl Icahn, announced on July 21 that it had reached an agreement with Mavis Tire Express Services Corp. to divest its Pep Boys business for $700 million.
Pep Boys—an automotive service and tire installation company that became a household brand through its namesake founders, Manny, Moe, and Jack (Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss, and W. Graham “Jack” Johnson)—operates nearly 800 locations in the United States and Puerto Rico. Pep Boys was founded in 1921 in West Philadelphia.
Icahn Enterprises will retain some of the real estate that had previously been transferred to it when it acquired Pep Boys-Manny, Moe & Jack Holding Corp. in 2016 for approximately $1.03 billion in an all-cash transaction….