In the early April filing with the Securities Exchange Commission, ATD said, “As these stores are not core to the Company’s business, management’s intention is to divest of these stores during 2009.”
No potential buyers were named and no timeframe for such a sale was stated. The proposed sale is consistent with ATD’s stated desire to stay out of the retail tire and service business.
The Tire Pros stores are located in the St. Louis and Southern California areas, and were acquired in December 2008 in ATD’s $74.9 million purchase of Am-Pac. According to the same SEC filing, ATD paid $72 million of that in cash, of which “$9.8 million is held in escrow and $59.1 million was used to pay off Am-Pac Tire’s outstanding debt, and $2.9 million in direct acquisition costs.” (Tire Review/Akron)