The 112 stores are in the greater Philadelphia, Boston, Atlanta and Chicago designated market areas. Upon close of the transaction, which is expected to occur within the next month, TBC’s company-owned retail footprint represented by the Tire Kingdom & NTB brands will span 615 locations. National Tire Wholesale (NTW) and Mavis have also entered into a distribution relationship.
“Further consolidating our NTB footprint is consistent with our strategy to focus on core markets and entering into this agreement with Mavis makes great strategic sense for our company,” said Erik R. Olsen, president and CEO of TBC Corporation. “The cash from this sale will serve to accelerate strategic initiatives that we are confident will support our underlying mission to exceed the expectations of all of our customers and partners spanning retail, franchise, wholesale, distribution and ecommerce.”
All NTB team members at the 112 locations, as well as those in supporting field leadership roles, will have the opportunity to join Mavis as a team member or remain with TBC.