Pep Boys: Closure charges to incur in 4Q

PHILADELPHIA The Pep Boys reported in an SEC filing today that its pre-tax charges of approximately $17 million related to the closure of 31 low-return stores should have been recorded in its third quarter results.

The company had originally reported its third quarter results in a press release issued on Nov. 27. In that release the company said it expected to incur the aforementioned pre-tax charges in the fourth quarter.

Pep Boys added that it does not expect the aggregate amount of the store closure charges to exceed the previous estimate. In addition, the company said it expects the remainder of the store closure charges to be incurred in the fourth quarter.