Pep Boys needs a new owner – fast!

With rival AutoZone continuing to produce record results, Pep Boys' financial performance is headed in the opposite direction as uncertainty looms over who will acquire the company.



Pep Boys reported a 1.8% decrease in same store sales for the period ended Oct. 31. Net sales decreased by $9.4 million, or 1.8%, to $508.1 million from $517.6 million in the prior year. Net earnings were $1.3 million or 2 cents per share as compared to a net loss of $2 million in the prior year.



For the full year the Philadelphia-based auto parts retailer said sales decreased by $5.2 million, or 0.3%, to $1,576.9 million from $1,582.2 million in the prior year. Same store sales decreased 0.2%.



Pep Boys agreed to be acquired by Bridgestone Corp. in October for $15 a share, but Carl Icahn announced Friday that he has amassed a stake of more than 12% of the company. On Monday, he announced an offer to buy Pep Boys for $15.50 a share. Pep Boys shares fell 1.3% in late trading Monday after closing with a 2.4% gain at $16.06.



Icahn believes Pep Boys’ “retail automotive parts segment presents an excellent synergistic acquisition opportunity for Auto Plus, a leading automotive aftermarket company wholly owned by” Icahn Enterprises LP, according to an SEC regulatory filing Friday.



Representatives for Icahn have “and intend to continue to have” talks with the company and others who “participated in the issuer’s strategic alternatives review process regarding potential transactions involving the issuer’s retail segment,” according to the filing.