Pep Boys Retires an Additional $77.6 Million of Debt

    PHILADELPHIA--May 16, 2001--The Pep Boys - Manny, Moe & Jack , the nations leading full-service automotive aftermarket chain, announced that it has retired an additional $77,600,000 of its zero coupon convertible Liquid Yield Option Notes ("LYONs").
    In the aggregate, the Company has repurchased $107,800,000 of these Notes, which can be put back to the Company on September 20, 2001.
    The Company plans to repurchase, with cash, any zero coupon convertible ("LYONs") that are put back to the Company on the put date. The Company may continue to repurchase the LYON's in the open market, from time to time, prior to the put date.