Pep Boys Retires an Additional $160 Million of Debt

    PHILADELPHIA--Sept. 24, 2001--The Pep Boys - Manny, Moe & Jack , the nation's leading full-service automotive aftermarket chain, announced that it has repurchased, for cash, an additional $159,702,000 of its zero coupon convertible Liquid Yield Option Notes ("LYONs") that were put back to the Company on September 20th.
    In the aggregate, the Company has repurchased $270,502,000 of the $271,704,000 of LYONs and plans later this quarter to call and repurchase, for cash, the remaining $1,202,000, in advance of the September 20, 2011 maturity.
    Pep Boys is the nation's leading full-service automotive aftermarket chain with 628 stores and over 6,500 service bays in 36 states and Puerto Rico.

    Note: Certain statements made herein, including those discussing management's expectations for future periods, are forward-looking and involve risks and uncertainties.
    The Company's actual results may differ materially from the results discussed in the forward-looking statements due to factors beyond the control of the Company, including the strength of the national and regional economies and retail and commercial consumers' ability to spend, the health of the various sectors of the market that the Company serves, the weather in geographical regions with a high concentration of the Company's stores, competitive pricing, location and number of competitors' stores and product and labor costs.
    Further factors that might cause such a difference include, but are not limited to, the factors described in the Company's filings with the Securities and Exchange Commission.

    Internet:http://www.pepboys.com