Pep Boys Partners With CDC To Support East Falls Economic Development Initiative; Automotive Industry Leader One of 10 Winners in CDC Tax Program Lottery

    PHILADELPHIA--Oct. 1, 2002--The Pep Boys - Manny, Moe & Jack , the nation's leading automotive aftermarket retail and service chain - announced today that it was selected by Philadelphia's CDC Tax Credit Program as one of 10 companies in the Philadelphia area to fund and support economic development in the city.
    Pending final application approval, Pep Boys agreed to donate $100,000 each year for 10 years to the East Falls Development Corporation (EFDC), a non-profit organization dedicated to address conditions of blight, deterioration and underutilization of the commercial sectors of the East Falls community in which Pep Boys has maintained its national headquarters since 1945.
    "Pep Boys has been both a neighbor and employer in East Falls for the past 57 years so we're especially pleased to have the opportunity to participate in this tax credit program to support such a worthy and important cause," said Mitchell G. Leibovitz, chairman and chief executive officer, Pep Boys. "By aligning with the East Falls Development Corporation, we will be able to directly support the thousands of residents and many small businesses that neighbor our corporate headquarters."
    "We're thrilled to partner with Pep Boys since they have been committed to the East Falls neighborhood for such a long time," said Gina Snyder, executive director for the East Falls Development Corporation. "East Falls Development Corporation, with Pep Boys' donation, will continue to make their community an essential part of Philadelphia's future."
    The CDC Tax Credit Program, developed by City Councilman W. Wilson Goode Jr., is an initiative created to help fund local development groups and the community. In exchange for the funding, participating companies will receive business tax credits in the same amount donated, over the next 10 years. Modeled after the 1994 Philadelphia Plan, each of the 10 companies selected will fund one development corporation of their choice within the Philadelphia area.
    The other nine companies, and their accompanying Community Development Corporations include: Verizon & Philadelphians Concerned About Housing; Honor Foods & Kensington CDC; Ernest Bock & Sons & Frankford CDC; Penn Distributors & Roxborough Garden CDC; Keystone Health Plan & New Kensington CDC; Turner Construction & Spring Garden CDC; Duane Morris LLP & People Emergency Center; Tenet Health Systems & Chinatown CDC and Citizen's Bank & Universal Companies.

    About Pep Boys

    Pep Boys operates 629 stores and over 6,500 service bays in 36 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting pepboys.com.