Advance Auto says Sears to sell stake in company

ROANOKE, Va., Nov 1, 2002 Reuters reports that Advance Auto Parts Inc., which operates auto parts stores, said on Friday department store retailer Sears, Roebuck & Co. would sell its 8.42 million shares of the company in a public offering.

In addition to the Sears offering, Advance Auto Parts' Chief Executive Lawrence Castellani will sell 160,000 shares, which represents about 12 percent of his total shares and options.

Advance Auto Parts currently has 35.66 million shares outstanding.

Shares of Advance Auto Parts closed at $53.55 on the New York Stock Exchange on Thursday.