PHILADELPHIA -- Following the buzz on Wall Street yesterday that investors are rallying for major management changes at the company, auto parts retailer Pep Boys confirmed the filing of a schedule 13D with the Securities and Exchange Commission (SEC). The filing officially discloses the fact than an investment group has acquired more than 5 percent of the company’s common stock.

According to a report from the Associated Press, New York-based investment firm Barington Cos. Equity Partners LP acquired a 1.32 percent stake in Pep Boys. Combined, the group of investors, led by James Mitarotonda, now holds 5.85 percent, or approximately 3.17 million shares of the company’s common stock. According to the SEC filing, Mitaronda has sole voting power with respect to Barington’s shares in the company.

Related to its stock purchase, Barington executives are calling for the ouster of Pep Boys Chairman and CEO Larry Stevenson. The company wants Pep Boys to appoint an independent chairman.

While Pep Boys did not comment on the rumors of a management shakeup, in a press release yesterday CFO Harry Yanowitz stated, "As evidenced by our recent share repurchases, we agree with the investor group's statement that our stock is undervalued. We always welcome investors' views on our business strategy, as the board of directors and management strive to optimize long-term value for all of our shareholders."

Shares of Pep Boys yesterday rose 9.9 percent on the news.

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