PHILADELPHIA – The Pep Boys board of directors has authorized a program to repurchase up to $50 million of the company’s common stock. The program is effective immediately and has no expiration date.
“Based on current market prices, we believe that our stock is undervalued and that the repurchase program is a good investment of available cash on hand and future cash flows,” said President and CEO Mike Odell.
The time of purchases and the exact number of shares to be purchased will depend on market conditions. The repurchase program does not include specific price targets or timetables and may be suspended or terminated at any time.
