The legendary Philly-based auto parts chain Pep Boys has been sold for $1 billion ($15 a share) to private equity buyer Alan Gores. Pep Boys chief Mike Odell says he expects his management team to stay in place "for now."
So, another Philadelphia institution slips into the hands of an outsider.
Also, the New York Post is reporting that the Philadelphia Inquirer, Philadelphia Daily News and philly.com are up for sale -- again! The report claims that the current owner, Philadelphia Media Network is hoping to get roughly $100-million for the papers and the website.
Philadelphia Media Network is mum on all this, refusing any comment. That's not a good sign.