SPEEDY SHEDS MOST U.S. STORES
By Adnews Staff
Speedy Muffler King of Toronto is putting the brakes on its U.S. operations. The company plans to sell most of U.S. operations to Monro Muffler Brake of Rochester, New York for $52 million(US) in cash and $6 million in liabilities. The deal includes 205 company-owned and franchised operations, but does not include Speedy's Car-X automobile service outlets. The agreement is expected to close in 90 days, subject to financing and regulatory approvals. Speedy is making the move to reduce debt, focus on key markets, increase market share and improve shareholder value, president and CEO Jim Sardo says in a release. Monro operates 350 stores in the northeast U.S.
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